New Mexico Makes Top 10(s) in Site Selection State Rankings Report

New Mexico Makes Top 10(s) in Site Selection State Rankings Report

New Mexico made multiple Top 10 lists in site selector Business Facilities‘ 16th Annual State Rankings Report.

The Land of Enchantment is also the Land of Fantastic:

  • Workforce Development/Talent Attraction (Number 9)
  • Film Production Leaders (Number 2)
  • Unmanned Aerial Systems (Number 9)
  • Electricity Generation (Number 8)

New Mexico’s Job Training Incentive Program (JTIP) is one of the most generous in the country. NM JTIP funds classroom and on-the-job training, supporting newly-created jobs in expanding and relocating businesses.  And it reimburses 50-75% of employee wages. The program recently awarded nearly $1 million to support a total of 120 new and existing workers.

“New Mexico has a robust pipeline of businesses looking to expand in the state and relocate here,” says Economic Development Secretary Alicia J. Keyes. “We know JTIP and other assistance helps businesses bring new and higher paying employees on board, sooner and with more confidence.”

The New Mexico film industry is a state favorite, according to the recent Garrity Group survey. “It definitely contributes to a ‘cool factor’ we have here,” says Annemarie Henton, Vice President of Business and Development Marketing for Albuquerque Economic Development.

This year’s disruptions presented methodological challenges to the study. Business Facilities explains:

The process of evaluating the information we use to calculate our annual rankings usually begins in the spring. In the spring of 2020, as the unfolding calamity of the coronavirus pandemic turned all of our lives upside down, we had to decide what, if any, impact the disruptions of COVID-19 would have on the results in our 16th Annual Rankings Report.

We always try to configure our rankings as forward indicators that give you a clear picture not just of which locations are atop our leaderboard, but also who’s got the Big Mo—the assets, strategies and track record that spell growth potential.

In our 16th annual rankings, we’ve acknowledged the unique circumstances of what we all hope is a temporary disruption. We’ve dropped our overall state and metro Economic Growth Potential rankings for this year’s report; we won’t speculate on which regional economies are going to recover the fastest from this unprecedented crisis. We also reset our rankings data clock, setting it early enough to make sure that the wind-shear level turbulence the pandemic has inflicted on economies, markets and employment statistics did not skew our results. You might say we’ve quarantined COVID-19 and locked it out of our Rankings Report.

If you’re thinking of expanding or making a new move, New Mexico is a great place to buy a business! Learn more about opportunities to own a business here and contact us for more info.