The federal Bureau of Economic Analysis has released its GDP (economic growth) numbers for the 2nd quarter of 2017 and the economic news for New Mexico is good for a change. New Mexico clocked in at a robust 4.5% economic growth rate for the quarter which
Check out this map below which is the 7th-highest rate of growth for any US state.
In comparing this growth to the same quarter of last year (2016) you’ll see that New Mexico’s economy actually shrank slightly.
Yes, there is no doubt that oil and gas played a major role in this turnaround. The strong national economy is also having a clear, positive impact nationwide. We can’t forget that Gov. Susana Martinez courageously vetoed massive economy-killing tax hikes as well.
The positive news in New Mexico’s oil patch is welcome, but with New Mexico seemingly shifting further to the left politically and tax reform off the agenda in Santa Fe, what will New Mexico do the next time oil prices drop?
