Report shows encouraging signs for economic recovery in New Mexico

ALBUQUERQUE, N.M.- More than a year after New Mexico reports its first case of COVID-19, a new report is revealing promising signs of economic recovery.

The report, released by the state’s Economic Development Department, uses certain gross receipts taxes as an indicator for the economy.

In March 2021, the retail trade sector reported 10% year-over-year growth, according to the report.

Accommodations and food services saw a slight uptick statewide.

But that’s not the case for every industry.

The largest loss came from the mining and oil and gas extraction industry. It was down 35% from the previous year.

Still, state officials are optimistic that the economy is on the right path.

"While we realize we have much work to do toward economic recovery, these reports clearly indicate that New Mexico is beginning to return to pre-pandemic levels in all economic sectors," said Economic Development Cabinet Secretary Alicia Keyes.