Las Cruces Sun-News from Las Cruces, New Mexico • Page 15

Financial Picture Better The tallowing article, a look at the stale of Nw Mexico's economy during the last year, was written by Ihtassistant director of the Bu- rejii fit Business Pesrarch at of New Mexico. By WILLIAM B. PERRIN Written for UPI year 197thas been encouraging for New Mexico. Population and Ihe'ayailabje work force have slightly, major new industries have come (o the stale, financial activity has increased strongly, and a substantial volume, of new conslruclion has.heen contracted. through the third quarter of the Mexico's population lias increased 1.2 per cent from Ihe mid-year 1970 level, the civilian work force is 2.2 per cent larger, and the monthly average of total employment is up 1.6 per cent.

New business incorporats have exceeded the year-ago total by 32 per cent thus far, with an exceptionally rapid pace developing in the third quarter, and-this is encouraging sign for the early furture. The flow of money through bank channels has been strong throughout the year. Average monthly figures for the first three quarters, based upon reports from 30 major banks in showed debits to be running 12.9 per cent ahead of last year, with total deposits up 22.2 per cent and loans and discounts 40.8 per cent greater than.in 1970. Related to this activity is the evidence of strong growth in construction. Contraclsforresidential building totaled through September 57 per cent more than in the same nine months of 1970 and nonresidential contracts were up 8.7 per cent.

However, nonbuilding construction was down 55 per cent, apparently reflecting the delay in highway work resulting from a bottling up of federal funds. Among major manufacturers beginning operations in New Mexico during the year were Presto Manufacluring Co. at Alamogordo; Farah Manufacturing Co. at Las Cruces and Albu 1 Lenkurt DjvteifeiWfj Telephone Ana lec-l tronics at Albuquerque; Chow Division of Ralston Purina Co. at Clovis; etc.

Other large employers announced plans for major expansions: Phelps Dodge Corporation at Tyrone; Levi Strauss Co. at Albuquerque and Roswell; Fairchild Semiconductor Division at Shiprock; SS Food Products at Gallup. and convention capacity Was'substantially enlarged as the year advanced with Hilton InnTand Four Seasons Inn opening their doors in Albuquerque. Work was proceeding in construction of the new Convention center in Albuquerque. Elsewhere in the state, new units of national hotel-motel chains were under construction or in Ihe planning stage at Farmington, Doming, and Santa Fe.

Meantime, establishment of a cuslomsfacility at the Albuquerque Airport was expected to slimulateairbornetouristtraffic as well as a two-way flow of international cargo. Despite all of these "plus" signs, New Mexico's unemployment rate remains higher than thenationalaverage. Large pockets of rural poverty present a challenge to which much attention is being directed; and Ihe Model Neighborhood Area of Albuquerque--which is heavily Spanish-speaking--offers a similar challenge that is being met with special educational approaches. Progress has been made during ii7i in attacking these problems. And it is anticipated that even greater success will be achieved in 1972.

The situation in agriculture was disturbing rather than encouraging this year. Ranching and farming opera- tjpns were hurt during the first half, of the year by severe drpughtcor.ditions; and orchard crops were badly damaged, first by Ihe record low temperatures early in January that killed many trees a nd bushes a nd later by hail that greatly reduced the usual market prospects for apples. The hay crop was short as a result of precipitation deficiency, so that costs of herd maintenance could be expected to be high during the coming winter season. Nevertheless, early and heavy snows in the closing months of 1971 promised a good moislurosupply for 1972, so that ranchers and farmers could look forward to a much belter year ahead. Sylvania's once a year Special Sale! Sunday, January 2, OuctiSun-Newi-Pagt IS COLOR Save up to During This Special Sale! B.

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