The finale to our economy series
The past couple of weeks have been an active news cycle to say the least.
With a special legislative session that wrapped in less than a day and President Joe Biden鈥檚 decision not to run for reelection, New Mexico headlines have been pretty busy.
This week, the 近距离内射合集鈥檚 business desk releases the fifth and final story in the economy series we鈥檝e been publishing for the past month or so. I wrote the final article as assistant business editor, a position I started last week at the Journal.
As I worked on the finale to the series, a recurring theme emerged: uncertainty for New Mexico鈥檚 economic future.
New Mexico has a lot of oil and gas money, but Gov. Michelle Lujan Grisham鈥檚 administration doesn鈥檛 want to continue leaning on oil and gas. State officials want to see a more diverse stream of income, incorporating other industries like renewables and manufacturing.
Economist Kelly O鈥橠onnell thinks the energy transition will start in earnest within the next decade. Oil supporters like Power the Future鈥檚 Larry Behrens disagree.
But the reality of such a change also depends on federal politics.
With Biden鈥檚 recent announcement to drop out of the 2024 presidential race, the political climate and forecasts took a sharp swing in another direction. If former President Donald Trump were to take office again and start walking back Biden鈥檚 green energy efforts, it鈥檚 likely New Mexico鈥檚 renewable energy future would be affected.
The economic outlook on a national level in general isn鈥檛 looking great, UNM economist Michael O鈥橠onnell told me. It reveals trends for New Mexico鈥檚 economic future. He said forecasts show an average job growth rate of less than 1% per year over the next five years, in both Albuquerque and the U.S.
It鈥檚 not ideal.
Outside factors are also creating economic challenges.
State economic official Mark Roper said quality of life is a key component that contributes to the economy. So in a city like Albuquerque, or even the state as a whole, high crime levels and poor education aren鈥檛 doing the economy any favors.
I think we can all expect the 2025 legislative session to focus on public safety, after Lujan Grisham failed to get proposed crime priorities through the special session.
There鈥檚 a lot of uncertainty in the air right now, both on a state and federal level.
Hopefully come winter, with the results of the presidential election and the start of a state legislative session, we鈥檒l have more answers than questions about New Mexico鈥檚 economic outlook.