Eddy County, New Mexico, Generated $1.113 Billion of Growth for Q3 FY2022
16 Aug 2022
Over the past year, Eddy County showed the largest economic growth in New Mexico, according to recently released numbers from the New Mexico Economic Development Department (NMEDD). For the third quarter of fiscal year 2022, Eddy County generated growth of $1.113 billion in matched taxable gross receipts (MTGR), year over year, delivering nearly 12 percent of the total MTGR for New Mexico while having under 3 percent of the state’s population.
According to the New Mexico Department of Taxation and Revenue, MTGR is the best tax data available to show overall economic activity. The data collection process matches tax payments by industry with reported receipts for each taxpayer.
Furthermore, in a recent study by the financial consulting firm, SmartAsset, Eddy County’s business growth ranked number one in New Mexico. The county’s 5.9 percent business growth is nearly double any other county in the state. Eddy County also ranked first in incoming business investment, coming in at 58.3 percent.
Comparing Eddy County's economic growth measured by MTGR to the rest of the state, Lea County came in second, showing $1.111 billion, and Bernalillo County placed third, growing slightly more than $812 million. For further context, according to the 2020 Census, Eddy County has a population of 62,314, Lea County has 74,455, and Bernalillo County has 676,444.
Carlsbad, the county seat of Eddy County, boasts the fastest population growth in the state at 15.8 percent. According to the most recent US Census numbers, 43,255 residents call the city home.
“Carlsbad and Southeast New Mexico very clearly present the state’s greatest economic success story, by a considerable margin,” Carlsbad Mayor Dale Janway said. “More and more employers and employees are discovering every day that our part of the state, thanks to our economic diversity, is truly a land of opportunity.”
Thanks to the industrial diversity cultivated within the economy, Eddy County, located within the Permian Basin activity area, has experienced growth across all industries. Potash mining, nuclear storage, oil and gas, and manufacturing remain significant pillars associated with the industrial base in the area. Strong growth within the medical and aviation fields bolsters this base, and tourism continues to significantly contribute to the overall economic well-being. Carlsbad Caverns National Park, Living Desert Zoo and Gardens State Park, Sitting Bull Falls, and other outdoor attractions make Carlsbad a true internationally recognized destination.
Recent figures collected by the New Mexico Tax Research Institute show the oil and gas industry in New Mexico contributed $5.3 billion to state and local governments in tax revenue in the fiscal year 2021. This is the highest figure ever recorded in state history. According to data collected as of the week of June 10th, 2022, by Baker Hughes, Eddy County leads the nation with 53 active drilling rigs.
In addition to the oil and gas industry, Carlsbad has several new retail and restaurant businesses slated to open in 2022. Wing Stop, Papa John’s Pizza, a second O’Reilly Auto Parts, and Big Lots are some of the names heading up the list. Big Lots will fill in a void in the Carlsbad Mall left by the closing of Bealls several years ago.
With Carlsbad’s balanced approach to industrial growth, area residents and leaders are primed for more. The business and industry activities occurring in Eddy County provide extraordinary economic opportunities, from quality, well-paying jobs to new business development.
The Carlsbad Department of Development is the economic development agency for the City of Carlsbad and Eddy County, New Mexico. If you have questions about a project of your own to discuss, now is the time to reach out. The economy is expanding, and there is room for additional businesses to succeed in Carlsbad. In addition to manufacturing and real estate development, the CDOD works to promote the creation of homegrown businesses by assisting entrepreneurs with start-ups or buying into a regional franchise. Call today at 575-887-6562 or email here.