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Here’s something new: A rare Earth exploration

By Harold Morgon

Neutral is the outlook for the New Mexico economy from the Economics Group at Wells Fargo Securities.
Wells’ only “upside risk” appears to be “if alternative energy begins to take hold over the near term.”
Near term? What? A year or two? Snicker, chortle. Wells’ economists must be mainlining the green air around their San Francisco offices.
One has to wonder if the neutral declaration, issued June 24, offers some insight about New Mexico getting no mention in Wells’ much broader report, dated April 13, “Economic Dynamics and State Competitiveness.”
Maybe, being neutral, there are no dynamics to mention and no competitiveness to analyze.
Wells used shift-share analysis in the study, an approach familiar to economic developers.
State job growth is broken into the part driven by national employment trends, the portion explained by a particular industry, and growth due to local or regional factors, which define a state’s competitive advantage or disadvantage.


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