May 15, 2025 marked a significant moment for New Mexico’s economic development future as Secretary Rob Black of the New Mexico Economic Development Department (EDD) delivered a compelling presentation outlining the state’s ambitious and multifaceted strategy for economic development growth. The overarching message resonated with clarity and purpose: economic development is no longer a peripheral concern but the central focus driving New Mexico’s progress.

Secretary Black’s compelling vision was shared at a well-attended luncheon hosted by the Sandoval Economic Alliance. The event drew a distinguished audience of partners, key businesses, and influential decision-makers from across the region. High-level executives from various industries, representatives from Sandoval County, and Mayor Gregg Hull of Rio Rancho, the fastest-growing city within the county, were among the attendees, underscoring the significance of the Secretary’s address and the collaborative spirit driving New Mexico’s economic ambitions.

NMexus Center: Your Economic Super-Highway to Global Investment

Secretary Black painted a vibrant picture of a state on the cusp of significant economic expansion, driven by proactive initiatives designed to attract foreign investment, foster local business growth, and establish New Mexico as a national leader in key emerging industries. His enthusiasm was palpable as he detailed the concrete steps being taken to transform the state’s economic landscape.

A cornerstone of this strategy is the newly established NMexus Center, envisioned as a dedicated conduit for foreign direct investment. Secretary Black highlighted a recent trip to India as a prime example of this proactive approach, emphasizing the center’s mission to court established international companies seeking to expand their footprint in the lucrative US market. The focus, he explained, is on attracting companies with a proven track record, ready to bring jobs and capital to New Mexico.

This commitment to economic development is critical as it lays the foundation for a robust business environment in New Mexico.

Early Wins: 1,500 Jobs on the Horizon in Albuquerque

The early fruits of these efforts are already evident. Secretary Black proudly announced that seven companies are poised to open offices in Albuquerque through various state programs, a development that promises to inject approximately 1,500 jobs into the local economy over the next several years. This tangible result underscores the effectiveness of the state’s outreach and the growing appeal of New Mexico as a business destination.

A Diverse Economic Landscape: From AI to Aerospace

“NMexus is our economic super-highway,” Secretary Black declared, a powerful metaphor capturing the center’s role in facilitating the flow of international investment and opportunities into the state. This “super-highway” isn’t limited to a single sector; rather, it’s attracting interest from a diverse range of industries. From the cutting-edge realm of Artificial Intelligence to the foundational sector of agriculture, and from the niche market of merino wool to the high-tech world of aerospace and defense, New Mexico’s appeal is broadening.

The strategic focus on economic development will enhance the state’s appeal to investors and businesses alike.

New Mexico: Aiming to Be the Quantum and Defense Tech Hub

This is an essential aspect of economic development as it supports long-term growth and innovation.

Notably, Secretary Black emphasized the state’s strategic ambition to become a national hub for quantum computing and defense technology. This focus leverages New Mexico’s existing strengths, particularly the presence of world-renowned institutions like the University of New Mexico, Sandia National Laboratories, and Los Alamos National Laboratory. These three powerhouses represent a unique concentration of expertise and research capabilities in the quantum and defense sectors, providing a significant competitive advantage. The state is doubling down on this potential with a dedicated $30 million investment aimed at establishing New   Mexico as the nation’s quantum computing epicenter. 

These partnerships are a vital part of our economic development strategy, allowing for shared resources and knowledge.

The New Mexico Advantage: Reducing Carbon Footprint and More

Beyond attracting new businesses, Secretary Black also highlighted the inherent advantages New Mexico offers. One compelling point was the potential for companies to reduce their carbon footprint by up to 40% by utilizing New Mexico’s natural gas resources. In an increasingly environmentally conscious global market, this offers a significant selling point for businesses seeking sustainable operations.

Investment in infrastructure supports economic development, ensuring that businesses have the resources they need to thrive.

Inland ports are a strategic element of our economic development efforts, enhancing trade and logistics capabilities.

Fueling Growth Through Strategic Partnerships and Incentives

Empowering local communities is crucial for economic development, as it creates a network of support for businesses.

Secretary Black underscored that these new partnerships and investments are not just about attracting businesses; they are about fueling sustainable growth for all of New Mexico. To facilitate this growth, the state offers a robust suite of business incentives. He specifically mentioned the Job Training Incentive Program (JTIP), which has awarded over 520 projects and $65 million since January 2019, demonstrating its effectiveness in supporting job creation through training assistance. The Local Economic Development Act (LEDA) was also highlighted as another leading incentive program, offering crucial financial support for businesses looking to locate or expand in the state.

Building a Business-Ready Infrastructure

Ultimately, these efforts in economic development will ensure that New Mexico remains competitive in a global market.

Recognizing that infrastructure is paramount to attracting and retaining businesses, Secretary Black detailed several key legislative initiatives. The recently passed SB 169, the Site Readiness Act, aims to enhance New Mexico’s competitiveness by making potential business locations “shovel-ready,” streamlining the development process and reducing timelines for companies. Similarly, SB 170, the Utility Pre-Development Act, focuses on expediting regulatory review and providing low-interest loans to rural electric cooperatives, acknowledging that reliable power and utility infrastructure are critical for attracting businesses and supporting the state’s overall development.

Inland Ports and Strategic Infrastructure Investments

Looking beyond traditional infrastructure, Secretary Black outlined an ambitious plan to develop inland ports by creating trade port districts across New Mexico. This initiative aims to capitalize on the state’s strategic location and create efficient logistics hubs to facilitate the movement of goods. To further support these efforts, the state is investing $50 million in infrastructure and public-private partnerships.

Empowering Local Communities for Economic Expansion

Recognizing the crucial role of local communities in economic development, the state is also providing incentives for local governments to establish distribution and manufacturing centers. This approach fosters a collaborative environment where state and local entities work together to attract investment and create opportunities across New Mexico.

A Bold Vision for New Mexico’s Economic Future

Secretary Black’s presentation painted a clear and compelling picture of a New Mexico that is serious about economic growth. Through strategic initiatives like the NMexus Center, targeted investments in emerging industries like quantum computing, a commitment to infrastructure development, and a robust suite of business incentives, the state is actively laying the groundwork for a prosperous future. The message was clear: New Mexico is open for business, and its focus on economic development is poised to transform the state’s landscape for years to come. The 1,500 jobs on the horizon are just the beginning of what promises to be an exciting new chapter for the Land of Enchantment.

For more information about the quantum leap in economic development in New Mexico, visit the EDD website.