Feasibility Study Company Independent Feasibility Analysis

New Mexico · Market Intelligence

New Mexico Feasibility Studies

An independent, lender-grade feasibility practice for New Mexico across SBA 7(a) and 504, USDA Rural Development, EB-5, and conventional capital. This page is our standing, sourced read on where New Mexico markets are oversupplied, how deals actually get funded by region, and where New Mexico feasibility studies fail review.

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~2.1M
Residents, July 20241
#2
State in US oil production3
$10.2B
FY2026 state budget on oil surpluses4
32/33
Counties in a Health Professional Shortage Area25
The New Mexico Thesis

A statewide New Mexico number is indefensible.

New Mexico is not one market but six divergent ones. There is the federal-lab, tech, and film economy of the Albuquerque metro, anchored by Sandia National Laboratories, Kirtland Air Force Base, Intel in Rio Rancho, and Netflix; the affluent arts, tourism, and government capital of Santa Fe; the nuclear-boom northern corridor around Los Alamos; the Permian Basin oil boomtowns of Hobbs and Carlsbad, which make New Mexico the nation's second-largest oil state; the border, university, and agriculture region of Las Cruces; and the vast, poor rural and tribal counties.3 Los Alamos County posted the state's lowest poverty rate at 3.8 percent while McKinley County posted 34.3 percent.9

The consequence is that the same asset class behaves oppositely across the state. Oil-cycle-driven housing in Hobbs and Carlsbad runs short and oil-price-sensitive; a federal-spending squeeze in Los Alamos pushed home prices up 75 percent and rents up as much as 130 percent between 2018 and 2023; and the Albuquerque metro sits comparatively balanced at 94.7 percent occupancy while depopulating rural and tribal markets carry thin private-pay demand, in a state whose population is projected to peak near 2.14 million around 2035.5729 A study built on a statewide average misprices nearly every deal. We underwrite New Mexico region-by-region, against the current pipeline, the regional funding channel, and the New Mexico-specific factors most studies miss.

What follows is organized as a working desk: a live oversupply monitor, a funding-routing map, the review failures that sink New Mexico studies, the regulatory edges that decide outcomes, and a per-region demand fingerprint. Every figure is dated and attributed in the sources below.

The Oversupply & Pipeline Monitor

Where New Mexico markets stand, region by region.

A supply-pressure read for each region and asset class, refreshed each quarter from named primary sources. A dash means we hold no current tracked reading, not that the market is balanced. Data current to Q2 2026.

Supply pressure: Oversupplied Balanced Undersupplied Softening / digesting
Region Multifamily Self-Storage Industrial Office Hotel
Albuquerque metro Balanced94.7% occ., tightening Balanced7.6 sf/capita Balanced~4.0% vac.; tight <5k sf Balanced12.08% vac. No readBalloon Fiesta
Santa Fe Undersuppliedrents +60% '17–'24 No read No read No read Undersuppliedluxury ADR ~$412
Los Alamos / Northern Undersuppliedavg home $524,750 No read No read No read No read
Permian / Hobbs & Carlsbad Undersuppliedoil-cycle sensitive No read Undersuppliedoilfield services No read Oil-cycle volatile
Las Cruces / Doña Ana Balanced+1.31% city growth No read Balancedag processing No read No read
Farmington / San Juan Softeninggas depletion No read Softening No read No read

Readings compiled from sources 3–20 below. Vendor estimates for the same market can differ; each figure is attributed at its point of use, and metrics not verified to a named vendor are shown as "No read."

Multifamily: one state, six opposite markets

The Albuquerque metro, the population and economic center, is a relatively balanced market digesting a recent supply wave: occupancy 94.7 percent, average asking rent up 1.8 percent year over year to $1,394, with roughly 1,000 units delivered in the first half of 2025 and more than 3,000 under construction.7 RentCafe puts the metro average at $1,387, up 0.3 percent, and fundamentals are expected to tighten as the pipeline slows into 2026.8 Santa Fe is the opposite: a supply-constrained, affluent market where statewide median rents rose 60 percent between October 2017 and October 2024 against 27 percent nationally, and new complexes fill within four to eight weeks.19 Northern New Mexico is structurally short. The average Los Alamos home reached $524,750, up from $298,892 in 2017, as home prices rose 75 percent and rents as much as 130 percent between 2018 and 2023, with effectively no developable land in Los Alamos County pushing demand into Española, Santa Fe, and Rio Rancho.5 The Permian boomtowns of Hobbs and Carlsbad remain short and volatile; Carlsbad entered 2019 with a roughly 1,200-home deficit and has relied on "man camps."3 Statewide the housing shortage is estimated at up to 90,000 units, with Albuquerque alone possibly 25,000 units short.4

