Statewide Strategic Plan Updates
Updates to the 2023 version of the strategic plan
May 3, 2024
Gov. Michelle Lujan Grisham
Acting Cabinet Secretary Mark Roper
Update on the Economic Development Department's Strategic Plan
Empower & Collaborate: New Mexico’s Economic Path Forward was originally developed in 2021 by Roland Stephen, J.R. Sullivan, Paul Liu, Emily Mellicant, and Claire Lecornu at the Center for Innovation Strategy & Policy at SRI International. The June 2023 version was updated by Agenda, LLC and Westwood Economics in conjunction with the New Mexico Economic Development (EDD). With each round of updates to the plan, its purpose is to continue to chart a path forward for a more diversified and sustainable New Mexico economy, incorporating input from the Sustainable Economy Advisory Council and Task Force.
The original plan identified nine target sectors as avenues to diversification: aerospace, biosciences, cybersecurity, film and television, outdoor recreation, intelligent manufacturing, global trade, sustainable and green energy, and sustainable and value-added agriculture.
EDD is working with the Sustainable Economy Advisory Council and Task Force to shape the next iteration of the state plan. It is crucial to track progress on recommendations included in the 2023 plan and amend future goals with this progress in mind. With the added capacity of EDD’s new Just Transition Advisor, Kayla Lucero-Matteucci, and the support of Michael Leon Guerrero, a contractor from the Center for Civic Policy, EDD obtained updates in January from state agencies and economic development stakeholders about each of the plan’s priorities and corresponding recommendations. In all, EDD received updates from 48 individuals representing 18 state agencies, several COGs, and many economic development and business partners.
The document includes hundreds of recommendations. Here are some highlights of recent progress.
In support of recommendations, EDD has:
Increased funding to New Mexico-based incubators and accelerators
Creation of a Justice, Equity, Diversity and Inclusion Office to provide technical assistance to minority-owned businesses
Supported funding mechanisms for Socially and Economically Disadvantaged Individuals (SEDI) and businesses
Designed industry-specific state-sponsored investment funds to provide matching funds to small businesses in key target industries, in part through the Venture Capital Program Fund at the NMFA
Worked with the NM Partnership to improve the department’s website and create an interactive database showing an inventory of viable properties for businesses looking to relocate to NM
Engaged continuously with the Department of Workforce Solutions and Higher Education Department to match talent out of NM’s universities with needs in the industry.
Progress noted by other agencies includes:
General Services Department’s successful creation of a procurement preference for Tribal businesses
Department of Workforce Solutions’ creation of a Navigator Grant Training for behavioral and physical health paraprofessional training in rural and native communities
Promoted regional hubs for talent development at New Mexico’s higher education institutions
Energy, Minerals, and Natural Resources Department’s creation of a program to support analysis of economic diversification and work in collaboration with EDD
State Land Office’s expansion and increased staffing of its Office of Renewable Energy.
Remaining Challenges
The EDD team noted several ongoing challenges in implementing, updating, and improving the state plan. Chief among these is the need to increase awareness of and engagement with the plan among relevant stakeholders, especially COGs and Tribes, pueblos, and nations; harmonize and expand the plan’s recommendations to effectively pursue federal funding opportunities through the Bipartisan Infrastructure Law and the Inflation Reduction Act; strengthen talent and contracting pipelines to facilitate a greater uptake, for example, of federal tax credits available to individuals and communities for building weatherization and energy efficiency.
View the 2023 version of the plan , visit the Statewide Strategic Plan webpage for more information, and learn more and sign up for updates about the Sustainable Economy Advisory Council and Task Force , which will play a key role in shaping the next iteration of the state plan. We look forward to your participation.
EDD’s mission is to improve the lives of New Mexico families by increasing economic opportunities and providing a place for businesses to thrive. EDD’s programs contribute directly to this mission by training our workforce, providing infrastructure that supports business growth, and helping every community create a thriving economy.
New Mexico Economic Development Department
EDD.NewMexico.gov
New Mexico Economic Development Department | 1100 South St. Francis Dr , Joseph M. Montoya Building , Santa Fe, NM 87505-4147
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