The recent oil and gas price slump was a wake-up call to all New Mexicans. Unquestionably, we must diversify New Mexico’s revenue sources to build a stronger economic base. A key tool in this effort is the Local Economic Development Act, or LEDA.
LEDA is an economic development tool that allows the state to close deals with companies looking to expand their businesses. It provides funding for building business infrastructure in the state.
Businesses participating in the program are required to meet certain economic development benchmarks, ensuring these funds are invested responsibly.
In 2015, we took an important first step by increasing our LEDA fund to $50 million. This investment sent a clear message to companies that we’re committed to helping businesses grow in New Mexico. It’s already provided a strong return on our investment as more than 7,000 new jobs have been created as a direct result of LEDA.