SANTA FE (AP) – Legislative analysts say New Mexico’s economy shows some signs of recovery but continues to struggle compared with those of neighboring states and the country as a whole.
The Legislative Council Service also said Monday that “a lot has to go right” for a recent forecast projecting modest revenue growth for the next five years to hold.
That forecast called for $293 million of additional revenue in the next fiscal year, but the service said factors determining whether the forecast stands up over time include oil prices and China’s economy.
The service said the recovery from the Great Recession continues in slowly and unevenly, taking nine years to approach employment levels last seen in 2006.
That’s a slower recovery than those of the rest of the country and neighboring states.