Bureau of Business and Economic Research

Document Type

Technical Report

Publication Date

4-1-2007

Sponsorship

"Funding provided by New Mexico MainStreet, New Mexico Economic Development Department."

Publisher

University of New Mexico, Bureau of Business and Economic Research

Abstract

An analysis of economic conditions in Hobbs, New Mexico, commissioned for its MainStreet development program. The Hobbs MainStreet district and the greater Hobbs trade area (based on drive time analysis) are described and graphically displayed on color maps. Selected demographic, housing, income, and economic data for the area are examined. Using a location quotient analysis, the author assesses the strengths and weaknesses of the Hobbs economy, based upon its pull factors. Results indicate that the Hobbs economy faces many challenges, including a severe housing shortage, a high rate of poverty, low educational attainment levels among the workforce, and boom or bust' business cycles caused by dependence on the regional oil and natural gas industries. The author concludes with recommendations for downtown investment, particularly increasing investment in the accommodations and service sectors and developing rental housing. Illustrated with tables and charts.'

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