New Mexico Energy Booming Ahead of President Trump Visit

New Mexico Energy Booming Ahead of President Trump Visit

September 12, 2019

The numbers don’t lie.  New Mexico’s energy economy is booming by employing thousands and delivering record billions to state coffers. There is no doubt a new administration in Washington is making all the difference.

That’s the backdrop as President Trump gets set for another visit to the Land of Enchantment.

As President Trump took office in January 2017, you’ll find the state’s unemployment rate was at 6.4%. Today the number has fallen to 4.9% led by the massive growth in the state’s energy sector.

According to the Bureau of Labor Statistics, mining and logging jobs (which includes employment in the oil and gas industry) in New Mexico have regularly seen nearly 10% job growth over the last six months. It’s a sustained trend as the energy sector has witnessed near-constant growth from January 2017 when President Trump took office:

Not only has this growth delivered jobs to many parts of the state, but bureaucrats in Santa Fe have a record amount of money to spend for the second year in a row. According to the Albuquerque Journal:

Total state revenue collections were roughly $273 million above projected levels through April, according to a new report, due primarily to skyrocketing oil production in southeastern New Mexico that has led to a regional economic upswing.

The higher-than-expected revenue surge – the state is now on track to collect an unprecedented $7.8 billion in the budget year that ended June 30 – could allow for additional spending increases on public schools, roads, pension funds and other state programs.

The numbers don’t lie, New Mexico’s energy economy is reaching record heights under President Trump.