Local New Mexico Banking Grows From Energy Boom

Local New Mexico Banking Grows From Energy Boom

June 24, 2019

The Albuquerque Journal reports that the energy jobs boom in southeastern New Mexico is overflowing into all areas of the economy, including the banking sector.

The Journal reports that the flood of high-paying jobs is changing the local economy for the better.

From the article:

The oil boom in Lea and Eddy counties has propelled Carlsbad banker Jason Wyatt into another universe of challenges.

“Although these are big problems, one can say they are good problems to have,” said Wyatt, president of Western Commerce Bank. “I would rather be on this end than in a decreasing economy where jobs are scarce.”

The ripple effect of the influx of capital into the region that holds some of the richest oil deposits in the world means a “significant increase in both loans and deposits,” Wyatt said.

The article goes on to point out some of the challenges with economic growth, such as too many jobs available for the residents and the need for more infrastructure, but the added tax dollars will provide the funds needed to make these additions so the area can continue to grow.

Growing pains come but overall they are a small price to pay for the flood of high paying jobs in the area.

The local press speaks for itself. When energy jobs are allowed to flourish, everybody wins.