Self-storage: balanced in Albuquerque, unmeasured elsewhere

Albuquerque metro self-storage stands at 7.6 net rentable square feet per capita, 5,323,773 square feet across 106 facilities, with about 166,255 square feet delivered in 2025, up 3.2 percent, and only 66,500 square feet projected for 2026, a decline of roughly 60 percent. The average non-climate 10-by-10 runs about $106 a month.12 That sits right at or slightly above the roughly 7.0-to-7.8-square-feet-per-capita national band, a well-supplied but not oversupplied market with a decelerating pipeline. Santa Fe and Las Cruces metro-specific per-capita storage figures were not verified to a named source and are carried as "No read" rather than asserted.

Industrial: Permian oilfield demand and the Intel and Netflix anchors

Lea and Eddy counties alone produced roughly 29 percent of all Permian crude, about 1.7 million barrels a day in the first quarter of 2023, and New Mexico ran 111 drilling rigs in early 2025 against 290 in Texas, driving oilfield-services yards, pipe and frac-sand storage, midstream, and trucking demand across Hobbs, Carlsbad, Artesia, and Lovington.13 In the metro, Intel's $3.5 billion Fab 9 in Rio Rancho, opened in January 2024, is the only U.S. factory producing the most advanced 3D packaging at scale, on top of a Rio Rancho presence dating to 1980 and more than $16 billion of cumulative capital.14 Netflix's ABQ Studios sits on 108 acres with four new soundstages after a $2 billion commitment; since 2019 Netflix has spent more than $640 million in state and employed over 4,000 residents.17 Albuquerque logistics benefits from the I-40 and I-25 crossroads, where the warehousing sector grew 287 percent over five years and industrial vacancy fell from a 4.91 percent peak in late 2024 to just over 4.0 percent by mid-2025, with an oversupply of large bulk space but tight conditions under 5,000 square feet.16

Office and hotels

Albuquerque office vacancy held at 12.08 percent in 2025, unchanged from 2024, with average asking rent of $20.31 per square foot and Class A near $21.80, and positive net absorption driven by government and business-services demand and a stabilizing federal and lab footprint.18 On lodging, Santa Fe is the signature luxury story: Plaza-district luxury average daily rate reached about $412 in early 2025, up 6.7 percent, with first-quarter luxury occupancy of 62.3 percent and no new luxury inventory since 2012 and none expected before 2027 because of zoning and water-rights caps.19 Statewide occupancy ran 66 percent in May and 63 percent in April 2025, propped up by luxury travelers as economy travel stayed flat, against a national forecast of a 0.4 percent RevPAR decline in 2025, the first drop since 2020.1920 Albuquerque, Taos, Permian, and tribal-casino metro revenue figures were not verified to a named vendor and are not asserted here.

The oil cycle and the LANL boom

State oil production rose to 2 million barrels a day from 900,000 between 2019 and 2024, with New Mexico's share of new Permian wells rising to 28 percent from 20 percent, second only to Texas at 5.7 million barrels a day. Oil-and-gas revenue provided roughly one-third of general-fund recurring revenue in fiscal 2024, about $11.3 billion in aggregate receipts, funding a roughly $3.5 billion surplus and a $10.2 billion fiscal 2026 budget.34 To the north, Los Alamos National Laboratory grew from 11,743 employees in 2018 to roughly 18,000 today, hiring a record 2,500 workers in 2023 on a fiscal 2025 budget of $5.28 billion, about $2 billion of it for pit operations and plutonium-facility modernization. More than 65 percent of Lab employees now commute from outside a landlocked Los Alamos County.56

The Funding-Routing Map

How a New Mexico deal actually gets funded.

Feasibility work exists to satisfy a specific reviewer. Knowing which channel funds your asset in your region is half the battle. This is the routing most feasibility pages never publish.

