Opportunity for All

A BLUEPRINT FOR NEW MEXICO'S FUTURE

Sam Bregman’s Vision for Economic Development in New Mexico

Opportunity for All

New Mexico’s economy has enormous untapped potential but too many families still struggle with rising costs, stagnant wages, and limited opportunities close to home. Our state has world-class energy, technology, and cultural assets – yet too often we export our talent and ideas rather than building prosperity here. As governor, I will make economic development my top priority: lowering costs for working families, supporting local entrepreneurs and small businesses, and attracting new investments that create good-paying jobs in every community. I will make New Mexico the best place in the country to start a business, raise a family, and build a future.

As governor, I will:

Create high-paying jobs in the industries of the future. Our future prosperity depends on diversifying beyond oil and gas. We will lead in clean energy, quantum and national security tech, advanced manufacturing, agriculture, and trade – keeping talent here and creating high-wage jobs across the state.
Make New Mexico the best state to start and grow a business. Small businesses drive job growth, but too many face barriers to capital, red tape, and competition from out-of-state corporations. We will expand access to capital, simplify rules, and give local entrepreneurs the tools to succeed.
Build real paths to good jobs. Too many New Mexicans are working low-wage jobs or leaving the state because they can’t connect training to real employment. We will expand apprenticeships, guarantee training-to-hiring pipelines, and ensure that every student graduates with a next step.
Revitalize rural and Tribal Economies. No community should be left behind. We will invest in infrastructure, Tribal entrepreneurship, agriculture, tourism, and local businesses so that prosperity reaches every corner of the state.
Make New Mexico a top destination by doubling tourism, attracting high-value international visitors, building signature cultural and outdoor experiences, and ensuring communities statewide share in the benefits.
Lower costs and cut Taxes. Families are being squeezed by rising costs for groceries, healthcare, housing, and childcare. We will cut middle-class taxes, stop taxing essentials, and lower everyday costs so paychecks go further.

Create High-Paying Jobs in the Industries of the Future

For more than a century, New Mexico’s economy has depended heavily on oil and gas. But with global demand projected to peak before 2030, we must diversify or risk being left behind. While we should benefit from oil and gas revenues while we can, we also have some of the best wind, solar, and geothermal resources in the nation but lack the infrastructure to fully capture them. We need to build new industries on the foundation of our world-class labs, universities, and resources – but too many of our most highly trained graduates, including those in cutting-edge quantum science, leave the state for jobs elsewhere. At the same time, our location makes us a natural hub for trade, manufacturing, and nearshoring, while our agricultural heritage can be a source of both rural jobs and innovation. With the right plan and right leadership, New Mexico can shift from an oil-and-gas-dependent economy to a more diversified economy that also creates high-wage, jobs of the future across clean energy, quantum and national security technology, innovation hubs, advanced manufacturing, trade, and agriculture.

As governor, I will make sure we offer incentives like those we offer the film industry to grow other key industries. New Mexico became a leader in film and television because we offered smart incentives and built a full ecosystem around it. I will bring that same model to the industries of the future from quantum to clean energy to advanced manufacturing. I will empower the Economic Development Department to make direct investments in promising companies, create targeted incentives, and provide the resources that help startups grow into major employers. With the right strategy, we can do for high-tech industries what we did for film — and deliver even greater long-term benefits for New Mexico families.

As governor, I will:

