Reports show $42 million in economic growth in Sandoval County

It was good news for Sandoval County Monday when the New Mexico Economic Development Department released the May 2024 quarterly economic summary reports for the state's 33 counties.

Sandoval County’s matched taxable gross receipts (MTGR) increased by $42.2 million the first quarter of the fiscal year to the second quarter, with the largest contributor to this increase from construction. Construction, retail trade and accommodation and food services are the top three contributing industries.

The quarterly economic summary for Sandoval County shows MTGRs of $408,541,871 from construction, a $126,010,754 (45%) increase from FY23 Q2. Retail trade jumped to $209,242,719, and accommodation and food services contributed $61,183,764.

Overall, Sandoval County had a total of $1,023,874,044 in MTGR this quarter, up from $866,384,784 in FY23 Q2. Public administration increased 149%; and agriculture, forestry, fishing and hunting increased 156%.

Data is based on MTGR, considered the best tax data available to show underlying economic activity. Matched taxable gross receipts pair gross receipts amounts with payments from tax filers by industry — essentially representing the revenue of businesses within the state.

The data collection matches a tax payment with reported receipts for each taxpayer by industry and can provide a detailed account of industry growth and decline. Also reported in the summaries is comprehensive data on the number of establishments, monthly employment and quarterly wages for workers covered by state unemployment insurance laws and federal workers covered by the Unemployment Compensation for Federal Employees as aggregated by the Quarterly Census of Employment and Wages.

Data is reported by New Mexico employers, covering 97% of nonfarm wage and salary workers, and is considered the gold standard for reliability of industry data. EDD has been publishing the data since Ma 2020.

“It is important to understand the economic dynamics of each New Mexico county and each industry sector to make informed policy decisions,” EDD Acting Cabinet Secretary Mark Roper said. “We are proud of New Mexico’s economic diversity and pleased to be able to continue this service of publishing the most up-to-date and easy-to-access data for the public, lawmakers, and our economic partners.”

For New Mexico statewide, MTGR for the second quarter of fiscal year 2024 — October, November, and December of 2023 — came in at almost $25 billion year-over-year change of 5% and the second highest level ever reported. Over the last eight quarters, MTGR maintained an upward trend. The largest industry as a percentage of statewide MTGR was the retail trade industry, which accounted for 22% of the total, a 2% increase from last quarter. The largest year-over-year (YOY) increase came from the construction industry with growth of 19%, followed by the professional, scientific and technical services industry.