Serving the High Plains
Serving the High Plains
Quay County saw spending growth during the January-to-March quarter, largely matching what was observed statewide by the New Mexico Economic Development Department.
The county’s matched taxable gross receipts increased 4.4%, or $2.3 million, compared to the previous quarter, according to the department’s quarterly economic summary that was released earlier this month.
Quay County’s total of $50.4 million in gross receipts during the January-to-March quarter was 10% more, or $4.7 million, than the county’s eight-quarter average and an 8% increase from the same quarter in fiscal-year 2022.
In Quay County, retail trade made up most of the taxable gross receipts, with 28%. Construction followed at 17%, and accommodation and food services was third at 14%.
The sector in the county with the largest growth in year-over-year was the construction industry, with an increase of $3.1 million, or 49%.
The state reported that just four sectors in the county saw a year-over-year loss, with health care and social assistance dropping the most, at 17%.
The department stated that 26 of 33 counties in New Mexico saw year-over-year economic growth during the quarter, with an average of a 12% increase in matched taxable gross receipts.
“State gross receipts decreased from the second quarter of FY23” from January to March, the department stated. “This, however, follows the seasonal trend that the state has experienced historically in Q3.
“As growth in New Mexico continues, national concerns remain regarding inflation and rising interest rates while labor markets continue to adjust post-pandemic.”
The latest economic summaries show continued expansion in New Mexico with the largest industry GDP year-over-year growth coming from the arts, entertainment and recreation sector at 30.3% statewide and accommodation and food services at 27.7%.
For matched taxable gross receipts, the oil and gas industry continued to drive spending in New Mexico. The mining, quarrying and oil and gas extraction sector increased 26% from a year ago, representing one-quarter of the new spending statewide.
Other significant gross receipts boosts came from transportation and warehousing, wholesale trade and construction.
Data for the report came from the New Mexico Economic Development Department, New Mexico Department of Workforce Solutions, New Mexico Taxation and Revenue Department, U.S. Bureau of Labor Statistics and the Bureau of Economic Analysis.