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Prosperity in New Mexico

T. Greg Merrion , President. Prosperity in New Mexico. New Mexico Prosperity Project. NAIOP, May 20, 2013. Disclaimer.

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Prosperity in New Mexico

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  1. T. Greg Merrion, President Prosperity in New Mexico New Mexico Prosperity Project NAIOP, May 20, 2013

  2. Disclaimer My comments do not necessarily reflect the opinions of my associates, the opinions of my company, or the opinions of any of the organizations I represent. In fact, if I say something really controversial, my comments may not even reflect my own opinions!

  3. Economic Well-being • Improved economic well-being is something most people need — and strive for — or should. The one percent already HAVE prosperity What is prosperity ? • Almost everyone has a mental list of ways their lives would be better with more income • “A rising tide lifts all boats” (President Kennedy, 1963)

  4. PER CAPITA INCOME Colorado ranks 15th in the nation with a per capita income of $44,088 Texas ranks 25th with a per capita income of $41,470 Arizona ranks 41st with a per capita income of $35,979 New Mexico ranks 43rd with a per capita income of $34,575 Revealing Numbers-1 Source: Bureau of Economic Analysis, US Commerce Department

  5. Revealing Numbers-2 “New Mexico took the biggest tumble, down 11 spots to No. 43 as its current economic climate and growth prospects declined relative to the rest of the country last year.” * What is prosperity ? Forbes ranks the Best States for Business and Careers using its Scorecard for Business Climates, December, 2012

  6. Revealing Numbers-3 CNBC ranking: What is prosperity ? New Mexico tied Kentucky at 36th. CNBC uses 43 measures of competitiveness gathered into ten categories and weighted according to state use in economic development marketing material. • Our performance in two categories pulls down New Mexico’s overall rank – • 46thfor education • 47thfor business friendliness

  7. Revealing Numbers-4 “Dead Last” - That is New Mexico’s record for job growth over the past three years compared with the other 49 states. The details are not pretty… • “New Mexico is one of only two states still showing negative jobs growth during the 34-month period.” • “New Mexico’s nearby states — Colorado, Texas and Utah — have among the best economic growth in the nation.” Source: Bruce Krasnow of the New Mexican, January 7, 2013

  8. Revealing Numbers-5 Milken Institute State Science and Technology Index 2012 Overall Ranking 1. Massachusetts 4. Colorado 7. Utah 16. Arizona 22. New Mexico • Also note that in the Human Capital Category… • NM is last (50th) in percentage of households with computers • NM is 45th in recent degrees in science and engineering per 1,000 civilian workers

  9. WHY is New Mexico not doing so well? Part One • Enduring, deeply rooted limitations -We need cooperative efforts and strategy rather than “the blame game.” • Relatively fewer robust N.M. businesses compared to other states (small private sector compared with government) • Some decline and more to comeon major component of our economy — the Federal government. • A long-standing reputation for . . .

  10. WHY is New Mexico not doing so well? Part Two • Not being business friendly • Too much illogical micro-managing via regulation (costly to business and not cost-effective for the public’s interest)

  11. WHY is New Mexico not doing so well? Part Three • Poor job marketis a national, • not just a state problem. • Businesses have become more risk-averse. They’re more reluctant to hire. • The reasons: • Doubts about the recovery • Government policies raising labor costs (e.g., the Affordable Health Care Act’s insurance mandates) • Unwillingness to pay for training • Fear of squeezed profits Robert J. Samuelson, The Washington Post, May 5, 2013

  12. What Can We Do?

  13. What can we do about this ? Part One 1. Streamline regulation — cost-benefit analysis 2. Taxes — fair and competitive and simplified 3. Improve government efficiency - cut “marbled fat” throughout — not just “across the board” 4. Improve education — career paths, tutoring and home engagement, reduce dropouts 5. Improve infrastructure — not just transportation, but also fiber-optic regional networks

  14. How do we do this ? Broaden private-sector engagement in public policy, not just the CEOs, EDs and lobbyists, butinform the tens of thousands of private-sector employees

  15. 2012 BIPAC Market Research • Employers are most credible source for political info • Employer-provided info is useful • Increased employee awareness & involvement • 37% visit employer website for political info • Employee involvement encourages early voting

  16. SLIDE

  17. New Mexico Prosperity Project a) “News and Views” — e-newsletters b) “Voter alerts” — reminders to register, early vote c) Our website: www.newmexicoprosperity.org d) Conduct events e) Brochures and posters for you here today

  18. A default Sans Serif font walks into a bar and the bartender says, "Sorry, we don't serve your type here!"

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