During a recent work session, Monica Torres, an economist with the City’s Economic Development Department, briefed City Councilors on the fiscal year 2025's first-quarter economic data, highlighting a downturn in inflation and the possibility of changes resulting from the tax code set to expire at the end of 2025. The Council also turned its eye toward projections for moderate economic growth, a shift from the faster-paced years prior, as reported by the City of Las Cruces.
Torres outlined the addition of 148 new businesses during the third quarter of 2024, this represents a slight increase from last year and she noted the persistent rise in the housing market with median home listing prices inching up to $353,000. Although local tax revenue experienced a modest rise of 1.8 percent, amounting to $32.8 million, cannabis sales saw a slight downturn from the previous year dropping to $8.97 million, and interestingly, medical-use cannabis sales specifically took the biggest hit with a 15 percent decline year-over-year.
On a different note, Las Cruces councilors looked to New York City's Overdose Prevention Centers (OPCs) for inspiration in crafting their response to substance abuse issues. Kailin See, the program's former Senior Director in New York, shared the synergy of the OPCs with emergency services and law enforcement through remote presentation to the councilors, emphasizing the dual benefits to service users and the broader community.