SBA and USDA channels in New Mexico
A single SBA district office and one locally based CDC serve the entire state.21
ChannelCoverage
SBA District Office (Albuquerque)All 33 counties
USDA Rural Development State Office (Albuquerque)Statewide; field offices in Aztec, Las Cruces, Los Lunas
504 CDC — Elevated Lending CDC (formerly Enchantment Land CDC)New Mexico and El Paso County, Texas
Leading NM-headquartered 7(a) — Western Commerce Bank (Carlsbad)Permian and statewide

New Mexico closed 283 SBA 7(a) loans totaling $150.0 million in fiscal 2024, an average of $529,933, roughly 20 percent above the $443,097 national average, though the state is only about 0.5 percent of the national 7(a) total.22 On the 504 side, Elevated Lending CDC, formerly Enchantment Land Certified Development Company, rebranded in November 2024 and describes itself as New Mexico's only locally based CDC, serving the state and El Paso County since 1992 with more than 800 loans financing over $1 billion and creating or retaining roughly 14,000 jobs; that "only locally based" claim is self-reported. Other participants operating in New Mexico include B:Side Capital, Century Bank in Santa Fe, The Loan Fund, RCAC, LiftFund, and DreamSpring.21 On the 7(a) side, Live Oak Bank leads nationally while Western Commerce Bank of Carlsbad is the leading New Mexico-headquartered lender.22 For rural credits, USDA Business and Industry guaranteed loans route through the New Mexico Rural Development state office in Albuquerque, lending up to $25 million in towns of 50,000 or fewer, with REAP available for renewable energy and efficiency; the vast majority of the state outside Albuquerque, Santa Fe, and Las Cruces is rural and USDA-eligible.23 The SBA also doubled its combined 7(a)-plus-504 ceiling to $10 million effective July 4, 2026, materially enlarging bankable deal size.27

  • Multifamily or industrial in Albuquerque or Rio RanchoConventional or SBA via Bank of Albuquerque, Enterprise, or Century; 504 through Elevated Lending CDC.
  • A project in the Permian (Hobbs or Carlsbad)Western Commerce Bank, the local 7(a) leader, plus conventional; model the oil cycle explicitly.
  • A deal in Santa Fe or northern New MexicoCentury Bank paired with a 504 through Elevated Lending CDC.
  • Rural or tribal New MexicoUSDA Business & Industry, Community Facilities, or REAP first, with tribal-land financing structures.
  • Owner-occupied real estate plus long-life equipmentSBA 504 via Elevated Lending CDC for the real estate; 7(a) for working capital.
Common Review Failures

How New Mexico feasibility studies fail review.

Each failure below is tied to a real New Mexico number. These are the recurring reasons a New Mexico study loses credibility with a lender or agency, engineered out of our deliverables before they ship.

  1. Statewide-average error

    The federal-lab Albuquerque, arts-and-wealth Santa Fe, oil-boomtown Permian, nuclear-boom Los Alamos, border-university Las Cruces, and poor rural and tribal areas behave oppositely. Los Alamos County poverty of 3.8 percent against McKinley County's 34.3 percent means a single statewide cap rate or absorption assumption fails everywhere at once.9

  2. Oil-price and Permian-cycle dependence

    The signature failure mode. Oil-and-gas provided roughly one-third of general-fund recurring revenue in fiscal 2024, and southeast New Mexico real estate is directly oil-price-sensitive. Underwriting Hobbs or Carlsbad housing, hotels, or industrial, or relying on oil-funded state spending, without modeling the oil-price cycle is the defining New Mexico error.3

  3. Wealth-and-poverty demand-depth error

    New Mexico's poverty rate was 15.0 percent or higher in 2024 against 12.1 percent nationally, and median household income is among the lowest in the country. Private-pay demand depth for market-rate multifamily, retail, and senior housing is limited outside the affluent pockets of Los Alamos, Santa Fe, and north Albuquerque.10

  4. Water-scarcity omission

    The Middle Rio Grande may dry as early as May 2026, only 48 percent of basin water consumed is naturally replenished, and the state is behind on Rio Grande Compact deliveries to Texas. A pro forma that treats water availability as a given is not defensible in most of the state.11

  5. LANL and federal-concentration blindness

    Northern New Mexico depends heavily on federal lab and military spending. The pit-production mission drove the boom, but Sandia announced 1-to-3-percent layoffs of its roughly 17,000 workforce in June 2025. Underwriting northern-NM real estate on the LANL boom without modeling federal concentration and land constraints is a failure mode.56

