One of the most discussed issues to be addressed in the upcoming legislative session is the enhanced informed consent legislation being supported by a large number of organizations and citizens throughout New Mexico. The legislation is part of the New Century Economy Jobs Agenda promoted by the New Mexico Economic Development Department and unanimously supported by the MVEDA board of directors.
In an effort to quantify the negative impacts of the failure of the legislature to pass the bill in past sessions, MVEDA staff identified three companies that had previously expressed interest in doing business at Spaceport America. These three companies chose to locate their operations in states that have passed the enhanced informed consent legislation and thus are a loss to New Mexico.
In its analysis, MVEDA researched announcements made by the three companies and using the data from the announcements, did an economic impact analysis of the lost opportunities involved. The results of the analysis are quite staggering in light of the $209 million investment in Spaceport America.
By not previously passing the more comprehensive informed consent legislation, New Mexico lost:
- 2,232 direct jobs with average annual wages of $55,720;
- $494.6 million of additional household spending; and
- $62.1 million of additional state and local tax revenue.
The complete analysis is available online (PDF):
- Lost Economic Impact Summary
- Lost Economic Impact Data and Output
- Commercial Space Announcements and Data Points
With over $209 million already invested in an opportunity to grow a new industry that complements our existing geographic and workforce assets, New Mexicans cannot afford to pass on any more commercial spaceflight opportunities. Now is the time to act.
