New Mexico’s recurring revenues growth rate plummets
SANTA FE, New Mexico (KVIA) -- New Mexico's recurring revenues growth rate has decreased after years of record numbers.
Recurring revenues are the predictable income steams that come in every year. The growth rate reflects the percentage of increase the recurring revenues experience year to year.
From Fiscal Year 2025 to Fiscal Year 2026, the growth rate was 0.4%. The state is estimated to take in $13.7 billion in recurring revenues in Fiscal Year 2026.
The record 20% revenue growth seen in Fiscal Years 2022 and 2023, caused by booming oil and gas, durable consumer spending, inflation, and strong demand for employment, is now over, the state says.
"The pace of revenue growth slowed in FY24 to about 12.5 percent, though still abnormally high above the average growth rate of the previous two decades," a report from the New Mexico Legislative Finance Committee explained. Look at the chart below to see the Recurring Revenues Growth Rate year by year.
| Fiscal Year | Recurring Revenues Growth Rate |
| Fiscal Year 2022 | ~20% |
| Fiscal Year 2023 | ~20% |
| Fiscal Year 2024 | ~12.5% |
| Fiscal Year 2025 | 4.7% |
| Fiscal Year 2026 | 0.4% |
| Fiscal Year 2027 | 2.9% |
| Fiscal Year 2028 | 3.5% |
The state estimates that the recurring revenues growth rate will increase from Fiscal Year 2026 to Fiscal Year 2027 by 2.9%. In Fiscal Year 2028, the growth rate is projected to hit 3.5%, which has been the historic average.
Look through the full report here.
