Taos, NM Economic Report for 2007

9+ TAOS ECONOMIC REPORT A Public Service Project of the Taos County Chamber of Commerce Economic Indicators and Statistics – Annual Report, 2007 This report presents economic indicators and statistics on a yearly basis for Taos County, New Mexico. GROSS RECEIPTS New Mexico levies a tax on most business and personal services, including construction. The broadly-based statistic of gross receipts reported provides a good measure of economic trends. It is especially useful because it is tabulation rather than an estimate and normally is the first economic statistics report issued. Table 1 compares gross receipts reported in 2004 through 2007 for the major industrial sectors of the North America Industry Classification System (NAICS). As shown by Column E for 2007 in the Top 5 industries, Retail Trade dominated the gross receipts reported statistic in Taos County, at 36.1% of the total, followed by Construction at 17.2%, Accommodation and Food Services at 10.3%, Other Services (except Public Admin) at 8.9%, Utilities at 5.3% and Wholesale Trade at 5.9%. Services ( defined in the earlier SIC system as a single industry and defined for this report as the sum of the ten sectors Professional, Scientific, & Technical Services through Unclassified Establishments) at 28.3% would follow Retail Trade as the second largest industry in 2007. Three of the five largest industries in 2007 had positive growth rates. Accommodation and Food Services (10.3% of the total) led at $12,378,293 (+16.0%), followed by Utilities (5.3% of the total at $2,158,009 (+4.9%) and Retail Trade, barely, (36.1% of the total) at $1,672,074 (+0.5%). The remaining two industries had losses: Construction (17.2% of the total) at $-28,594,299 (-16.0%) and Other Services ,except Public Admin., (8.9% of total) at $-14, 569,169 (-15.7%). Notably, Wholesale Trade (4.3% of total) was the second largest loser at $-16,312,999 (-30.1%) and ranked sixth in size. The largest growth rate in 2007 was Admin and Support, Waste Mgt and Remedial (1.0% of total) at 87.5%, followed by Educational Services (0.2% of total) at 17.0% and Accommodation and Food Services (10.3 of total) at $12,378,293 (16.0%). The largest notable loss not in the Top 5 Industries was Real Estate and Rental and Leasing (2.5% of total) at -$2,096,237 (-8.7%). The situation in real estate is quantified by Table 18 to follow. Table 1. Gross Receipts Reported, $, Taos County, NM, $, 2004 Through 2007 A NAICS Description Agriculture, Forestry, Fishing & Hunting Mining and Oil and Gas Extraction Utilities Construction Manufacturing Wholesale Trade Retail Trade Transportation and Warehousing Information and Cultural Industries Finance and Insurance Real Estate and Rental and Leasing Professional, Scientific,& Technical Svcs. Management of Companies & Enterprises Admin and Support, Waste Mgt and Rem. Educational Services Health Care and Social Assistance Arts, Entertainment and Recreation Accommodation and Food Services Other Services (except Public Admin) Unclassified Establishments Totals 2004 2,333,538 (D) 36,174,760 147,391,273 22,943,077 47,013,264 282,471,293 5,091,187 15,173,277 8,345,775 18,707,656 15,206,044 (D) 984,608 999,135 30,103,258 5,157,649 79,112,119 75,929,182 923,911 794,308,267 B 2005 2,602,946 (D) 40,485,266 166,301,396 24,856,045 35,033,964 293,796,511 5,610,416 15,293,073 5,774,537 28,568,555 21,311,489 (D) 1,861,917 1,614,276 32,343,275 6,006,057 77,354,009 89,542,534 2,413,415 850,901,236 C 2006 2,025,920 (D) 43,670,377 178,278,306 25,083,313 54,216,188 313,543,997 4,245,181 16,712,879 7,810,175 24,179,553 25,087,338 (D) 4,660,266 1,475,352 34,256,989 7,101,519 77,456,047 92,628,839 343,206 913,145,312 D 2007 1,963,167 * 45,828,386 149,684,007 23,854,939 37,903,189 315,216,071 3,067,181 16,931,700 7,597,497 22,083,316 25,811,052 * 8,739,349 1,726,558 33,970,194 6,892,210 89,834,340 78,052,670 2,297,658 872,355,898 E % of 2007 0.2% 5.3% 17.2% 2.7% 4.3% 36.1% 0.4% 1.9% 0.9% 2.5% 3.0% * 1.0% 0.2% 3.9% 0.8% 10.3% 8.9% 0.3% 100.0 F Change 07-06 62,753 * 2,158,009 28,594,299 1,228,374 16,312,999 1,672,074 1,178,000 218,821 212,678 2,096,237 723,714 * 4,079,083 251,206 286,795 (209,309) 12,378,293 14,576,169 1,954,452 -40,789,414 G % Change 07-06 -3.1% 4.9% -16.0% -4.9% -30.1% 0.5% -27.7% 1.3% -2.7% -8.7% 2.9% * 87.5% 17.0% -0.8% -2.9% 16.0% -15.7% 569.5% -4.5% Notes: * = Data withheld due to disclosure guidance. Shaded cells = decrease from same quarter of the earlier period Table 2 shows gross receipts reported by quarters and annually since 2002. Year 2007 had a loss of 4.5%, as compared to the 7.3% average for a 2002-2006 base period. The -7.9% growth in Second Quarter 2007 was the largest quarterly loss since inception of this report in 1998 and the 25.3% growth for Fourth Quarter 2004 was the greatest quarterly gain. A recession was experienced during the all quarters of 2007 (a negative percentage change over the same time in the previous year for two consecutive quarters defines a “recession”), averaging -4.5% for the year. 2007 had the first annual loss for Taos County since gross receipts data reporting that began in 1984. The previous recession in recent time was for the middle quarters of 1997. After adjustment for inflation by applying the Consumer Price Index (Urban), the recession has been in effect for the last six quarters. Table 2. Gross Receipts Reported, Taos County, Recent Quarters and Annually Quarter/ Year Gross Receipts Reported, $ Million 163.562 150.527 181.690 164.058 659.840 196.833 159.950 220,881 168.851 747.642 195.073 188.010 199.717 211.508 794.308 % Change from Previous Period % Chg. CPI (U) % Change Adjusted 1st / ’02 2nd / ‘02 3rd / ’/02 4th / ‘02 2002 1st / ’03 2nd / ‘03 3rd / ’/03 4th / ‘03 2003 1st / ’04 2nd / ‘04 3rd / ’/04 4th / ‘04 2004 . 