Lead the nation in clean energy. New Mexico is ranked among the very top states for solar and wind potential, and renewables already supply about half of our in-state electricity. I will accelerate investment in transmission, wind, solar, and geothermal to capture our full potential. Different regions have unique opportunities: The southeast and northwest are wellpositioned for geothermal pilots and brackish water reuse tied to energy development, while the Navajo Nation region can lead in hydrogen pilots and solar deployment. By building on these regional strengths, we will make New Mexico the nation’s clean energy capital. Read more in my full plan for making New Mexico the new nation's new energy capital.
Make New Mexico the epicenter of quantum and national security technology. Quantum computing, directed energy, aerospace, and advanced robotics are the building blocks of tomorrow’s economy and are also vital to our national defense. These are industries where New Mexico—and especially Central New Mexico—already has a unique edge because of Sandia and Los Alamos National Labs, White Sands Missile Range, and the University of New Mexico’s Quantum Information Science Center. Yet too often, discoveries made in our labs – and the highly trained graduates who work on them – leave the state for jobs elsewhere. I will change that by providing financial incentives for quantum businesses to locate and grow in New Mexico, retaining top graduates through innovation fellowships, building new facilities where researchers and entrepreneurs can turn discoveries into companies, and creating partnerships to bring more private investment into startups rooted in New Mexico’s labs and universities. This will grow entire industries with good jobs in quantum science, aerospace, robotics, and dual-use defense technology.
Build innovation hubs across the state. I will establish Regional Technology Hubs tied to local universities, Tribal colleges, and incubators, with matching funds to win federal grants and voucher programs giving small businesses access to lab expertise. Each hub will anchor small business accelerators and apprenticeships so that local workers and companies benefit directly. Communities across the state have unique strengths to build on, from Socorro’s leadership in advanced telecommunications to Gallup’s rail access for manufacturing and logistics. By anchoring hubs in local assets, we can spread innovation to regions across the state.
Expand trade and nearshoring opportunities. I will invest in rail, highway, and port-of-entry upgrades, incentivize firms to bring operations back from overseas, and work with Mexico to strengthen cross-border trade. Communities like Santa Teresa, with its border location, are positioned to lead in vehicle supply chains, battery manufacturing, and cross-border logistics. The benefits of nearshoring will extend to trucking, warehousing, and trade jobs across the state, and I’ll expand logistics training programs to ensure New Mexicans are first in line for those jobs.
Grow advanced manufacturing with intention. I will create site-ready industrial parks offer refundable tax credits for manufacturers in clean energy and defense supply chains, expand advanced manufacturing training, and strengthen Buy New Mexico procurement initiatives so that state agencies buy more locally produced goods. Central New Mexico can grow precision manufacturing tied to quantum and aerospace, Santa Teresa can lead in EV supply chains and battery production, Gallup has opportunities in rail-adjacent parts and logistics, and the southeast and northwest can expand advanced materials linked to energy development. By building on these regional strengths, we will create good jobs and stronger supply chains statewide.

Make New Mexico the Best State to Start and Grow a Business

Small businesses are a critical engine of job growth, accounting for 99% of all businesses in New Mexico and employing more than half of the state’s workforce. Yet today, fewer new businesses are opening than in past decades, and big corporations are taking up more space in the economy. That means less innovation, fewer choices for consumers, and fewer opportunities for everyday people to build wealth and create jobs in their own communities. New Mexico also ranks near the bottom nationally in small business contribution to the economy, and many entrepreneurs in the state face barriers to capital, permitting delays, and limited technical support. As Governor, I will make New Mexico the easiest place in America to start and grow a small business.

As governor, I will:

