Friday, October 22, 2010

Some Good News For the NM Economy. Really!

First to the headlines. The Albuquerque Journal reported this morning that the Chino (copper) Mine in the Silver City area will reopen. Eventually there will be 570 employees. It’s not exactly accurate to say “new jobs” because these jobs existing until the mine closed in early 2009.
The second story reported that hotel occupancy and revenue have been increasing, on a year over year basis, since March. This ratifies anecdotal evidence mentioned here since July.
The two stories reflect the main argument last night from Mark Snead, branch executive and economist with the Denver branch of the Federal Reserve Bank of Kansas City. Snead was the warmup for his boss, Tom Hoenig, at the KC Fed’s New Mexico Economic Forum in Albuquerque.
Overall, Snead said, New Mexico is “progressing through the cycle nicely.” New Mexico and Colorado got into the recession game late, were hit hard, and both are still in recession.
But there are a few glimmers with a number of sectors bouncing along the bottom and a couple of key sectors adding a handful of jobs. Las Cruces has added jobs for several months, as has been reported here.
Snead is sending his presentation. When it arrives I’ll do a more detailed report.

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