HOBBS (AP) — Latest studies show that a southeastern New Mexico county is continuing to experience a boom thanks to oil and gas.
The Hobbs News-Sun reports that the latest EnergyPlex economic index released last week by the Economic Development Corporation of Lea County showed a 13th straight quarter of improvement.
During the second quarter of 2013, Lea County’s economy grew by 7.9 percent over the same quarter in 2012. The index is a reflection of the general economy and indicates that spending, taxable business receipts, construction and employment continue on the rise.
Karr Ingham, an economist from Amarillo who prepares the EnergyPlex index, says employment in Lea County continues to register solid improvement and the county’s growth should continue into 2014.
The state Taxation and Revenue Department also reported a jump in gross receipts taxes for Hobbs.