Expand access to capital. Many aspiring entrepreneurs, particularly in rural and underserved communities, lack access to startup funds. I’ll:
Partner with community banks to provide forgivable, low-interest loans to entrepreneurs who have a good idea but lack the resources to get it off the ground or grow. These loans could help someone buy a truck and tools to start a plumbing or HVAC business, build a website and market an event planning company, turn a side hustle into a storefront or warehouse, or hire workers to take on bigger contracts and create local jobs.
Expand public-private venture capital funds to help high potential businesses in our state access the investment they need to grow by matching it responsibly with targeted public capital – especially in industries where we have a competitive edge.
Prioritize local procurement. I will direct more state contracts to local small businesses, keeping wealth in our communities, and raising the share of contracts going to New Mexico firms from about half today to two-thirds by 2030.
Partner with the federal government to allow people to use unemployment benefits to start a new business. Starting a business can be one of the best ways to bounce back after a layoff – but under today’s unemployment insurance system, most workers lose their benefits if they stop looking for a traditional job, even if they’re spending that time trying to launch a business. We’ll implement the federal Self-Employment Assistance program so that New Mexicans can use UI benefits while launching a business, just as states like Oregon and New York have done.
Make launching and growing a business as straightforward as finding a job. One-Stop Business Starter Portal with Starter Kit. I will unify business registration, tax, licensing, and workforce filings into one online platform, so that entrepreneurs no longer have to navigate multiple state agencies. Inside the portal, every entrepreneur will get a free Business Starter Kit – plain-language guides, tax checklists, and ready-to-use templates for LLC filings, leases, and employee handbooks. This means a small business owner won’t have to hire a lawyer just to get started.
Initiate support navigators and incubators. We will expand Small Business Development Centers, chambers of commerce, and Tribal partners into a network of “navigators” linked through the portal and providing one-on-one help online and inperson. We’ll also open new business incubators to help with accounting support, legal services, contracting opportunities, shared office space, and mentorship, so anyone with a good idea can turn it into a business.
Fast-track permitting. Partner with cities and counties to guarantee express turnaround times for small business permits and licenses.
Cut outdated rules and pilot new business models. Too many small businesses get tied up in red tape because our rules haven’t kept up with innovation. I will launch a comprehensive review of state regulations to clear away outdated requirements that block entrepreneurs. At the same time, we will pilot simplified rules in key industries of the future so entrepreneurs can test and launch new models quickly while still protecting consumers.
Attract more entrepreneurs and skilled workers to New Mexico. “Move to New Mexico” incentive. We lose too many talented people to other states, and we need to start winning them back. I will create a time-limited income tax credit for entrepreneurs and skilled workers who relocate to New Mexico to start a business, return after college, or bring specialized skills in high-demand, high-growth fields. By making New Mexico the most welcoming state for people ready to build their careers, we can grow our population, strengthen our workforce, and expand our tax base.
Per-job hiring tax credit to help small businesses create jobs. I will provide small businesses with a refundable state tax credit of $5,000 for each net new job created. This credit will help local businesses expand, put more New Mexicans to work, and reward employers who are creating opportunities here at home.

Build Real Paths to Good Jobs

New Mexico faces a deep disconnect between its people and its economy. Employers across the state struggle to fill jobs in highdemand industries, while too many New Mexicans are underemployed, working multiple low-wage jobs, or in training programs that don’t lead to jobs. Rural communities in particular struggle to find good jobs. The result is that young people often see leaving New Mexico to find careers elsewhere. I will develop real paths to good jobs and real opportunities for good careerss that don’t leave people in debt.

As governor, I will:

Develop training programs with a hiring guarantee, by bringing together business leaders, labor, community colleges, high schools, and other community organizations in priority industry sectors to develop industry-led, sectorspecific training programs that meet real hiring needs. We will ask businesses to commit to hiring graduates of the training program – and require businesses receiving taxpayer funding to do so.
Scale apprenticeships. I will work with unions and employers to expand earn-while-you-learn programs in high-demand industries with good-paying jobs. Apprenticeships can give New Mexicans a paycheck and a pathway to a good job at the same time.
Hire effective career navigators in every community. Private career services charge thousands to help executives map out their next move and land the right job. Every New Mexican should have access to services like that, so they don’t need to navigate the job market on their own. We will provide every worker with access to career services to provide both training and job guidance, connections to the right training or job opportunities, resume assistance, and interview prep.
Make sure every high school student has a next step and is prepared for life beyond high school. We will require schools to connect every senior to a job, apprenticeship, trade program, or college enrollment before graduation. We will support them by helping to fund programs like career and technical education, dual enrollment programs, pre-apprenticeships, and modernized high school curriculum standards that include financial, digital, and media literacy.
Eliminate unnecessary college degree requirements for government jobs – and challenge the business community to do the same.
Require employers to disclose pay ranges and prohibit retaliation for discussing wages.
Expand incentives for businesses that hire, train, and promote women in high-demand fields.

Revitalize Rural and Tribal Economies

New Mexico cannot succeed if only Albuquerque and Santa Fe thrive. In too many rural counties, more than one in four New Mexicans live in poverty. Tribal communities face additional barriers with infrastructure, but they also hold extraordinary opportunities in renewable energy, cultural tourism, and entrepreneurship. Revitalizing rural and Tribal economies will mean stronger families, stronger communities, and a stronger New Mexico.