1st / ’05 2nd / 05 3rd / ’/05 4th / ‘05 2005 1st / ’06 2nd / 06 3rd / ’/06 4th / ‘06 2006 1st / ’07 2nd / 07 3rd / ’/07 4th / ‘07 2007 191.420 196.992 222.353 240.136 850.901 209.218 234,549 228.702 240.676 913.146 199.541 216,117 220.646 236.049 872.353 -1.9% 4.8% 11.3% 13.5% 7.1% 9.3% 19.1% 2.9% 0.2% 7.3% -4.6% -7.9% -3.5% -1.9% -4.5% 3.0% 2.9% 4.6% 3.9% 3.4% 3.6% 4.0% 3.1% 2.2% 3.2% 2.4% 2.4% 2.0% 3.3% 2.8% -4.9% 1.9% 6.7% 9.6% 3.7% 5.7% 15.1% -0.2% -2.0% 4.1% -7.0% -10.3% -5.5% -5.2% -7.3% -1.1% 2.9% 6.3% 6.5% 3.7% 20.3% 6.3% 21.6% 2.9% 13.3% -0.9% 17.5% 0.1% 25.3% 6.2% 1.1% 1.3% 1.6% 2.2% 1.6% 3.1% 2.1% 2.2% 1.9% 2.5% 1.8% 2.9% 2.0% 3.3% 2.4% -2.2% 1.6% 4.7% 4.3% 2.1% 17.2% 4.2% 19.4% 1.0% 10.8% -2.7% 14.6% -1.9% 22.0% 3.8% Source: NM Taxation & Revenue Dept. Quarterly Report rp-80. Note: Shaded cells = decrease from same quarter of the earlier period. . Tables 3a and 3b list the five 5 industries that had the largest gains or losses in Gross Receipts Reported for the quarters of 2007. In recent quarters, lists of gainers and losers are each dominated by a single industry. For example, for Third Quarter 2005 GROCERY STORES had the largest gain at $12,659,180 and MISCELLANEOUS STORE RETAILERS, an industry that reportedly is dominated by WAL-MART, had the largest loss at $ -12,017,777. These data raised suspicion that an unnoted change in reporting had occurred. The NM Department of Tax & Revenue was contacted and confirmed that discrepancies are real and planned to investigate the situation and inform data users. Accordingly, these two large industries are not included in the lists until clarification is available. For 2007, losers greatly exceeded gainers in total by $14,217,883. The industries FULL-SERVICE RESTAURANTS and SPECIAL FOOD SERVICES accounted for 72.0% of total gain in the Top 5 industries for 2007, and as shown in Table 4 supported the rebound in tourism. Table 3a. Top 5 NAICS Industry Gainers in Gross Receipts Reported, $, 2007 1Q07 445100 - GROCERY STORES 453000 – MISCELLANEOUS STORE RETAILERS 722110 - FULL-SERVICE RESTAURANTS 541990 - ALL OTHER PROFESSIONAL, SCIENTIFIC, TECHNICAL SVCS 722300 - SPECIAL FOOD SERVICES 561110 - OFFICE ADMINISTRATIVE SERVICES 221100 - ELECTRIC POWER GENERATION, ETC. 12,659,180 12,017,777 2,042,208 -200,733 700,818 1,085,749 2,011,930 2Q07 12,015,093 -9,180,565 1,865,185 4,661,556 2,042,208 681,547 -223,604 3Q07 10,725,309 -7,058,279 1,865,185 1,623,106 2,042,208 681,547 -223,604 4Q07 10,725,309 -15,829,213 1,179,990 1,776,527 4,811,834 477,355 -169,420 Total, Four Qtrs. 46,124,891 -44,085,834 8,092,158 8,061,189 7,707,729 2,244,651 2,060,288 22,130,037 Total Top 5 Gains for the Quarters Source: NM Taxation & Revenue Dept. Quarterly Report rp-80. * = Data withheld due to disclosure guidance Table 3b lists the five industries that had large losses in Gross Receipts Reported for the quarters of 2007. The industry - OTHER MISC.NONDURABLE GOODS WHOLESALERS shows an unusually large increase of $10,384,853 for Fourth Quarter 2007, raising a possibility of a reporting change rather than actuality. The NM Department of Taxation & Revenue has been contacted for clarification and accordingly that industry is not included in the Top 5. Four construction-related industries in sum dominated Top 5 Losses, accounting for -$ - 30,834,309 or 82.8% of the total. Real Estate had a large loss, as shown in Table 18. Impact of the downturn in construction-related industries in 2007 is indicated by examining the five industries ranked below the Top 5, which add losses of -8,014,242. Table 3b. Top 5 NAICS Industry Losers in Gross Receipts Reported, $, 2007 1Q07 445100 - GROCERY STORES 453000 - MISCELLANEOUS STORE RETAILERS 422990 - OTHER MISC.NONDURABLE GOODS WHOLESALERS 233000 - BUILDING, DEVELOPING AND GENERAL CONTRACTING 233200 - RESIDENTIAL BUILDING CONSTRUCTION 531000 - REAL ESTATE 541300 - ARCHITECTURAL, ENGINEERING & RELATED SERVICES 234900 - OTHER HEAVY CONSTRUCTION Total Top 5 Losers for the Quarters 721000 - ACCOMMODATIONS 421700 - HARDWARE & PLUMBING & HEATING EQUIPMENT 235000 - SPECIAL TRADE CONTRACTORS 235310 - ELECTRICAL CONTRACTORS 447100 – GASOLINE STATIONS Total Next Top 5 Losers for the Quarters Total Top 10 Losers Source: NM Taxation & Revenue Dept. Quarterly Report rp-80 Note: Shaded cells = decrease from same quarter of the earlier period. -1,969,970 -81,659 -1,138,295 330,827 -1,885,261 -1,194,568 -749,081 -583,779 -1,277,851 -43,092 -78,018 -1,141,560 -490,803 19,634 681,547 103,188 -950,055 -460,424 -1,491,195 -724,639 12,659,180 12,017,777 * -3,132,744 -2,863,556 -979,018 -427,966 -699,266 2Q07 12,015,093 -9,180,565 -3,532,247 -3,917,444 -4,182,681 -1,140,743 -767,196 -711,323 3Q07 10,725,309 -7,058,279 917,702 -5,287,001 -3,391,232 -329,187 -1,981,643 -1,156,172 4Q07 10,725,309 -15,829,213 10,384,853 137,144 -1,050,862 -1,050,862 -699,357 -703,011 Total, Four Qtrs. 