Retail accounts for largest piece of county’s gross receipts

Despite a two percent decline in the third quarter of FY23 (January, February and March, 2023), Doña Ana County reported its ninth consecutive quarter of $1 billion or more in matched taxable gross receipts (MTGR), the New Mexico Economic Development Department (NMEDD) said in a news release.

Retail trade accounted for 28 percent of the county’s MTGR during the quarter, NMEDD said. The construction industry accounted for 14 percent, health and social assistance accounted for 12 percent and accommodation and food services was at nine percent.

Retail trade generated more than $381 million in MTGR in the third quarter of FY23, the news release said, up eight percent from a year earlier. Construction generated more than $184 million during the same quarter, up 10 percent. Health and social services MTGR was down two percent during the quarter and accommodation and food service were up 13 percent. Agriculture, forestry, fishing and hunting showed the greatest increase from the third quarter of FY22 to the third quarter of FY23: up 238 percent from almost $2.2 million to almost $7.4 million.

MTGR “matches specific taxpayer to specific taxpayer, so it adjusts for new businesses (that) would not be counted until the following year when there is a match,” said NMEDD Public Information Officer Bruce Krasnow. “Taxable gross receipts are matched to tax payments and more representative of overall economic activity in the state compared to other tax data,” said NMEDD Public Relations Coordinator Lauren Longworth.

NMEDD said DAC had a population of 217,696 in the third quarter of FY2023. 50.9 percent of its residents were female and 49.1 percent were male. 24.6 percent of the county’s population was under 18 years old, 14.5 percent was aged 18-24, 13 percent was aged 25-34, 11 percent was aged 35-44, 10.2 percent was aged 45-54, 11 percent was aged 55-64, nine percent was aged 65-74 and 6.7 percent was aged 75 and older, NMEDD said.

The department said 78.5 percent of the county’s population was white (which includes Anglos and Hispanics), 8.5 percent was of two or more races, 1.8 percent was Black or African American, 1.1 percent was Asian, one percent was Native American, 0.1 percent was Native Hawaiian and other Pacific Islander and nine percent was some other race.

NMEDD said 9.5 percent of the county’s population aged 25-64 had an associate’s degree, 18 percent had a bachelor’s degree, 22 percent had a high school diploma or the equivalent, 16.4 percent had no high school diploma, 11.3 percent had a postgraduate degree and 22.8 percent had some college but no degree.

In its report, NMEDD said New Mexico’s largest industry gross domestic product (GDP) year-over-year growth coming from arts, entertainment and recreation, 30.3 percent statewide, and accommodation and food services, 27.7 percent statewide.

“The oil and gas industry continued to drive spending in the state, as mining, quarrying and oil and gas extraction increased 26 percent from a year ago, representing one-quarter of the new spending statewide,” NMEDD said.

The report showed that 26 of New Mexico’s 33 counties saw year-over-year spending boosts, with MTGR increasing 12 percent statewide.

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