Economic recovery in Santa Fe outpacing 2020 and 2019

Business

SANTA FE, N.M. (KRQE) – The economy is coming back in Santa Fe. For the third month in a row, the City of Santa Fe reports that its gross receipts taxes have shown significant growth compared to 2020 and 2019 which the city says indicates recovery from the pandemic.

According to a press release from the city, overall taxable gross receipts taxes were $306.7 million in April 2021 which is 50.1% greater than April 2020. Taxable gross receipts for Santa Fe businesses surpassed April 2020 by $102.4 million and $29.9 million from April 2019.

The City of Santa Fe reports that the New Mexico Tax and Revenue Dept. issues the reports two months after the calendar month so they represent a glimpse of spending more than two months in the past. The news release states that in total, 20 of the 21 industry sectors grew year over year and 16 of 21 industry sectors grew their taxable gross receipts over April 2019 also.

Officials say this is a positive trend as the state is preparing to completely reopen in July.

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