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CARLSBAD – As oil and gas production in Eddy County continues to boom, new startup businesses are also on the rise, according to New Mexico State University Small Business Center Director Larry Coalson.
Since January 2012, Coalson said business in his office is up 200 percent, and it’s not abating. Coalson helps small businesses with their business plans and also keeps tabs on what is going in the business and industry community.
He said when the economy is in decline, he is approached by business owners to help them avoid bankruptcy or show them how improve their existing business and how they can diversify.
Coalson said the oil and gas boom over the past two years has brought prosperity to Carlsbad and Eddy County and he is busy helping people formulate a business plan for their new startup businesses.
“With the exception of some small gift shops, almost everyone is reporting their sales are up,” Coalson said, adding that city and county gross receipts taxes have also gone through the roof.
Coalson said nobody knows for sure how long it will last, but he has heard that it could continue for at least three to five more years.
With oil and gas production and exploration still on the rise, the real estate community is also seeing a lot of activity.
George Dunagan, broker and owner of Dunagan and Associates, said the real estate market in Carlsbad is “hopping.” He said home sales are strong and there is also a lot of commercial and industrial activity. He said although there are plenty of homes currently on the market in Carlsbad, the inventory is less than what has been out there in the past few years.
“There is a lot more new home construction and new apartments. We didn’t have that a couple of years ago,” Dunagan said.
He said, according to the local multiple listing service, the median home price in Carlsbad is $138,500.