46,124,891 -44,085,834 -14,999,398 -12,200,045 -11,488,330 -5,513,612 -3,876,162 -3,269,771 -36,347,920 -3,139,369 -2,922,356 -2,673,301 -2,418,585 -1,971,445 -13,125,056 -49,759,848 Although Tourism is not a defined industry, it can be measured by proxy industries. As shown in Table 4, the appropriate large proxies under the new NASIC format are four: ACCOMODATIONS, FULL-SERVICE RESTAURANTS, AMUSEMENTS, GAMBLING AND RECREATION and DRINKING PLACES. Table 4. Tourism Indicator, from Gross Receipts Reported, $, Taos County, N.M., 2002-2007 Year Qtr. All Ind. Total Amusements Gambling & Rec. 713000 N.A. 3,676,352 1,244,156 1,391,153 7,909,891 3,801,025 1,522,477 454,452 13,687,845 933,725 548,407 885,693 596,976 2,964,801 Accommodations 721000 N.A. 7,446,268 8,676,714 6,246,954 8,325,101 5,418,797 10,453,818 5,833,094 30,030,810 7,940,805 7,168,407 8,321,405 6,011,139 29,441,756 Full-Service Restaurants 722110 N.A. 8,493,373 9,557,124 6,276,265 8,079,233 7,722,491 10,774,990 6,690,217 33,266,931 9,468,312 10,130,410 9,549,451 8,271,699 37,419,872 Drinking Places 722410 N.A. 2,316,799 1,655,232 1,263,196 2,735,424 1,668,379 1,782,055 1,148,659 7,334,517 2,824,771 1,487,331 1,559,140 1,531,747 7,402,989 N.A. 21,932,792 21,133,226 15,177,568 27,049,649 18,610,692 24,533,340 14,126,421 84,320,102 21,167,613 19,334,555 20,315,689 16,411,561 77,229,418 Sum of D:G =Tourism % Change 2002 1 2 3 4 1 2 3 4 N.A. 155,056,820 182,226,823 164,752,235 197,611,874 157,157,678 215,519,315 168,851,007 739,139,874 195,072,831 188,010,462 199,717,163 211,507,811 794,308,267 2003 -15.1% 16.1% -6.9% Sum 2004 1 2 3 4 Sum -21.7% 3.9% -17.2% 16.2% -8.4% 2005 1 2 3 4 191,419,875 196,992,325 222,352,540 240,136,496 850,901,236 947,742 697,578 961,504 494,558 3,176,492 7,346,153 6,709,376 8,732,458 6,815,251 29,603,238 7,475,764 11,367,542 10,304,283 7,971,036 36,707,232 2,886,821 1,600,252 1,976,168 1,813,562 7,563,678 Sum. 20,027,661 17,730,997 21,547,247 16,184,027 75,489,932 Sum of D:G =Tourism -5.7% -9.3% 4.0% -0.5% -2.8% Year Qtr. All Ind. Total Amusements Gambling & Rec. 713000 916,968 521,243 799,062 755,028 2,992,300 Accommodations 721000 5,670,633 5,418,797 10,453,818 5,833,094 30,030,810 Full-Service Restaurants 722110 7,064,372 7,722,491 10,774,990 6,690,217 33,266,931 10,069,146 9,929,107 12,346,491 9,151,025 41,495,769 Drinking Places 722410 2,173,696 1,668,379 1,782,055 2,136,799 8,322,657 2,737,739 1,643,383 1,738,459 1,528,308 7,647,889 % Change 2006 1 2 3 4 Sum. 2007 1 2 3 4 209,217,561 234,549,916 228,702,200 240,675,635 913,145,312 15,825,699 15,330,910 23,383,795 15,384,908 71,439,021 19,456,540 17,579,958 22,373,327 16,141,532 75,551,357 -21.0% -13.5% 10.6% -8.5% -5.4% 22.9% 14.7% -6.0% 4.9% 5.0% Sum. 199,541,070 1,068,937 5,580,688 216,117,299 556,922 5,450,546 220,648,518 865,496 7,422,881 236,049,011 513,730 4,948,469 872,355,898 3,005,085 23,402,584 Source: NM Taxation & Revenue Dept. Quarterly Report rp-80 Note: Shaded cells = decrease from same quarter of the earlier period. The year 2007 had a recovery from the decreases in the tourism index for the earlier four years, with a net increase of 5.0%. ACCOMODATIONS, however, continued to decrease, falling below the values for the three earlier years. Employment and wages data provide a second leg of a triad of economic indicators. Data are provided from several sources: (1) U. S. Bureau of the Census, published each decade, (2) U.S Department of Labor, published monthly, (3). NM Department of Workforce Solutions, (formerly NM Department of Labor), Covered Employment & Wages published quarterly and U.S. Dept. of Commerce, Economic Analysis Bureau , Regional Economic Information System (REIS) , published annually in May. Table 5 compares percent employment for Taos County, New Mexico and the U.S in 2005. Notably, Proprietor’s employment as a percentage of total employment for Taos County in 2005 was 35.0% (Cell B4), significantly higher than for N.M at 19.5 % or the U.S. at 19.1%. Table 5. Total Full-Time & Part-Time Employment by NAICS Industry, 2006 A 1 2 3 4 5 6 7 8 9 10 11 12 13 Total employment Wage and salary employment Proprietors employment Private employment Forestry, fishing, related activities,… Mining Utilities Construction Manufacturing Wholesale trade B Taos Co. 100.0% 65.0% 35.0% 100.0% (D) 2.4% (D) 12.0% 2.6% 1.4% C N.M. 100.0% 80.5% 19.5% 100.0% 0.9% 2.6% 0.5% 8.9% 5.1% 3.5% D U.S. 100.0% 80.9% 19.1% 100.0% 0.7% 0.6% 0.4% 7.4% 10.1% 4.3% 14 15 16 17 18 19 20 21 22 23 24 25 26 Retail trade Transportation and warehousing Information Finance and insurance Real estate and rental and leasing Professional and technical services Management of companies and enterprises Administrative and waste services Educational services Health care and social assistance Arts, entertainment, and recreation Accommodation and food services Other services, except public administration 13.4% (D) 1.7% 3.0% 6.1% 6.2% 3.2% 3.0% 1.8% 12.5% 8.9% 15.9% 6.6% 14.4% 3.0% 2.1% 3.9% 4.6% 8.4% 0.7% 6.9% 1.9% 13.4% 2.7% 10.0% 6.5% 12.8% 3.7% 2.4% 5.6% 4.7% 7.8% 1.3% 7.2% 2.4% 11.7% 2.4% 8.0% 6.6% A B Taos Co. C N.M. D U.S. Source: U.S. Dept. of Commerce, Economic Analysis Bureau , Regional Economic Information System (REIS). As shown by Table 6, for the 6-year period 2001 through 2006, the annual average civilian labor force grew by 2,236 (annual rate of 2.3%), employment grew by 2,294 (annual rate of 2.5%) unemployment fell at various rates that averaged -0.5%, and the unemployment rate also varied but fell from a high of 7.6% to the 2006 value of 5.6%, a record low in recent years. 