As governor, I will:

Support Tribal and rural entrepreneurship. I will partner directly with Tribal governments and rural communities to expand Native- and locally owned businesses, invest in clean energy pilots and deployments, and provide capital for small business growth. These partnerships will respect sovereignty and rural identity while driving innovation and job creation across the state.
Fund rural and Tribal infrastructure. Infrastructure is the foundation for economic growth. I will deliver broadband, reliable water systems, safe roads, and other basic infrastructure across rural New Mexico so families in Farmington, Gallup, and Shiprock have the same access to opportunity as families in Albuquerque.
Bring industries of the future to rural New Mexico. Our innovation economy cannot stop at Albuquerque. I will work with rural and tribal leaders to match each community’s assets with the right industry — utility-scale solar and wind where transmission lines exist, data centers where land and power are abundant, and advanced manufacturing and robotics anchored to our labs and universities. We’ll offer incentives, streamline permitting, and more to create good-paying jobs close to home while ensuring growth reaches every corner of the state.
Expand value-added agriculture and food processing. New Mexico farmers and ranchers shouldn’t have to ship raw products out-of-state and watch others profit from adding value to them. I will help our producers move up the value chain by providing state grants and tax credits to build and expand processing facilities, supporting farmer co-ops and tribal enterprises that want to bottle milk, roast chile, or package beef right here in New Mexico. I will expand farmto-school and hospital purchasing so local processors have steady markets, and invest in food hubs, cold storage, and transport so small farmers can reach bigger buyers. With the right facilities and support, New Mexico can keep more of the wealth from our chile, cheese, pecans, and beef in our local communities – creating jobs in rural areas and making our state’s food products known nationwide.
Invest in tourism and outdoor recreation. I will expand cultural tourism, heritage sites, and outdoor recreation economies across rural New Mexico. From hunting and fishing to Tribal history and arts, our rural communities can become destinations for the world – creating jobs while celebrating New Mexico’s identity. I discuss this further in my Conservation plan.

Make Culture, the Outdoors, and Tourism Engines of Growth

New Mexico’s identity is one of our greatest economic strengths. People come here for experiences they cannot find anywhere else: pueblos and Feast Days, Route 66, chile harvests, the Balloon Fiesta, Santa Fe’s art and opera, and world-class landscapes. Yet too often, our attractions are scattered, seasonal, and marketed in isolation. Visitors come for a single event or city, then leave. To make tourism a true driver of growth, I will extend stays, attract visitors that contribute to the economy, and give communities the tools to benefit.

As governor, I will:

Create a bold strategy to double tourism in the next decade — making New Mexico a top destination for art, culture, food, and outdoor adventure. To do this, I will launch a statewide visitor study to underpin this strategy and then create a Cultural Economy Commission to implement that strategy and put New Mexico on the map. I will direct the Tourism Department to conduct a statewide visitor study so we know exactly why people choose New Mexico, what keeps them away, and how to get them to stay longer. At the same time, I will bring together cultural leaders in New Mexico and across the nation, business owners, state agencies, Tribes, and local governments in a new Cultural Economy Commission.
Expand international marketing to attract high-value visitors. International visitors stay longer and spend more per trip than domestic travelers. I will expand campaigns in Mexico City, Madrid, London, and Tokyo to bring more international visitors here. By positioning New Mexico as the authentic cultural alternative to Colorado or Arizona, I will grow high-value tourism that benefits communities statewide.
Develop signature experiences that increase visitor stays. I will package our cultural and natural assets into multiday itineraries and trails that encourage people to spend a week instead of a weekend. I will establish new statewide cultural trails, including a Native Nations Heritage Trail, a Camino Real and Hispano Trail, and a Science and Space Trail. I will expand the Rio Grande Trail and support the creation of new parks such as Slot Canyon Riverlands State Park near Las Cruces, so rural and southern New Mexico share in the growth.
Make creative industries a core pillar of the tourism economy. States that have invested in cultural marketing and trails have seen major returns – Massachusetts’ cultural districts generate over $80 million a year, and Philadelphia’s cultural campaign brought in $432 million in new spending in just one year. We will apply lessons from other states here, including by expanding our signature pueblo arts markets and chile festivals so that they become true “visitor destinations, ” launching statewide film and culture tours that turn New Mexico’s filming locations, food, and heritage sites into a bookable experience, and more. These steps will extend visitor stays, boost spending, and ensure our creative communities share directly in the benefits of tourism.
Expand outdoor recreation as a foundation for tourism. Outdoor recreation already drives more than $3 billion in annual economic output and supports nearly 30,000 jobs across New Mexico. I will expand outdoor access so that every New Mexico location is within 30 minutes of a trail, river, or open space. I will open blocked lands through voluntary easements and partnerships with Tribes and landowners, build new trailheads and signage and improve facilities like restrooms and safe parking at high-use sites. I will also expand the Rio Grande Trail and link it to regional and Tribal trail systems, creating a network that attracts visitors while supporting rural economies. By making outdoor recreation more accessible, I will grow tourism, strengthen local businesses, and give families across the state more opportunities to enjoy New Mexico’s land and water. Read more in my conservation plan.

