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CARLSBAD, NM, July 08, 2022 /24-7PressRelease/ -- According to data collected by Baker Hughes, Eddy County leads the nation with 53 active drilling rigs. This data was collected recently, as of the week of June 10th, 2022. Eddy County, located within the Permian Basin activity area, has experienced growth across all industries, including oil and gas.
Eddy County takes turns with Lea County in the southeast corner of New Mexico at the top of the oil and gas industry. Historically, this area of the state has led the way by leaps and bounds, with major companies such as Chevron, Conoco Phillips, and XTO Energy involved with production.
"The work being done on rigs in Eddy County is paying for schools and roads across New Mexico, and it is providing our nation with the opportunity for energy independence during a time when the need has never been greater," said Carlsbad Mayor Dale Janway. "Carlsbad is the hub of domestic oil and gas production and the economic opportunity here is practically unlimited."
Recent figures collected by the New Mexico Tax Research Institute show the oil and gas industry in New Mexico contributed $5.3 billion to state and local governments in tax revenue in the fiscal year 2021. This is the highest figure ever recorded in state history.
"The business and industry activities occurring in Eddy County continue to be a key economic driver for not just southeast New Mexico, but for the entire State," said Eddy County Manager Al Davis. "The recent New Mexico Economic Development Department (NMEDD) figures released in their June report show Eddy County delivered nearly 12% of the total Matched Total Gross Receipts (MTGR) for the state of New Mexico. Considering the County represents under 3% of the State's population, the gross receipts taxes generated in the County are exceptional. The business and industry activities that are occurring here provide extraordinary economic opportunity in our area, from quality, well-paying jobs to new business development."
In addition to the oil and gas industry, growth in Carlsbad continues at a high rate. Already boasting the fastest growth in the state at 15.8% according to the most recent US Census numbers, Carlsbad has a number of new retail and restaurant businesses slated to open in 2022. Coupled with a balanced approach to industrial growth, area residents and leaders are primed for more.
In a recent study released by the financial consulting firm SmartAsset, Eddy County's (in which Carlsbad is seated) business growth ranked number one in New Mexico. The county's rank of 5.9% growth is nearly double any other county in the state. Additionally, the county also ranked first in incoming business investment at 58.3%.
The backbone for the county's growth is based on the industrial diversity within the economy. Potash mining, nuclear storage, oil and gas, and manufacturing are the main pillars associated with the major industrial base in the area. Strong growth within the medical and aviation fields bolster this base as well, and the Carlsbad Caverns National Park, the Living Desert Zoo and Gardens State Park, Sitting Bull Falls and other outdoor attractions make Carlsbad a true destination.
"The oil and gas industry activity in the Delaware Basin is a substantial driver in the County's diverse economic landscape," said Davis. "When you combine the activity in Eddy County with our neighbors in Lea County, the economic impact from southeast New Mexico represents nearly 25% of the State totals."
Carlsbad and Eddy County are poised for the future growth positive outlook moving forward.
The Carlsbad Department of Development is the economic development agency for the City of Carlsbad and Eddy County, New Mexico.
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