October 12th, 2022 – The number of physical business establishments in the state has increased 8.2% from the third quarter of Fiscal Year 2021 to Q3 FY2022 and has grown 10.3% since the pre-pandemic third quarter of FY2019 to Q3 FY2022, according to data aggregated by the New Mexico Economic Development Department (EDD) and published as part of its quarterly Economic Summaries.
The newly gathered establishment data comes from the EDD’s Quarterly Census of Employment and Wages and is one measure of overall economic health. It shows that every industry at the state level, as well as the aggregates of all industries in each of the 33 New Mexico counties, has seen an increase in the number of physical business establishments between the third quarter of fiscal year 2021 compared to the same period in 2022.
“This is incredible news for New Mexico, and a testament that our efforts at the state level to foster a healthy and thriving business community in our state are working,” Gov. Michelle Lujan Grisham said. “We will continue taking innovative and effective steps to help our businesses continue to succeed.”
Statewide the data shows:
- New Mexico has seen total business establishments grow by 8.2%, to 68,041, from Q3 FY2021 to FY2022 and by 10.3% in business establishments – an increase of 6,347 since the 3rd quarter of fiscal year 2019.
- A 3.7% increase over the year in establishments for the accommodation and food services industry and a 5.1% increase since 2019.
- A 7.1% increase in construction industry establishments over the year and a 4.8%increase since 2019.
- An 8.4% increase in healthcare and social assistance business establishments over the year and an 11.4% increase since 2019.
- A 13.5% increase in professional, scientific, and technical services business establishments over the year and a 17% increase since 2019.