Invest in New Mexico, invest in tourism
The hospitality and tourism industry continues to be a driving force in the New Mexico economy. As the second largest employment and revenue sector for the state, with an average of $6.6 billion in visitor spending, the industry injects millions of dollars in tax revenue, generates more than 80,000 jobs and helps fund quality of life assets for communities across the state.
Our industry provides more than 200 diverse employment opportunities, ranging from above-minimum-wage entry level jobs to marketing, technical, sales and management careers in rural and urban communities. Tourism also facilitates economic diversification by providing services (restaurants, hotels, large and small events, outdoor activities, concerts, tours, museums, etc.) that make our state a more attractive place to visit, live and, ultimately, locate businesses.
To attract and retain business, New Mexico needs to be seen as a dynamic place to visit and stay. That involves investing some of our current budget surplus into programs and activities that have a proven return on investment and a track record for attracting tourists and supporting economic growth in New Mexico communities. A recent study of a campaign in the Los Angeles market showed that investing in tourism marketing produced an ROI of $56 in spending for every dollar spent on advertising.
The Governor’s FY2024 Executive Budget calls for targeted investment into proven tourism programs, including:
• $1.2 million to fully fund 14.5 open staff positions (this will allow the department to fully support industry programs and allow for stronger financial stewardship)
• $3 million to accommodate for media inflation and keep current fly media markets
• $4 million to sustain investment levels in Cooperative Advertising programs, the Earned Media program, Tourism Event Growth & Sustainability Program and the Rural Pathways Program
• $20 million one-time funding to promote New Mexico all four seasons; add the San Francisco media market; execute out-ofhome major airport media takeovers; expand New Mexico True Certified Program national advertising; amplify conquest digital targeting; conduct niche groups research
• $5 million one-time funding to strategically invest in tourism infrastructure, product development, capacity expansion, sustainability and upkeep
These targeted investments will allow us to continue growing the tourism economy, will provide a measurable and substantive return on investment for all New Mexicans and will help diversify and grow our economy. Support for the Executive Budget is an investment in the health of our state’s economy. Only through robust marketing and event support are we able to showcase the diverse cultural and geographic landscape of New Mexico. A vibrant tourism economy equates to generation of state and local taxes, which are invested back into communities, create additional jobs, and stimulate business growth and economic development.
Investing in tourism has brought us record numbers of visitors and a proven return on investment. Please support fully funding the New Mexico Tourism Department FY 2024 Budget.