City Councilors held a work session on Monday, Oct. 28, 2024, and received an update on fiscal year 2025 first-quarter economic data and an economic outlook for the upcoming year.
Source: City of Las Cruces
Monica Torres, economist with the City’s Economic Development Department, said business and household investment decisions could be impacted by inflation trending down and the current tax code expiring at the end of 2025. She expects economic growth to continue at a more moderate pace as compared to recent years.
Torres said Las Cruces has recorded 148 new businesses in the third quarter of 2024. That’s nine more than this time in 2023. Torres also said the average median listing price of homes increased one percent to $353,000 from July through August 2024.
Gross receipts tax revenue increased about 1.8 percent, year-over-year, to $32.8 million.
Torres said cannabis sales decreased from 2023 numbers. Total sales in the first quarter of fiscal year 2024 were approximately $9.3 million while the same time period this year shows $8.97 million on cannabis sales. The largest decrease in cannabis sales was medical-use which saw a 15 percent decline year-over-year.
Councilors also received insight about two successful Overdose Prevention Centers that were implemented in New York City and appear to show promising results.
Kailin See, the former Senior Director of the New York program, spoke remotely to councilors and said the program works closely with police, parks officials, sanitation and elected officials.
See said the implementation of an OPC, if done properly, meets the needs of two stakeholder groups: the participants who rely on the site for life-saving services; and the needs of the community at large including law enforcement, residents, medical facilities and businesses.
See said the OPC program was able to keep patients out of emergency rooms by helping resolve some of their addiction issues on site. She said the OPC engages people who do not normally use healthcare by providing them with safety, stabilization and engagement.
The New York OPC program works closely with law enforcement and regularly goes on outreach calls with police.
Monday’s work session, along with all City Council work sessions and regular meetings, can be viewed on the City’s YouTube Channel.
Las Cruces City Council will next meet in a regular session at 1 p.m. Monday, Nov. 4, at Council Chambers, 700 N. Main St.
