Updated: May 29, 2020 10:17 PM
Created: May 29, 2020 09:53 PM
ALBUQUERQUE, N.M.- New numbers from the state’s Economic Development Department give an early look at COVID-19’s impact on New Mexico’s economy.
The data for the third quarter of the 2020 fiscal year, January – March, includes the first weeks of the COVID-19 health emergency when businesses were ordered to close or curtail operations.
According to the report, Bernalillo County saw an 8% or $414 million drop in spending compared to the previous three months.
That includes an 18% drop in food ($86 million), 20% drop in retail ($254 million) and 34% drop in arts and entertainment ($15 million).
State officials said it’s common to see a drop in the third quarter but it previously ranged between $62 million and $134 million.
Additionally, the latest reports only include the first couple weeks of the governor’s public health order.
"So the next quarterly report will definitely show a lot more negatives because it's going to have April, May and June,” said Jon Clark, the department’s deputy secretary.
“Obviously, most businesses were closed April and May and a lot of businesses will be reopened on a limited basis in June so what we're trying to do is use these county economic reports to give businesses and policymakers at the state and local levels an idea of how they're doing, how hard they were hit by the COVID and how we're coming out of it,” Clark added.
Prepared by EDD economists, the reports on the state and each of the 33 counties show which industries in the state are rising and falling.
While entertainment and restaurants have suffered, some industries, like construction, have stayed busy.
Revenue from the agriculture sector also saw significant growth in certain parts of the state.
The reports are available for each New Mexico county and include average weekly wage trends, unemployment insurance claims and annual changes in gross domestic product.
According to the state, this is the first time the county’s data is available in an easy-to-read format.
“We know this data is already proving valuable to lawmakers and local officials as they quantify the economic impact of the COVID-19 health emergency on businesses and consumers,” EDD Secretary Alicia J. Keyes said.
“We hope this information leads to more collaboration as we all move forward to make the best decisions for New Mexico.”
The reports for most of fiscal year 2020 are now available in 33 individual county files on the EDD website here.
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