A mostly favorable summary of Las Cruces’ economy in 2023 was presented to City Council at its work session Monday, Feb. 26, 2024, in Council Chambers at City Hall, 700 N. Main St.
Source: City of Las Cruces News Release
Las Cruces’ labor market and the collection of gross receipts taxes (GRT) showed notable gains in 2023, according to data provided by the City’s Economic Development Department. Looking ahead, as the city’s economy continues to normalize following the COVID 19 pandemic, City economists forecast that some softening of Las Cruces’ labor market could occur, and more moderate GRT revenues are anticipated to grow.
At its work session, City Council was told:
- The supply of workers in Las Cruces increased in 2023 to about 49,330.
- In the past four years, the city’s workforce has increased 3.5 percent, by an additional 1,659 workers.
- In 2023, Las Cruces’ economy added more jobs, reaching a total of 47,422.
- The average unemployment rate – not seasonally adjusted – rose slightly from 3.8 percent in 2022 to 3.9 percent in 2023.
- Las Cruces’ Cost of Living Index was about 10 percent less compared to the average of other U.S. cities who also participate in the index.
Additionally, total distributed GRT for the City of Las Cruces in 2023 increased by almost $3 million, to about $125.8 million. The top contributing sectors of Matched Taxable Gross Receipts for the city in 2023 included Retail Trade, 32.7 percent; Health Care and Social Assistance, 15 percent; and Accommodation and Food Services, 10.6 percent.