2002 had a remarkable growth of 822 jobs, yearly gain of 5.6%.. Table 6. Labor Force, Employment Unemployment, and Unemployment Rate, Taos County, N. M Labor Force Change % Change Employment Change % Change Unemployment % Change Unemployment Rate % I Base 0.3% 6.3% 12.6% 2.2% -7.9% -16.5% -0.5% 6.8 6.7 6.7 7.4 7.6 6.9 5.6 A 2000 2001 2002 2003 2004 2005 2006 15,384 15,790 16,678 16,914 16,996 17,147 17,620 B Base 406 888 236 82 151 473 C Base 2.6% 5.6% 1.4% 0.5% 0.9% 2.8% D 14,336 14,739 15,561 15,656 15,710 15,962 16,630 E Base 403 822 95 54 252 668 F Base 2.8% 5.6% 0.6% 0.3% 1.6% 4.2% G 1,048 1,051 1,117 1,258 1,286 1,185 990 H Total & Avg. % 2,236 2.3% 2,294 2.5% Source: US Bureau of Labor Statistics Note: Annual Not Seasonally Adjusted Labor Force, Employment and Unemployment data in Taos County Table 7 presents data for annual employment Taos County for the years for which the North America Industry Classification System (NAICS) applies, as provided annually by the U.S. Department of Commerce. For 2006, ranking of industries in the private sector by size is shown in Column G. The Top 5 industries were: Accommodation & Food Services at 15.2%% of the total , followed by Retail Trade at 13.4%, Health Care & Social Assistance at 13.2%, Construction at 12.4%, and Arts, Entertainment & Recreation at 8.4%. The two industries that best reflect the undefined industry of Tourism, Accommodation & Food Services and Arts, Entertainment & Recreation, account for 23.6% of the total, but both contain substantial use by local residents and therefore overstate. Table 7. Annual Employment, Taos County, 2001 - 2006, Regional Economic Information System (REIS) A B 2001 C 2002 C 2003 E 2004 F 2005 G 2006 H % of Total 2006 100.0% 64.7% 35.3% 100.0% (D) 3.0% (D) 12.4% 2.4% 1.3% 13.4% (D) 1.7% 2.6% 6.0% 6.5% (D) (D) 1.8% 13.2% 8.4% 15.2% 7.0% I Change 05-06 534 317 319 J K % Chg. % Average 05-06 Chg 01-05 2.9% 2.7% 5.1% 4.3% 3.1% 2.3% 4.8% 3.6% (D) 4.0% 7.1% 0.4% 0.1% 0.1% (D) -1.9% 10.6% 6.3% 7.9% (D) (D) 11.9% 5.6% 4.8% 1.1% 0.9% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Total employment Wage and salary employment Proprietors employment Private employment Forestry, fishing, related activities, and other Mining Utilities Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Information Finance and insurance Real estate and rental and leasing Professional and technical services Management of companies and enterprises Administrative and waste services Educational services Health care and social assistance Arts, entertainment, and recreation Accommodation and food services Other services, except public administration Government and government enterprises Federal, civilian Military State and local State government Local government 16,247 17,071 17,465 17,702 18,256 18,790 10,880 11,556 11,612 11,600 11,865 12160 5,367 5,515 5,853 6,102 6,391 6630 13,404 14,153 14,532 14,758 15,332 15,888 87 315 (D) 1,435 390 211 2,048 (D) 276 319 743 723 (D) (D) 185 1,560 1,151 2,332 1,012 (D) 264 (D) 1,563 421 206 1,979 (D) 240 360 764 (D) (D) 704 147 1,749 1,257 2,343 1,057 (D) 281 (D) 1,573 375 217 2,075 (D) 235 367 809 (D) (D) 617 187 1,865 1,289 2,430 1,043 2,377 347 97 1,933 352 1,581 (D) 296 (D) 1,723 412 197 2,053 (D) 227 365 869 861 (D) (D) 233 1,913 1,303 2,497 1,005 2,388 330 92 1,966 358 1,608 (D) 367 (D) 1,842 398 213 2,058 (D) 256 455 930 952 30 454 274 1,913 1,372 2,435 1,008 2,359 318 86 1,955 362 1,593 (D) 471 (D) 1,975 378 212 2,123 (D) 271 420 947 1,027 (D) (D) 287 2,097 1,342 2,409 1,109 2,341 306 83 1,952 362 1,590 (D) (D) 93 24.6% 138 -12 37 (D) 14 3 82 53 (D) (D) 8 193 19 -21 -12 7.5% -3.1% -3.6% 1.8% (D) 5.4% 0.7% 9.5% 5.4% (D) (D) 2.9% 10.1% 1.4% -0.9% -3.8% 2,274 2,345 307 329 98 98 1,869 1,918 362 350 1,507 1,568 -12 -3 -3 0 -3 Source: U.S. Dept. of Commerce, REIS , Table CA25. Table 8 presents data for annual average covered employment and average weekly wages in Taos County for the six years for which the North America Industry Classification System (NAICS) applies, as provided annually by the NM Department of Workforce Solutions. In 2006, ranking of industries in the private sector by size is shown in Column G. The Top 5 industries were: Accommodation & Food Services at 23.3% of the total, followed by Health Care & Social Assistance at 17.4%, Retail Trade at 15.9%, Construction at 11.8% and Arts, Entertainment & Recreation at 5.2%. In 2006, Health Care & Social Assistance at 17.4% of total gain passed Retail Trade to become the second largest industry in terms of the percentage change (Cell G20). The two industries that best reflect the undefined industry of Tourism, Accommodation & Food Services and Arts, Entertainment & Recreation, account for 22.62%, but both contain substantial use by local residents and therefore overstate. The average percentage change in jobs in the private sector (Cell I3) was 1,195 jobs from 2001 to 2006 (2.9% / year), exceeding the corresponding N.M. percentage value of 2.4%. Health Care & Social Assistance had the largest increase in employment among the major industries at 430 jobs (36.0% of the total) , followed by Construction at 