Tourism Injury Index measures likelihood for quick recovery of tourism in New Mexico counties
SANTA FE, NM - The New Mexico Tourism Department (NMTD) has released a data dashboard to help the public better track and understand the economic impact of the COVID-19 pandemic on New Mexico’s tourism industry.
One of the premier features of the data dashboard is the introduction of the Tourism Injury Index, which evaluates the likelihood of a quick recovery for the tourism industry by county. The Tourism Injury Index considers year-over-year revenue loss, percentage of short-term rentals compared to traditional lodging properties, dependency on visitor spending, and reliance on meetings and conventions as variables to determine the likelihood of a quick recovery for tourism.
Seven New Mexico counties are at a greater risk of facing a slower timeline for tourism recovery, measuring at 7 or greater on the Tourism Injury Index: Bernalillo, Santa Fe, Eddy, Socorro, McKinley, Guadalupe, and Quay. These counties measure higher on the Tourism Injury Index due to a combination of severe economic injury and a slower projected timeline for recovery.
“The numbers in this data dashboard and the findings from the Tourism Injury Index demonstrate how imperative it is that we invest in tourism recovery that supports every part of our state right now,” Cabinet Secretary Jen Paul Schroer said. "The $25 million special appropriation is a targeted investment in tourism recovery that will keep New Mexico competitive and will help kickstart our economy when we can begin to promote travel again."
The data dashboard provides a weekly snapshot of occupancy rates and travel spending and a monthly snapshot of unemployment of the leisure and hospitality sector. The data dashboard also offers a breakdown of year-over-year changes to tourism revenue and unemployment rates by county. The data dashboard is available on the NMTD website.
NMTD estimates a loss of $3.15 billion in visitor spending for 2020, which includes a loss of $163 million in state and local tax revenue. An estimated 20,000 employees from the leisure and hospitality sector are out of work due to the pandemic.
The Executive Budget Recommendation for FY22 includes a special appropriation of $25 million for tourism recovery. The proposed special appropriation will help NMTD keep New Mexico competitive with other states when we are able to re-enter the marketplace and may reduce the anticipated timeline for recovery to three years for the tourism industry.
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