Business closures mark grim economy in New Mexico

MGN Online
Wednesday, May 8, 2013 - 10:49pm

New data from the U.S. Census Bureau is painting a grim picture of New Mexico's economy.

Roughly 3,000 businesses closed in the state between 2007 and 2011.

Those businesses employed about 50,000 workers.

Nearly half of those businesses were construction companies.

148 manufacturing firms called it quits, and 244 finance and insurance companies closed their doors.

New Mexico's population is also shrinking and many economists believe that will delay the state's economic recovery from the recession.

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