Is lack of water throttling New Mexico’s economy?

Among New Mexico’s economic problems highlighted in a long and thoughtful piece this morning by my colleague Win Quigley is the problem of water. The whole thing is worth reading, but this point about water part seemed to me particularly striking:

Is there any reason to think, given our remote location and lack of water, that a manufacturer of any size will locate here? Is there any reason to think that Intel’s locating here was anything more than the exception that proves the rule?

And then Win willingly touches the third rail:

Some of our agricultural businesses are so marginal that the smallest dip in prices, the loss of one calf to a wolf, or one more week of drought will put them under. At the same time, 90 percent of the state’s water is still dedicated to agricultural use.