Lower Costs and Cut Taxes

Everyday life has gotten more expensive for New Mexicans. Since 2021, the cost of groceries, gas, rent, and other basics has climbed by more than 22 percent – adding over $1,000 a month to the average family’s bills. But paychecks haven’t kept up. In our largest counties, wages have only risen about 4 to 5 percent over the same time. Families are being asked to do more with less, stretching every dollar just to cover the basics. Everything I’ve outlined so far will help create higher-paying jobs and raise incomes across New Mexico. But we also need bold action to cut middle-class taxes and lower costs, helping New Mexicans make ends meet and get ahead.

As governor, I will:

Boost child and working family tax credits. Right now, New Mexico families can qualify for up to $600 per child each year through our refundable Child Tax Credit, as well as the state’s Working Families Tax Credit – our version of the federal Earned Income Tax Credit – which grows as you work more. I will increase the Child Tax Credit so families get more per child, and expand the Working Families Tax Credit so that hard work pays off even more.
Lower the cost of housing by building more starter homes and cutting red tape. Over the past decade, home prices in New Mexico have jumped more than 60% while wages rose less than half that pace. Too many families are priced out of homeownership and stuck renting, which drives rents even higher. I will make housing more affordable by building more homes families can actually afford, cutting red tape so we build faster, and stopping Wall Street investors from driving up prices. I will build starter homes and help firsttime buyers, expand affordable rental construction near jobs and schools, and modernize permitting and zoning so projects move in months instead of years. With these steps, we will lower rents, increase homeownership, and make sure every New Mexican has a fair shot at a safe and stable place to live. Read more about how I will lower housing costs in my plan to address housing and homelessness.
Lower health care costs by ending New Mexico’s outdated tax on medical, dental, and behavioral health services, one of the few states that still taxes people for going to the doctor. I will expand rural health care tax credits and create new state income tax credits to offset malpractice insurance premiums for physicians, nurses, and other providers, helping them stay in practice and lowering costs for patients. By reducing paperwork, streamlining licensing, and simplifying insurance requirements, I will cut administrative waste so providers can focus on care instead of red tape. These reforms, paired with stronger investments in Medicaid and workforce retention, will protect families from rising costs while strengthening access to affordable care. Read more in my health care plan.
Increase income security by raising the minimum wage. No one working full time should have to raise their kids in poverty or choose between a paycheck and caring for a loved one. We will raise the minimum wage, tie it to the cost of living.

New Mexico can either watch the 2030 economy pass us by or lead in building it. My economic development plan lowers costs, grows small businesses, invests in workers, and makes our state a hub for innovation and security. Most importantly, it ties growth to family well-being and community stability – so the next generation can build their lives right here in New Mexico.

This is more than a plan for jobs. It is a vision for a fairer, stronger, and more future-ready New Mexico.