  6. Rural, tribal, and healthcare-access neglect

    Vast rural and tribal areas face persistent poverty, depopulation, and severe provider shortages: 32 of 33 counties are Health Professional Shortage Areas, with 1,027,943 residents in an HPSA. Tribal land carries unique trust and sovereignty considerations. Underwriting rural or tribal housing, retail, or healthcare without these dynamics is a failure mode.25

  7. Assumed-Certificate-of-Need error

    New Mexico is a full non-CON state, so competitors who assume a Certificate of Need process are simply wrong. Skilled nursing is not supply-protected and assisted living is market-driven, which raises oversupply and competition risk rather than lowering it.24

Regulatory Edges

The New Mexico rules that decide feasibility outcomes.

Four regulatory realities separate a New Mexico study that survives review from one that does not. The first is the one competitors most often state wrong.

No Certificate of Need, and skilled nursing is not supply-protected

New Mexico repealed its Certificate of Need program by 1990 and is a full non-CON state. As of 2026, hospitals, hospital beds, ambulatory surgical centers, imaging equipment, and nursing homes are not CON-gated; facility supply is governed only by Department of Health licensure, not a needs test.24 Healthcare-facility supply is therefore market-driven, with elevated oversupply and competition risk, and a senior-housing study that treats New Mexico as a supply-protected market is wrong on the facts. The binding constraint is the opposite of oversupply: a severe provider and access shortage. Thirty-two of 33 counties are federally designated Health Professional Shortage Areas, with 1,027,943 residents in an HPSA; the state has about 83 percent of the health professionals it needs against roughly 93 percent nationally, has lost 30 percent of its primary-care physicians since 2017, and is projected short more than 1,380 doctors and 5,140 nurses by 2035.25 For healthcare feasibility, demand may exist but the binding constraint is staffing, not a supply cap.

Water scarcity as a development constraint

Water availability is a fundamental, worsening constraint on all growth underwriting. The Middle Rio Grande may dry as early as May 2026, the Rio Grande ran dry in stretches of Albuquerque in August 2025, and only 48 percent of basin water consumed is naturally replenished.11 New Mexico is behind on Rio Grande Compact deliveries to Texas and has acknowledged it must curb groundwater pumping. Santa Fe hotel and housing supply is explicitly capped in part by water rights, which is one reason no new luxury lodging inventory has come online there since 2012.19

The gross receipts tax on goods and services

New Mexico uses a gross receipts tax rather than a traditional sales tax, applied broadly to goods and services alike. The state base is 4.875 percent, with combined rates near 7.19 percent in Albuquerque, 8.19 percent in Santa Fe, 7.31 percent in Las Cruces, and 6.81 percent in Hobbs; the income tax is graduated from 1.5 to 5.9 percent, the corporate rate is a flat 5.9 percent, and effective property tax is low at roughly 0.63 percent.26 The tax on services and destination sourcing rules materially affect any operating pro forma and are a frequent modeling miss.

Tailwinds in the sponsor's favor

Several factors cut the other way. Oil surpluses have funded tax rebates, free college, and early-childhood programs; the state offers a refundable film tax credit of up to 40 percent for qualifying in-state spend, which anchors Netflix and NBCUniversal production.17 And the SBA doubled its combined 7(a)-plus-504 ceiling to $10 million effective July 4, 2026, with fiscal 2026 manufacturing carve-outs that cut upfront fees to zero on qualifying loans.27

Region Divergence

Eight New Mexico markets, eight demand fingerprints.

Each region carries its own economic base and its own supply position. These are the units of analysis for a New Mexico study, and each anchors a dedicated market page.

Federal lab, semiconductor & film

Albuquerque metro

Sandia, Kirtland, UNM, Intel in Rio Rancho, and Netflix film anchor a metro of roughly 978,000; Kirtland alone contributed $7.5 billion and 56,687 jobs in fiscal 2024. Multifamily is balanced and tightening at 94.7 percent occupancy; self-storage runs 7.6 square feet per capita.2157

Arts, tourism & government

Santa Fe

The state capital, a luxury tourism market, and a LANL spillover magnet of roughly 155,000. Housing is undersupplied and luxury lodging is strong, with Plaza average daily rate near $412 and no new luxury inventory since 2012.19