348, Mining at 137, and Professional & Technical Services at 124. In 2006, Health Care & Social Assistance at 17.4% of total gain passed Retail Trade to become the second largest industry in terms of the percentage change (Cell G20). Average Weekly Earnings for all categories in the private sector in 2006 was $469, with Mining leading at $986 (about 2.1 times average), followed by Information at $643, Finance & Insurance at 586, Professional & Technical Services at $627, Wholesale Trade at $612, and Health Care & Social Assistance at $571. Accommodation & Food Services had the lowest wages at $332 (0.71 times average), with Manufacturing at $ 380, also far below average. Table 8. Annual Employment, Taos County, 2001 - 2006, Covered Employment A 2001 B 2002 C 2003 D 2004 E 2005 F 2006 G 2006 % 0f H 2006 Avg.Wkl. Wages $499 100.0% 0.2% 4.4% * 11.8% 1.4% 1.0% 15.9% 0.6% 1.6% 3.0% 2.5% 4.0% * 1.1% 0.9% 17.4% 5.2% 23.3% 4.0% 0.1% 98.4% 2,196 305 317 1,574 53.2% 469 561 986 * 527 380 612 416 482 643 633 441 627 * 422 450 571 332 276 359 439 625 939 618 565 435 I Change 2001-2006 Employ. 1,287 1,195 7 137 * 348 -52 -26 -14 5 -44 110 -29 124 * * 27 430 * 37 -25 * 92 -10 12 90 435 J % Change 2001-06 5 Yr. Avg. 2.5% 2.9% 44.0% 10.5% * 8.5% -5.6% -4.1% -0.2% 3.3% -4.8% 11.7% 0.2% 8.8% * * 13.1% 7.4% * -0.5% -1.7% * -0.8% -2.8% 1.5% 0.2% 3.8% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 29 30 31 32 33 Grand Total Total Private Agriculture, Forestry, Fishing & Hunting Mining Utilities Construction Manufacturing Wholesale Trade Retail Trade Transportation & Warehousing Information Finance & Insurance Real Estate & Rental & Leasing Professional & Technical Services Management of Companies & Enterprises Administrative & Waste Services Educational Services Health Care & Social Assistance Arts, Entertainment & Recreation Accommodation & Food Services Other Services, ex. Public Administration Unclassified Total Government Federal State Local "Services" (=Industries 16-24) 9,980 7,876 7 258 * 722 192 118 1,456 52 187 164 228 239 * 108 59 1,145 431 2,031 373 6 2,104 315 305 1,484 4,392 10,655 8,464 3 211 * 858 198 122 1,432 54 155 186 250 261 * * 34 1,265 * 2,066 387 * 2,191 338 299 1,555 4,013 10,710 8,495 5 213 * 824 167 130 1,455 74 144 200 312 268 * * 49 1,368 * 2,043 369 8 2,215 346 303 1,567 4,105 10,687 8,542 16 235 * 932 180 102 1,421 72 130 198 356 286 * 99 67 1,400 436 2,057 351 7 2,235 330 307 1,599 4,703 10,893 8,689 18 299 * 1,001 166 108 1,410 59 135 274 217 336 * 105 81 1,382 481 2,127 342 8 2,294 317 312 1,575 4,862 11,267 9,071 14 395 * 1,070 140 92 1,442 57 143 274 199 363 * 111 86 1,575 271 2,068 348 5 2,196 305 317 1,574 4,827 Source: NM Department of Workforce Solutions, formerly NM Department of Labor Lists of the Top 10 industries that either gained or lost in covered wage and salary employment for the last five years are given in Tables 9 and 10. Construction of Buildings led at 283 net jobs gained from 2001 through 2006, followed by Food & Drinking Places at 166, MINING at 139,Professional & Technical Services at 125 and by Ambulatory and Health Care Services at 88. Notably, the NSIC Industry Health Care & Social Assistance Major Industry had a net gain of 433, with three of its sub industries other than Ambulatory Health Care Services (Social Assistance, Hospitals, and Nursing & Residential Care Facilities) not reported because of governmental non-disclosure guidance. Their net gain in total was 345 jobs. Table 9. Top 10 Gainers in Covered Wage & Salary Employment, Taos County, N.M., 2001-2006 A Chg 01-02 B Chg 02-03 C Chg 03-04 D Chg 04-05 E Chg 05-06 F Chg. Net 1 2 3 4 5 6 7 8 9 10 11 12 INDUSTRY Construction of buildings Food & drinking places MINING Professional & technical services Ambulatory health care services Credit Intermediation, Etc. Insurance carriers & related Building Material & Garden Supply Stores Specialty Trade Contractors Private Households 120 52 -47 22 64 14 14 -2 * 22 258 -59 -2 2 7 57 6 6 4 * -8 13 125 67 22 18 6 5 5 -2 -16 7 237 67 5 64 50 -42 19 19 21 12 -4 211 30 44 98 28 3 -6 -6 13 35 8 247 283 166 139 125 88 38 38 34 31 941 1,883 Total Top 10 Gainers Source: NM Department of Workforce Solutions, formerly NM Department of Labor. Notes: MINING Line 3 is a major industry, not a sub industry, but is the only data reported for nondisclosure guidance. Top 10 Losers in total numbered about one-fifth (20.3%) as many as Top 10 Gainers. The total of the three industries reported under the major industry INFORMATION had the relatively large loss of 83 jobs (perhaps even more since four sub industries were not quantified for nondisclosure reasons). Accommodations lost 78 jobs, followed by Miscellaneous Store Retailers, a sub industry that reportedly is dominated by WAL-MART. Table 10. Top 10 Losers in Covered Wage & Salary Employment, Taos County, N.M., 2001-2006 A Chg 0102 INDUSTRY 1 2 3 4 5 6 7 8 9 10 12 Accommodations Miscellaneous store retailers Membership associations & orgs. Food Manufacturing Broadcasting, Except Internet Real Estate Motion pictures & sound recording Merchant Wholesalers, Nondurable Goods Internet publishing & broadcasting Gasoline Stations Total Top 10 Losers B Chg 0203 -21 12 -7 -21 2 57 -7 -4 0 -15 -4 C Chg 0304 -53 -20 -17 -1 0 46 -17 -23 0 3 -82 D Chg 0405. 