Oil and gas down, but Facebook brings boom to New Mexico: Gov. Martinez

  • Slump in oil-and-gas sector has hurt New Mexico's economy.
  • A massive Facebook data center will bring thousands of construction jobs to the state and could be a $1 billion investment over time as facilities are built out.
  • Underfunded state job training and business-incentive programs have been expanded.

The fight to diversify New Mexico's economy is critical to the future of our state. We continue to work to overcome the effects of strong economic headwinds, such as federal budget cuts, the national recession and slumping oil and gas revenue. In the face of these challenges, private-sector job growth is on the rise in our state and we're working to build a sturdier foundation that will make us stronger when the economic storms of the future come our way.

Thanks to a relentless commitment to making New Mexico more competitive for jobs and investment, we're seeing encouraging signs. Through fiscal responsibility and bold reforms, we balanced the budget without raising taxes — in fact, we've even cut taxes 37 times.

We've streamlined regulations, built up tools that help businesses grow and thrive, and we're recruiting companies to New Mexico from all over the world. Just last fall, Facebook announced they're bringing a massive high-tech data center to New Mexico — and with it thousands of long-term construction jobs and more than $1 billion in private-sector investment — with the potential for future phases, with even more jobs and investment.

Facebook’s planned Los Lunas data center in New Mexico will create thousands of construction jobs. Over time the company’s investment could reach as high as $1 billion.
Source: Facebook
Facebook’s planned Los Lunas data center in New Mexico will create thousands of construction jobs. Over time the company’s investment could reach as high as $1 billion.

Our reforms are also attracting industry leaders to New Mexico, like FedEx, Safelite Autoglass, PCM, RSI and Keter Plastics. While the word spreads far and wide that New Mexico is a great place to do business and invest, we're also helping New Mexico's homegrown businesses expand across a diverse spectrum of industries. Companies like Meow Wolf, Skorpios, Descartes Labs, Risksense and many others are investing right here in New Mexico and creating new jobs for our families.

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When I took office, our job training program was grossly underfunded — as was our closing fund, another valuable tool for investing in infrastructure and capital improvements to allow New Mexico to compete. I knew we needed to do things differently to compete with other states, so I fought to grow our closing fund to $56 million and expanded funding for our job training program to $12 million. It's now ranked as one of the top five workforce development programs in the nation. Tools like these help ensure our state has the workforce and infrastructure that companies need to help our communities thrive.

Reform isn't easy, but our families and communities deserve nothing less. By treating businesses fairly and working together to grow and diversify our economy, we're recruiting more companies and jobs, investing more in our communities and making our state a better place.

The fight to diversify New Mexico's economy isn't the easy way out, but a brighter economic future for our families is worth it.

By New Mexico Gov. Susana Martinez

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