New Mexico Gaining High Marks for Economic Development
The state of New Mexico and the city of Albuquerque are among the nation’s top places to do business according to a report issued by the influential site selection magazine Business Facilities. The “2010 Business Facilities Magazine Ranking Report” features separate rankings for both State and Metro areas, with New Mexico and Albuquerque combining to make the Top 10 in nine separate categories.
“This report sends a strong message to businesses around the world that New Mexico is among the best places to live and work,” stated Governor Bill Richardson. “Our job creation efforts, highlighted by our leadership in the alternative energy and the film industry, are paying off in a big way.”
Site selection is the competitive process companies go through to determine which state or community offers the best place to establish a business. Scoring highly across a broad spectrum of desirable categories helps attract new economic development opportunities to New Mexico.
Both New Mexico (#8) and Albuquerque (#2) finished in the Top 10 in “Economic Growth Potential’ based on the “most effective overall (economic development) strategy and its successful execution.”
Additionally, New Mexico’s alternative energy sector was highly regarded, garnering three Top 10 rankings, including #2 in Solar Energy Manufacturing, #5 in Alternative Energy, and a #2 finish for Albuquerque in the Alternative Energy Industry category. Citing these successes, the report stated, “New Mexico has convinced us that it is an up-and-coming contender in alternative energy.”
“As demonstrated by this report, Governor Richardson’s leadership is putting New Mexico at the forefront of the renewable energy industry,” stated Economic Development Cabinet Secretary Fred Mondragón. “Additionally, our high marks for workforce training and labor costs are letting prospective companies know that New Mexico is open for business.”
Overall, New Mexico was in the Top 10 in five “State” rankings, including:
#2 in Solar Energy Manufacturing Leaders
#3 in Workforce Training Leaders
#5 in Alternative Energy Industry Leaders
#6 in Cost of Labor
#8 in Economic Growth Potential
Meanwhile, Albuquerque was singled out for four Top 10 rankings in their “Metro” report, including:
#2 in Metro Economic Growth Potential
#2 in Alternative Energy Industry Leaders
#3 in Motion Picture Industry Growth (behind only New York and Los Angeles)
#5 in Quality of Life
Top see the full rankings, please go to www.businessfacilities.com.