New Mexico sees one of largest GDP decreases in country | Kiowa County Press

(The Middle Sq.) – New Mexico had one of many largest decreases in gross home product (GDP) amongst states on this 12 months’s first quarter.

The state’s GDP shrank 4.7 p.c from January to March, in keeping with knowledge launched Thursday by the Bureau of Financial Evaluation (BEA). Solely Wyoming, Alaska, North Dakota, and West Virginia had bigger GDP decreases.

Declines within the mining and oil/gasoline industries had been a “main contributor to the decreases” within the states, together with New Mexico, the company mentioned.

Nationally, GDP dropped 1.6 p.c, and 46 states noticed decreases, BEA’s knowledge confirmed.

Lee Schalk, vice chairman of coverage on the American Legislative Trade Council (ALEC), echoed that decreases in power manufacturing was an element.

“Governor Lujan Grisham and lots of lawmakers in Santa Fe have doubled down on Biden’s battle on American power, and the state’s newest annual finances deal represents a 15 p.c spending enhance from final 12 months,” Schalk mentioned. 

For a state that depends closely on jobs and income from oil and gasoline, Schalk mentioned this a recipe for catastrophe.

“Authorities spending and debt are rising, whereas personal funding is falling,” he mentioned. “Sadly, this excellent storm of unhealthy coverage is jeopardizing the long-term financial well being of the Land of Enchantment and the livelihoods of its residents.”