The reason behind Biden’s visit to New Mexico

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ALBUQUERQUE, N.M. – President Joe Biden is making the rounds touting the impact of the Inflation Reduction Act.

Biden says it promotes green energy, invests in infrastructure, and will lower costs for Americans. In New Mexico, it means a new company is coming to town.

Soon, the sparks will be flying in a brand-new wind turbine tower manufacturing plant in New Mexico.

“They should feel great,” said Mark Roper with the New Mexico Economic Development Department. “Not only is it going to be a great job creator, it’s going to be great for the economy.”

Roper says the Inflation Reduction Act opened the door for Arcosa, a Dallas-based company, to bring jobs to New Mexico from outside the country. Up to $5 million in state incentives sealed the deal.

“I think it does show that the fact that despite New Mexico’s small populated state, that we do have an impact on the national scale,” Roper said.

Roper says 250 new jobs will equal a $314 million impact in the state over the next decade. 

He says construction is already underway, and the state will start seeing the benefit this quarter.

“The fact that the President of the United States is making a trip to New Mexico states big things about New Mexico. The fact he’s taking the time to announce a business in New Mexico really shows that making great strides in New Mexico on the economic development front,” Roper said.

One of the things the Inflation Reduction Act does not immediately do is lower Inflation, according to the non-partisan Congressional Budget Office.

Experts say it may eventually lower costs on energy, drug prices and insurance premiums. But the budget cuts meant to drive down inflation won’t make an impact for several more years.