Nuclear & pit production

Los Alamos / Northern NM

Los Alamos National Laboratory drives roughly 18,000 jobs on a $5.28 billion fiscal 2025 budget. The county is landlocked; the average home reached $524,750 and more than 65 percent of Lab staff commute in.56

Oil & potash

Permian Basin / Hobbs & Carlsbad

Lea and Eddy counties power the nation's second-largest oil state, alongside potash and Carlsbad Caverns tourism. Housing, hotels, and industrial demand are short but sharply oil-cycle-sensitive.3

Border, university & agriculture

Las Cruces / Doña Ana

NMSU, border trade, agriculture, and Spaceport proximity anchor the second-largest city at 116,998, growing 1.31 percent in 2023-24. Multifamily is balanced with modest projected growth.1

Semiconductor suburb

Rio Rancho

Intel's $3.5 billion Fab 9 anchors the fastest-growing Albuquerque suburb at 112,524 residents, up 1.69 percent in 2023-24. Housing is growing and tight as advanced-packaging jobs land.14

Declining energy & Navajo Nation

Farmington / San Juan

San Juan Basin gas depletion is shrinking the historic base of a metro near 120,000 that borders the Navajo Nation. Supply is softening and private-pay demand is thin in adjacent tribal counties.

Commercial space

Spaceport & Truth or Consequences

Spaceport America generated roughly $240 million in economic impact and 790 jobs in 2024, with Virgin Galactic forecasting a return to regular flights in 2026 and an emerging "Space Valley" cluster.28

By Asset Class

New Mexico feasibility studies by asset class.

Each asset class carries its own New Mexico demand drivers, from Permian oilfield logistics to Santa Fe luxury tourism to the federal-lab and film economy. Explore the analytical approach by property type.

New Mexico Questions

New Mexico feasibility study questions.

Does New Mexico require a feasibility study for an SBA loan?

Under SBA SOP 50 10 8, a feasibility study is discretionary rather than universally mandated, and lenders commonly require one for special-purpose properties and startup or ground-up projects that lack operating history. New Mexico carries a heavy concentration of special-purpose and cycle-sensitive collateral, from oilfield-services facilities and boomtown hotels to self-storage, so feasibility analysis is frequently expected on New Mexico SBA credits.

Does New Mexico have a Certificate of Need law?

No. New Mexico is a full non-CON state that repealed its Certificate of Need program by 1990, so hospitals, ambulatory surgery centers, imaging, and nursing homes face market-driven supply rather than a permit gate. Skilled nursing is not supply-protected. The binding healthcare constraint is not oversupply but a severe provider shortage: 32 of the state's 33 counties are federally designated Health Professional Shortage Areas.

Which New Mexico real estate markets are oversupplied right now?

As of Q2 2026, no New Mexico metro is broadly oversupplied. Albuquerque multifamily is balanced and digesting a recent supply wave at 94.7 percent occupancy, and Albuquerque holds a pocket of oversupplied bulk industrial space. The larger risks statewide are the opposite of oversupply: undersupply in Santa Fe, Los Alamos, and the Permian, plus oil-cycle volatility in the southeast.

Who funds SBA and USDA loans in New Mexico?

A single SBA district office in Albuquerque serves all 33 counties. On the 504 side, Elevated Lending CDC, formerly Enchantment Land CDC, is New Mexico's only locally based Certified Development Company. Western Commerce Bank of Carlsbad is the leading New Mexico-headquartered 7(a) lender, while Live Oak Bank leads nationally. USDA Business and Industry loans route through the New Mexico Rural Development state office in Albuquerque, lending up to 25 million dollars in towns of 50,000 or fewer.

How does the Permian oil cycle affect a New Mexico feasibility study?

New Mexico is the second-largest oil-producing state, and oil-and-gas provided roughly one-third of general-fund recurring revenue in fiscal 2024. Housing, hotels, and industrial demand in Hobbs and Carlsbad are directly oil-price-sensitive, and state fiscal capacity moves with the cycle. Underwriting southeast New Mexico real estate, or relying on oil-funded state spending, without modeling the oil-price cycle is the defining New Mexico error.

How is a New Mexico feasibility study different from a national one?

New Mexico is not one market but six divergent ones, and the same asset class behaves oppositely across them. Los Alamos County posted the state's lowest poverty rate at 3.8 percent while McKinley County posted 34.3 percent. A defensible New Mexico study is built region by region against the current supply pipeline, the regional funding channel, and New Mexico-specific factors like the Permian oil cycle, water scarcity, the Los Alamos federal-lab boom, and tribal and rural dynamics.

