In addition to direct economic activity of the oil and gas industry in New Mexico, the industry supports other businesses through its purchases, employment, and payments to state and local governments.
In this report, we use input-output analysis embodied in the IMPLAN software application, to estimate the total economic activity supported by the industry as of 2018:
- Oil and gas industry activities, including payments to other industries, to households and to State and Local governments supported over 134,000 jobs, 12% of total statewide employment.
- The oil and gas industry also supported:
- $7.6 billion of Labor Income or 13.6% of the state total for all employers;
- $16.6 billion of Value Added or 15.8% of the state total; and
- $2.2 billion of State and Local tax payments, or 25.0% of the state total.
Click here to read the New Mexico Tax Research Institute's full study.