65 -29 -14 -9 -27 -150 4 5 0 -11 -166 E Chg 0506. -26 -42 -47 -18 -30 -34 1 -22 -26 0 -245 F Chg. Net -78 -59 -57 -37 -30 -29 -28 -27 -26 -13 -382 -17 -5 9 14 -5 13 -8 * -26 10 -15 Source: NM Department of Workforce Solutions, formerly NM Department of Labor Note: * = not reported due to nondisclosure guidance. PERSONAL INCOME Personal income data provide a third leg of a triad of economic indicators. Personal income is all income received by persons from all sources: 1) wages and salaries, 2) proprietor’s income, 3) other labor income (mostly employer’s contributions to private pensions), 4) dividends, interest and rent, and 5) transfer payments from governmental entities. It does not include income from barter transactions – anecdotally a significant source in Taos County. The patterns of personal income for Taos County are remarkably and importantly different from those for N.M. and the U.S. The source of data for the following tables is Regional Economic Information System (REIS) of the U.S. Dept. of Commerce, Economic Analysis Bureau, published annually in May. The data series used here for New Mexico and the United States is the Non-Metropolitan Portion of the total, in consideration of the fact that Taos County is predominately rural. This refinement of traditional reporting is based on the recent work of Thomas Michael Power of the University of Montana. See the listing of his books on topics relevant to economics of the Inland West given at the end of this report. Table 11. Personal Income, $000s and Annual Percentage Changes % Avg Chg 96-06 7.5% Per capita personal income in Taos County is higher by 10.3% than for N.M. Non-Metro. Table12. Per Capita Personal Income, $ & Annual Changes, % 2006 Per Capita Income,$ 28,696 26,018 31,978 29,929 % Change 06-05, 7.5% 6.7% 5.9% 6.2% % Change 05-04 12.1% 6.9% 6.2% 6.5% Avg. Ann. %Growth 1996-2006 6.0% Taos County New Mexico, Non-Metro New Mexico, Metro New Mexico 4.6% Proprietor’s income as a percentage of earnings for Taos County at 29.9% was significantly higher than for N.M at 11.7% or the U.S. at 12.1%. The value for 2004 was 27.3%. Table 13. Components of Personal Income Earnings, %, 2006 Derivation Wages & Salaries Other Labor Income Proprietor’s Income Earnings, Place of Work Taos Co. 59.1% 13.7% 27.2% 100.0% N.M. 72.0% 17.6% 10.3% 100.0% U.S. 69.8% 18.1% 12.1% 100.0% In 2006, Non-earnings income (sum of Transfer Payments and Dividends, Interest & Rent) was a greater source of personal income for Taos County than for N.M. or the U.S. The data do not include retirement income from private pensions, which logically should be included in NonEarnings Income. Such retirement income data is available only in census years. For Census 2000 (1999 data) when that income was estimated and added to retirement income from Social Security, Non-Earnings Income in Taos County was changed from 42.3% to 54.5% of total personal income. Table 14. Sources of Personal Income, % of Total Source 5.4% Net Earnings, Place of Residence 55.7% 22.8% 21.6% 44.3% 100.0% 61.7% 14.9% 23.5% 38.3% 100.0% 61.5% 16.1% 22.5% 38.5% 100.0% Taos Co. N.M. U.S. Personal Income 2006 Taos County New Mexico, Non-Metro New Mexico, Metro New Mexico United States, Non-Metro United States, Metro United States 900,939 17,371,740 40,759,676 58,131,416 1,357,113,426 9,611,279,574 10,968,393,000 % Chg 05-06 8.2% 6.9% 8.0% 7.7% 5.5% 6.8% 6.6% % Chg 04-05 11.5% 6.8% 8.2% 7.8% 4.0% 5.5% 5.3% 5.7% Taos County’s growth rate for personal income in the period 1996-2006 was 31.6 faster than New Mexico and 38.9% faster than the United States. Dividends, Interest & Rent Transfer Payments (Sum = “Non-Earnings”) Sum = Personal Income Table 15 shows personal income in Taos County by source and by industry for 2001-2006, the years for which data are available in the NAICS. Comments to follow are keyed to certain cells by shaded cells. Proprietor’s Income in 2006 grew much faster (178% per Cell I2) than Personal Income (Cell I1), continuing a trend over the earlier years. Proprietor’s Income, however is less than one-fifth of total personal income. For private earnings in 2006, Retail trade was the largest source at 26.8% of the total (Cell H11), followed by Health Care and Social Assistance at 15.3%, Construction at 12.0%, Accommodations & Food Services at 9.5% and Mining at 6.7%. Doubledigit percentage increases in the Top 5 occurred in Mining at 22.6%, Information at 18.2%, Health Care and Social Assistance at 11.6%. Wholesale trade was the largest loser at -16.6%. Table 15. Personal Income by Major Source and Private Earnings by Industry, $000s, Taos County, NM A B 2001 C 2002 D 2003 E 2004 F 2005 G 2006 H % of 2006 I Change 06-05 68,508 3,271 16.1% 100.0% 6.7% (D) 12.0% 2.5% 1.1% 26.8% (D) 2.1% 3.1% 2.9% 5.1% (D) (D) 1.0% 15.3% 4.0% 9.5% 3.7% 24,333 5,300 (D) 3,920 -377 -936 3,928 (D) 1,362 846 268 2,467 (D) (D) -289 6,884 -452 605 457 6.0% 22.6% (D) 8.2% -3.4% -16.6% 3.5% (D) 18.2% 6.7% 2.2% 12.6% (D) (D) -6.5% 11.6% -2.6% 1.5% 2.9% J % Chg. O6-O5 8.2% 2.3% 1 Personal income 2 Proprietors' income 3 Proprietors' income / Personal Income, % 4 5 Private earnings 6 Mining 7 Utilities 8 Construction 9 Manufacturing 10 Wholesale trade 11 Retail trade 12 Transportation and warehousing 13 Information 14 Finance and insurance 15 Real estate and rental and leasing 16 Professional and technical services 17 Management of companies and enterprises 18 