Reports released by the New Mexico Taxation and Revenue Department indicate that the Dona Ana County economy continued to struggle during the third quarter of 2009. According to the report, total reported gross receipts for all industries were flat when compared to the third quarter of 2008. For the first three quarters of 2009, total reported gross receipts are 2.4% lower compared to 2008.
Total reported gross receipts from retail trade showed improvement during the third quarter, increasing 4.3% when compared to the third quarter of 2008. Year-to-date total reported gross receipts from retail trade for 2009 are down 2.7% compared to 2008.
The construction sector continues to be very soft. Although there were no additional job losses between the second quarter and third quarters of 2009, total reported gross receipts from construction and mining were 16.9% lower in the third quarter of 2009 as compared to 2008. Year-to-date total reported gross receipts in construction and mining for 2009 are down 9% compared to 2008.
Compared to the third quarter of 2008, new single family residential permit valuations issued in the county increased 21.6% for the third quarter of 2009, but are down 12.3% through the first three quarters of 2009 compared to 2008. According to data from the Las Cruces Association of Realtors Multiple Listing Information Service for the month of September, 2009 the number of new and existing home sales increased 21.9% compared to the month of September, 2008. In comparison, the average sale price dropped 12.1%, from $228,447 to $200,738.
According to data from the U.S. Bureau of Labor Statics, Dona Ana County’s unemployment rate in September, 2009 was 6.9%, down from 7.3% in June. This is significantly lower than the national rate of 9.8%, and lower than the state rate of 7.7%. A recent report by the Milken Institute ranking the Las Cruces MSA in the top ten best performing small metros seems to indicate that this trend may continue.
Using a variety of sources, MVEDA tracks and reports changes in labor force, employment, construction permits and total reported gross receipts on a quarterly and annual basis. These economic indicator reports are available on MVEDA website. The report for the third quarter of 2009 is attached and will be posted on the website in the near future.
Detailed New Mexico gross receipts tax files are available on UNM’s Bureau of Business & Economic Research website. Current and historical labor force data for Dona Ana County (Las Cruces NM MSA) are available on the Bureau of Labor Statics’ website.
