Economic conditions are improving and the future is brighter, a panel of business people told members of a commercial real-estate development association Monday in Albuquerque at a presentation designed to share good news about New Mexico’s economy.
Among the positive developments the speakers described to NAIOP:
⋄ Companies that lease space at the Bioscience Center, an incubator for startup biomedical companies, have raised $5 million in the past six months, said Stuart Rose, the center’s founder.
⋄ Members of New Mexico Angels, which helps investors find start-up companies to back, have invested a total of $990,000 in four companies so far this year, up from $150,000 invested in two companies in 2005. One company funded by the Angels has grown to $70 million in revenue, said John Chavez, New Mexico Angels president.
⋄ Urenco, which processes nuclear waste, has invested $2.5 billion in its Lea County plant and plans to invest a total of $4.6 billion, said Melissa Forest, Urenco business director.
⋄ Recruiters have identified six serious prospects a month that are considering locating in New Mexico, up from two a month last year.
⋄ Lowe’s, which expected to employ 600 people at its call center in Albuquerque by the end of the year, is on track to employ 1,000 people.
⋄ Albuquerque Economic Development expects three major prospects to decide this summer whether to locate in the area, AED President Gary Tonjes said.
Lavu Inc. CEO Andy Lim said people ask him why his software company, which grew from three to 37 employees in two years, is based in Albuquerque.
“What’s not to love here?” he said.
“Anybody, any company can be very successful in Albuquerque.”
“We have been the Land of Enchantment,” Rose said. “We are becoming the land of entrepreneurs.”