NM’s path to economic diversification is a long one

NM’s path to economic diversification is a long one

  • Post published:January 22, 2020
  • Post category:News

With the 30 day legislative session now underway, Governor Michelle Lujan Grisham and state legislators are working through a deluge of newly proposed legislation, and deciding how our record breaking state oil and gas revenue should be spent. New Mexico is no stranger to the perils of oil and gas boom and bust cycles, but the Governor’s focus for this legislative session will include continued efforts to diversify New Mexico’s economy and attempt to wean our state from it’s heavy reliance on the energy sector. Governor Michelle Lujan Grisham’s effort to diversify New Mexico’s economy will surely not be finished with this legislative session, or even at the end of her tenure as governor, but diversification on a state wide scale is a years long endeavor.

To incentivise the diversification of state revenue and attract new industries to New Mexico, the governor could push for tax code reform. However, Governor Grisham has signaled that the issue will not be a part of her agenda for the shortened 30 day session as it would be tremendously complex and time is already a factor in this years session. Her focus instead will be on improving education system and state workforce with education receiving nearly half of the proposed new recurring spending under the governor’s budget plan. Read more HERE.