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As financial markets gyrate, legislators argue about the national debt ceiling, and people lose homes to foreclosure, it’s hard to believe the economy is improving.
Few words can convince those unlucky enough to remain jobless; but numbers are beginning to tell a slightly better story, at least in New Mexico.
The Bureau of Labor Statistics reports that New Mexico made strides in improving its July jobless rate over the same month last year – second only to Nevada, a state with one of the highest unemployment rates in the country.
New Mexico’s July unemployment rate was about two and a half points lower than the national average, as it has been throughout the recession. One reason New Mexico has done better than other states is because job-creation measures were put in place long before the current recession.
Set up as capital delivery systems that invested in and made loans to businesses, the measures were designed to build businesses that would create jobs and hire people.
The original film bill was one such measure. It allowed the State Investment Council to make no-interest loans to film companies that met certain requirements, including hiring local people. Because capital was available and committed, talented people created a local industry and New Mexico became the destination of choice for filmmakers.
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