Local experts say state lags in economic recovery

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Business > LA chamber breakfast presenters see some signs of improvment

Many members of the Los Alamos business community were on hand to learn more about the area’s economic outlook at Thursday’s Chamber Breakfast.
Panelists Jeffrey Mitchell, director of the University of New Mexico’s Bureau of Business and Economic Research, REDI manager for the Regional Development Corporation Eric Vasquez and Los Alamos Commerce and Development Corporation Executive Director Patrick Sullivan all indicated that the local economy shows signs of improvement, but that New Mexico — and Northern New Mexico in particular — have lagged behind the rest of the nation in economic recovery.
“New Mexico’s ‘recovery’ has been sluggish at best,” Mitchell said, after highlighting several signs of economic recovery for most of the nation. “Of the 50 states plus D.C., there are only three states, I believe, that still have employment levels below those of the pre-recession period, and New Mexico is one of them. This has had a very significant impact on labor force.”
New Mexico employment levels remain at 4 percent below pre-recession levels.
According to Mitchell, indicators are that New Mexico will see slow, “unspectacular” growth, not reaching 2007 levels of economic activity until 2017. Most of the nation reached that in 2013.

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