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| Shopping Day Highlights Strong Economy & Support for Local Businesses |
November 25, 2005 |
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| Wilson Joins Nob Hill Holiday Shoppers to Talk Jobs & Growth
Albuquerque, NM – Today, on the busiest shopping day of the year, Congresswoman Heather Wilson joined holiday shoppers in Albuquerque’s historic Nob Hill shopping district to highlight her priorities for keeping New Mexico’s economy strong and supporting the independent businesses that create jobs.
Joining shoppers and merchants in Nob Hill, Wilson said the economy is rolling into the holidays on the strength of two years of constant growth. There are 200 independent businesses just in the Nob Hill community alone.
“Our economy is strong, thanks in part to small businesses like these. Small business creates 7 of every 10 new jobs in New Mexico,” Wilson said. Wilson highlighted the following good news for New Mexicans:
Our economy has grown by a strong 3.6% this year and is projected to grow another 3.5% next year.
More people own their own homes today than at any time in American history.
Nationwide 4.2 million jobs have been created since May 2003.
For the year, Albuquerque has added roughly 7,000 jobs for nearly 2% job growth.
This holiday season is expected to be even better than last year -- with 5 or 6% growth in retail sales predicted.
Hourly wages have climbed 2.9 percent in the past year.
Over the past 19 months, the federal budget deficit has been reduced by $102 billion (roughly 20 percent) since fiscal year 2004 projections because of America’s strong economy and slow growth of non-defense spending.
“We have a lot to be thankful for,” Wilson said. “Government doesn’t create wealth. But it can create the conditions for people to invest and small businesses to create jobs. That means low taxes and fair regulations for the businesses that create jobs.”
Wilson supported legislation, signed into law October 4, 2004, which extended tax relief for 540,000 working New Mexicans, a child credit for 160,000 New Mexico couples and single parents, and a reduced marriage penalty for 185,000 New Mexico families. She also supported the expansion of the Section 179 expensing provisions and accelerated depreciation rules that encouraged small businesses to buy equipment and create jobs.
Wilson regularly tours area businesses to meet with employees and small business owners to have firsthand information about the growth outlook in New Mexico.
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