Administrative and waste services 19 Educational services 20 Health care and social assistance 21 Arts, entertainment, and recreation 22 Accommodation and food services 23 Other services, except public administration 605,690 636,631 690,434 725,494 816,083 89,304 92,633 117,915 127,414 155,748 14.7% 14.6% 17.1% 17.6% 19.1% 287,189 310,933 353,545 371,413 421,995 17,698 14,613 14,470 17,649 23,300 (D) (D) (D) (D) (D) 36,347 35,090 36,919 41,849 50,777 5,629 6,226 6,880 7,685 10,345 4,636 5,050 6,704 4,857 5,808 66,271 80,311 100,654 104,601 125,184 (D) (D) (D) (D) (D) 6,203 6,801 5,829 5,796 6,903 7,774 9,273 11,338 11,022 12,769 8,520 9,831 15,975 18,416 10,244 14,952 (D) (D) 15,558 18,890 (D) (D) (D) (D) 2,092 (D) 7,958 7,947 (D) 5,293 2,577 1,731 2,954 3,452 4,401 40,572 46,390 53,021 56,958 58,883 17,117 16,063 16,052 16,526 17,948 33,101 34,454 34,556 35,142 41,356 13,179 14,736 15,091 15,558 15,564 900,939 144,836 16.1% 432,127 28,755 (D) 51,674 10,660 4,719 115,629 (D) 8,864 13,471 12,618 22,006 (D) (D) 4,156 66,316 17,146 41,213 16,073 Source: U. S. Department of Commerce, Bureau of Economic Analysis Regional Economic Accounts, Table CA05N. POPULATION & DEMOGRAPHICS In comparison with N.M., the population for Taos County has grown faster, has had proportionally more Hispanic and less Native American persons, has become higher in educational attainment, has had significantly higher migration and has had somewhat smaller households. The percentage change in population for Taos County for the decade 1990-2000 grew by 29.3%. The yearly rate of growth increased from about 2% to 3%. Extensive migration data estimates for the decade 1990-1999 are contained in the report A HISTORICAL PROFILE OF TAOS COUNTY MIGRATION AT THE END OF THE TWENTIETH CENTURY prepared by the Bureau of Business & Economic Research, University of New Mexico, available from Regional Business Alliance for Economic Development. Nearly 13,000 in-migrants in the decade caused dramatic impacts on age structure, racial and ethnic composition, and median per capita income. Table 16. Census of Population Taos Co. 1990 23,182 18.8% 64.9% 6.8% 71.8% 11.7% 29.8% 33.9 2.64 Taos Co. 2000 29,979 29.7% 57.9% 6.6% 79.1% 16.6% 74.6% 39.5 2.34 N.M. 1990 1,519,933 16.3% 38.2% 8.9% 75.1% 12.1% 17.8% 31.3 2.74 N.M. 2000 1,819,046 20.1% 42.1% 9.5% 78.9% 13.6% 23.5% 34.6 2.63 Population % Change % Hispanic % Native American Educational Attainment % High School % College % Change By Migration Age, Median, Yrs. Persons/Household From 2000 to 2006, Taos County population increased by 1,753 persons or at a rate of 1.0% per year, smaller than the rate of New Mexico of 1.2%/year. Taos Town increased at a rate of 1.5% per year, faster than Taos County. Parts of Taos County not in municipalities (Balance of Taos Co.) increased at a rate of 0.9% per year, three times the rate of the municipalities of Questa , Red River and Taos Ski Valley. These facts suggest that the villages close to Taos Town grew at rates near to the Taos Town rate of 1.5%. Considering that in the Census 2000 decade Taos County population increased by 6,258 persons or at a rate of 2.9% per year, the rate of growth of 0.9% in the 2000s indicates a decrease of over 200%. Table 17. Population Estimates for Taos County and Sub-County Areas Area July 1, Change 00 to 06 2007p/ Number % /Year 1,819,046 1,820,861 1,829,032 1,850,562 1,870,113 1,892,182 1,916,331 1,942,302 1,969,915 132,943 1.2% 29,979 1,861 484 4,701 56 22,877 30,079 1,863 484 4,767 56 22,909 30,254 1,871 482 4,799 56 23,046 30,807 1,898 489 4,882 57 23,481 31,165 1,910 492 4,951 57 23,755 31,442 1,913 494 5,026 57 23,952 31,610 1,906 493 5,108 57 24,046 31,832 1,901 492 5,193 57 24,189 1,753 426 1 426 1 1,280 1.0% 0.3% 0.3% 1.5% 0.3% 0.9% Census 2000 July 1, 2000 r/ July 1, 2001 r/ July 1, 2002 r/ July 1, 2003 r/ July 1, 2004 r/ July 1, 2005 r/ July 1, 2006 r/ New Mexico Taos County Questa Red River Taos Taos Ski Valley Balance of Taos Co. p/ Preliminary. r/ Revised. Source: U.S. Census Bureau, Population Division. Data released 6/28/07, except data for NM released 3/20/08. Table based on data prepared by :Bureau of Business and Economic Research, University of New Mexico. BUILDING PERMITS CONSTRUCTION BUILDING Quarterly data indicate significant jumps for sales of residences in the Taos area for 2002 through 2005, when double digit increases in residences sold were 22.6%, 10.1% 10.2% and 17.1%, respectively. Volume increased even faster, by 30.7%, 25.8%, 12.9% and 43.5%. By Fourth Quarter 2006, indication of a recession began and that situation continued throughout 2007.For 2007, the number of listings fell by 17.2% and dollar volume fell by 10.6%. Table 18. Residential Property Sold, Multiple Listing Service, Greater Taos Area, Taos County, NM Year/ Quarter 2002/1 2002/2 2002/3 2002/4 2002 2003/1 2003/2 2003/3 2003/4 2003 2004/1 2004/2 2004/3 2004/4 2004 2005/1 2005/2 2005/3 2005/4 2005 # Listings 59 88 114 86 347 72 89 94 127 382 70 91 124 136 421 91 110 147 145 442 $ Volume 13,359,500 17,861,306 22,882,689 19,843,641 73,947,136 19,217,400 19,365,530 24,800,245 29,663,300 93,046,475 15,156,522 21,035,970 29,475,684 39,349,144 105,017,320 27,548,420 29,746,458 44,944,698 48,424,496 117,409,218 $ Avg. Price 226,432 202,969 200,725 210,945 210,268 266,908 217,590 263,832 232,781 245,278 216,521 231,164 237,707 