Underwriting a New Mexico project? Start with the market read.

A methodology briefing walks through the analytical framework, the deliverable composition, and the current New Mexico market data for your region and asset class.

Request a methodology briefing
Sources

Data sources and dates.

Every figure on this page traces to a named authority. Real-estate readings are point-in-time and vendor-dependent; each is attributed at its point of use.

  1. U.S. Census Bureau, Vintage 2024 Population Estimates (population as of July 1, 2024); New Mexico gained 9,092 residents in 2023–24; city-level counts via KRQE.
  2. Macrotrends, Albuquerque metropolitan-area population (2025).
  3. Federal Reserve Bank of Dallas, "New Mexico fuels U.S. crude oil output" (2025), citing the U.S. Energy Information Administration and the New Mexico Legislative Finance Committee.
  4. Source New Mexico, state budget and surplus reporting (February 2026); statewide housing-shortage estimate, Source New Mexico housing summit (September 2025).
  5. Boomtown, "Room to grow," and the LANL Affordable Housing Plan, via the Santa Fe New Mexican (January 2025).
  6. Los Alamos National Laboratory FY2025 Economic Impact Report, via Los Alamos Reporter / Los Alamos Daily Post (January 27, 2026).
  7. Yardi Matrix, Albuquerque multifamily data (September 2025).
  8. RentCafe, Albuquerque metropolitan rent report (June 2026).
  9. U.S. Census Bureau Small Area Income and Poverty Estimates, via New Mexico Department of Workforce Solutions, "Poverty in New Mexico: 2023."
  10. U.S. Census Bureau, "Poverty in States and Metropolitan Areas: 2024"; USAFacts 2024 American Community Survey estimate.
  11. Discover Water, Middle Rio Grande water-balance study (November 2025).
  12. StorageCafe analysis of Yardi Matrix data, Albuquerque self-storage (2026).
  13. U.S. Energy Information Administration, Permian Basin production, Lea and Eddy counties (Q1 2023); Permian Basin Oil & Gas Magazine, rig counts (2025).
  14. Intel Corporation / Business Wire, Fab 9 Rio Rancho announcement (January 24, 2024).
  15. Sandia National Laboratories economic-impact data (2023); Kirtland Air Force Base FY2024 economic-impact report.
  16. TenantBase / WFG, Albuquerque industrial market report (Q4 2025).
  17. New Mexico Film Office / Office of the Governor, Netflix ABQ Studios data (June 2024); New Mexico film incentive summary.
  18. CommercialCafe analysis of Yardi data, Albuquerque office market (January 2026).
  19. KiTalent, Santa Fe luxury-hotel and housing analysis (2025); Santa Fe New Mexican / New Mexico Tourism Department (July 2025).
  20. CoStar / Tourism Economics, U.S. lodging RevPAR forecast (November 2025).
  21. U.S. Small Business Administration, New Mexico District Office directory (SBA.gov); Elevated Lending CDC, formerly Enchantment Land CDC, press release (November 25, 2024); Finance New Mexico participant listings.
  22. Coleman Report / Lumos SBA lender data (FY2023); SBAlenders.com rolling 12-month (May 2026); SBA FY2024 Lending Statistics via Nautix Capital.
  23. USDA Rural Development, New Mexico State Office, Albuquerque (2026).
  24. Mercatus Center and Ballotpedia, Certificate of Need state survey; National Law Review, non-CON state listing (updated 2025).
  25. Cicero Institute, Health Professional Shortage Area data; HRSA workforce dashboard (2025) via the Santa Fe New Mexican; Think New Mexico, 2024 Health Care Workforce Report.
  26. New Mexico Taxation & Revenue Department; DAVO / Hobbs Chamber of Commerce (2025); Tax Foundation (2026), gross-receipts-tax and effective-property-tax rates.
  27. U.S. Small Business Administration Policy Notice 5000-879058 (May 18, 2026; effective July 4, 2026), combined 7(a)-plus-504 loan cap and FY2026 manufacturing fee relief.
  28. NMSU Arrowhead Center, Spaceport America economic-impact study (August 2025).
  29. UNM Geospatial & Population Studies / New Mexico Legislative Finance Committee, state population projection (peak near 2.14 million around 2035).