OPINION: New Mexico can't afford to wait

Back in 2018, I made this a top issue in the governor’s race: the State Investment Council — chaired by the governor — has the power to invest our money in ways that directly benefit New Mexicans.

My proposal was simple: Take just 5% of the SIC portfolio — $1.5 billion at the time (today 5% is over $3.15 billion) — and create public/private vertical funds to invest in New Mexico’s own local small businesses, industries and strengths. That plan would’ve unlocked over $3 billion in targeted investments, creating more than 250,000 new jobs across our state.

Fast forward to today: The SIC has grown our “Rainy Day Funds,” as they call it, to over $64 billion. Yes, New Mexico, we are not a poor state; we choose to live poor. We are the third wealthiest state in the country thanks to our state royalties from our oil and gas industry.

But while the SIC committed $575 million to New Mexico, only $40 million has actually been deployed in the last 18–24 months. Meanwhile, the council pays out $75 million a year in management fees to three out-of-state firms that promised to open shop here, hire locally and attract new capital and new start-up companies to New Mexico. None of that has happened.

And it doesn’t stop there. New Mexico is also sitting on nearly $8 billion of capital outlay (capital improvement money from oil and gas surpluses) that the governor and legislators have approved but not deployed. These monies are sitting in three interstate banks, while those banks invest our dollars out of state, too. These dollars should already be at work: modernizing infrastructure, expanding broadband, repairing roads, building affordable housing and training our workforce. They should be fueling energy solutions and cleaning brackish water — projects that not only create jobs but also help us export water and energy solutions for our use and to neighboring states. That would generate new revenue streams for New Mexico for decades to come.

Instead, we’re being left behind. Right now, our job growth is stuck at 0.07%, while Colorado, Arizona, Texas, Nevada and Utah are growing between 2.8% and 3.4%. With the right leadership and smarter use of our funds, we could more than double job growth to 1.7–2.0% — enough to transform New Mexico into a $200 billion economy in just four years.

This isn’t about politics. It’s about leadership. The next governor has a chance to finally reset New Mexico’s economic course. That means not just talking about growth, but actually building it — by getting the right people on the bus, keeping New Mexico centered and allowing the private sector to drive the bus toward a stronger future.

It means focusing on real solutions:

• Infrastructure investments that put people to work today while preparing New Mexico for tomorrow.
• Job training and workforce development to fill thousands of skilled positions in health care, construction, energy and technology.
• Energy and water innovation that makes New Mexico a leader, not just for ourselves, but for the region.
• Public-private partnerships that expand opportunity and attract capital instead of watching it leave the state.

We know what works. We’ve seen other states deploy a lot less resources strategically and grow. New Mexico has the funds, the talent and the opportunity — we just need leaders willing to make it happen.

The next governor of New Mexico has a once-in-a-generation opportunity to change the trajectory of this state. If we do this right, New Mexico will not only catch up with our neighbors — we’ll lead the way.

New Mexico — it’s time to elect leaders who build opportunity, not just political careers.

Jeff Apodaca is the president of Apodaca Strategy Group, the chief business officer at element6 Dynamics and the president of 47investments.