New Mexico Economic Development and Revenue Strategy

Strategic Investment in Places and People New Mexico should work with communities to understand what they see for their future in order to address the fact that it is the only Western state that does not have substantial population growth that can help fill newly created high-wage jobs. Specifically, the State should increase funding for both early and ongoing education for current residents, as well as pursue an active strategy to incentivize and attract domestic in-migrants who can join the labor force in the short- to medium- term to avoid constraining economic growth due to a lack of skilled labor. • These initiatives can both help support current residents and better position the State to benefit from its current efforts in the innovation space. . The National Labs play a very significant role in the State's high-wage jobs strategy, but the State is too dependent on third-party efforts in the innovation sector. ◆ The State should continue to bolster New Mexico Tech, UNM Rainforest, and other innovation efforts that seek to spin off technology in order to increase private sector activity, especially in the biosciences. These programs have the potential to significantly increase high-wage jobs and provide a path of opportunity for more New Mexicans. © PFM 28 88

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