289,331 243,681 302,730 270,422 306,086 333,962 265,233 $ Median Price 165,500 175,000 170,500 167,500 169,625 237,250 206,000 207,500 222,000 218,188 180,500 205,000 222,500 277,000 221,250 270,000 257,500 275,000 279,000 243,625 Avg. DOM 303 246 246 367 291 329 353 350 303 334 313 241 214 255 256 309 211 279 221 255 Year/ Quarter 2006/1 2006/2 2006/3 2006/4 2006 2007/1 2007/2 2007/3 2007/4 # Listings 103 140 124 121 461 88 91 130 95 $ Avg. Price 317,283 294,731 327,744 309,434 275,048 359,875 305,601 341,281 337,304 $ Median Price 279,000 264,450 279,650 269,000 256,750 324,900 263,000 298,000 287,300 Avg. DOM 257 261 328 271 247 322 298 297 335 $ Volume 32,680,153 41,262,337 40,640,311 37,441,505 126,119,706 31,669,040 27,809,655 44,366,488 32,043,875 2007 404 135,889,058 336,015 293,300 313 Source: Taos County Association of Realtors. Information deemed reliable but not guaranteed. Notes: DOM = Days on Market before Sale. Shaded Cell = Decrease or other negative Table 19. Building Permits, Town of Taos & Extraterritorial Zone New Res. Value, Res. $M Value/, Res. $000 New Comm. Value, New Comm. $ M 2.846 1.920 3.750 4.506 6.147 10.841 7.943 8.691 2.980 2.584 2.985 2.480 10.359 2.136 2.980 4.764 6..917 4.087 New Apts. Value New Apts., $M Value, Total $M 10.200 7,856 10.804 11.461 12.738 17.626 14.819 13.875 8.897 8.153 11.412 6.351 15.781 9.806 17.233 19.372 21.568 11.473 1990 65 5.503 84.662 1991 66 5.796 87.818 1992 93 7.464 80.258 1993 78 6.980 89.487 1994 59 5.306 89.932 1995 62 6.401 103.242 1996 60 6.768 112.800 1997 52 5.078 97.654 1998 58 6.017 103.741 1999 66 5.569 84.379 2000 75 8.427 112.360 2001 24 3.871 161.292 2002 34 5.422 159.471 2003 37 7.670 207.297 2004 65 14.253 219.277 2005 73 14.608 200.110 2006 56 10.023 178.982 2007 23 7.386 321,130 Source: Town of Taos Planning Dept Notes: Shaded Cell = Decrease from same period of the earlier year. 23 5 7 13 20 15 16 17 9 6 8 9 24 7 12 15 14 7 10 4.628 In 2007, the number of single family residence permits decreased over 2006 by 41.2%. The total dollar value for all permits reached a new high in 2006, but fell by 88.0% in 2007. Comparison of data for 2006 and 2007 suggest that a recession in building construction is at hand. The value per new residence in 2007 is 79.4%greater than twice that of 2006. Table 20 . Building Permits Issued, Taos County New Value, New Value/ Res.$ Residences. Res.$ 000s 1995 256 17.009 66,441 1996 229 16.486 71,991 1997 162 10.669 65,858 1998 196 14.804 75,531 1999 175 18.013 102,931 2000 148 15.498 104,716 2001 128 14.572 113,844 2002 174 20.804 119,563 2003 175 21.107 120,611 2004 213 32.403 152,128 2005 236 32.354 137,093 2006 209 29.873 142.934 2007 158 21.762 137.731 Source: Taos County Planning Department Notes: Shaded Cell = Decrease from same period of the earlier year. Year New Commercial. 13 6 9 14 9 8 1 3 2 5 5 2 5 Value, New Comm., .$ 000s 1.215 0.999 0.628 1.350 1.834 0.418 0.170 0.457 0.663 1.083 1.890 0.926 1.787 Value, Total $ 000s 18.224 17.485 11.297 16.154 19.847 15.916 14.742 21.261 21.777 33.486 34.244 30.799 23.549 The large decrease in total value of building permits issued in 1997 is attributed in part to incorporation of the Village of Taos Ski Valley in mid-1997 and separate reporting afterward. In 2007 for new single family residences, the number of permits decreased by 32.3% and average value decreased by 3.8%. New commercial building permits increased by three (=150%) and the total value increased by 93.0%. Table 21. Alpine Skier-Days, Regional Ski Areas, 000s Season Taos Ski Valley Angel Fire * Red River Sipapu TOTAL % CHG./YR. 93-94 355.0 198.7 143.5 19.9 717.1 Base 94-95 354.0 143.3 135.6 14.9 658.8 -8.3 95-96 223.4 125.5 105.5 12.3 466.7 -29.1 96-97 290.4 166.8 120.3 17.7 595.2 +27.5 97-98 300.3 181.6 137.7 16.9 636.5 +6.9 98-99 282.9 167.1 93.7 9.7 553.4 -13.1 99-00 173.0 142.2 98.4 10.6 424.2 -23.3 00-01 248.9 163.4 104.0 14.1 530.4 25.0 01-02 201.1 168.2 107.8 14.6 491.7 -7.3 02-03 249.7 186.5 101.8 15.9 553.9 12.6 03-04 224.5 144.0 104.4 16.2 489.1 -11.7 04-05 237.4 170.0 84.1 19.8 511.3 4.5 05-06 158.0 108.0 76.1 17.5 359.6 -29.7% 06-07 208.2 156.6 83.2 23.2 471.2 31.0% 07-08 210.0 Source: U.S. Forest Service and Angel Fire, Inc.. Notes: Shaded Cell = Decrease from same period of the earlier year. * = on private land As measured by the number of skiers using an area per day, the alpine ski industry in New Mexico experiences wide fluctuations seasonally, depending largely on snowfall, depth and timing, at that area and at competing areas. The 2005-2006 ski season, characterized by late arrival of snow and the lowest total snowfall in many years, had the lowest attendance in recent years. Attendance improved slightly in 2008 with good snowfall. Relevant Publications by Thomas Michael Power 1. Environmental Protection and Economic Well-Being: The Economic Pursuit of Quality, Second Edition, Armonk, NY, M.E. Sharpe, 1996 Lost Landscapes and Failed Economies: The Search for Value of Place, Washington, DC, Island Press, 1996. Post- Cowboy Economics, Pay and Prosperity in the New American West, Thomas Michael Power and Richard N. Barnett, Washington, DC, Island Press, 2001. 2. 3. Relevant Publications by William L. Stevens On Evolution of the Economy of Taos County, New Mexico Over the Last Three Decades, March 2005 (Available from the Regional Business Alliance)