SANTA FE, N.M. — Republican New Mexico Gov. Susana Martinez is linking a spurt of local economic growth to the state’s commitment toward cutting taxes and streamlining regulations.
Martinez on Wednesday highlighted a U.S. Department of Commerce report showing that New Mexico’s gross domestic product grew at an annual rate of 2.8 percent between January and March — a faster rate than all states other than Texas and West Virginia.
The oil, natural gas and mining sector was the top contributor to growth in the three leading states. Gross domestic product is the total market value of goods and services produced by labor and property.
Martinez has implemented a gradual reduction of state corporate income tax rates and supports state subsidies to train workers and help relocate or expand businesses in New Mexico.