New Mexico: Sixth largest recipient of federal money
Posted on 01. Jan, 2012 by Stephan Helgesen in Economy, Uncategorized
New Mexico ranks sixth among the states in terms of per capita federal spending. New Mexico’s dependence on federal government spending increased in FY10. According to the U.S. Census Bureau, federal government spending during the year grew to $28 billion, up from $27.5 billion in FY09. New Mexico ranks sixth among the states in terms of per capita federal spending. In FY10, the federal government spent $13,577 per capita for every New Mexican. Of that $28 billion of federal spending, $6.7 billion came in the form of grants, $7.4 billion in procurements and $2.7 billion in salaries and wages.
The U.S. Department of Energy spent $4.8 billion on procurements in the state during the year. Federal spending in New Mexico amounts to about one third of the state’s GDP. Business and political leaders have expressed concern about the state’s dependence on federal spending, especially in light of looming federal budget cuts.
To read the whole article, logon to the New Mexico Business Weekly at www.bizjournals.com/albuquerque
