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New Mexico MainStreet Leverages Private Sector Reinvestment in Rural Communities

By | Communications/Media Specialist
September 14th, 2017 | Category: General

New Mexico MainStreet performance measures show that Designated Rural MainStreet Districts have leveraged a combined $51,021,866 in private sector reinvestment over the last five years (FY2103 through FY2017). This includes the rehabilitation of 759 commercial buildings that provided opportunities for local entrepreneurs to open and expand 558 net new businesses. Business development and expansion resulted in the creation of 1894 net new jobs that are a major windfall for rural communities throughout the state. None of this would be possible without the help of local MainStreet volunteers, who leveraged professional services provided by New Mexico MainStreet Revitalization Specialists, and logged more than 140,526 volunteer hours to tackle the redevelopment and revitalization projects and activities that bolster these impressive figures.

This period shows significant private sector reinvestment in rural communities, with 22  or the 28 currently designated New Mexico MainStreet programs being located in rural communities under the federal MSA of 50,000 or less in population. While their downtown districts vary in size and geography, the level of private reinvestment in commercial building stock is often proportionate to the level of investment in public infrastructure, the local assets and resources available to drive community economic redevelopment, and the dedication and commitment of local MainStreet volunteers who move the revitalization forward. Successful asset-based economic development is dependent on long-term public/private sector partnerships including collaborative leadership from both sectors, long-range planning with specific strategic economic transformation goals, and the marshaling of critical resources to build on a market vision for positive economic impact.

The data provided includes all of the MainStreet communities under 50,000 in population and outside an MSA of more than 50k. Figures for Las Cruces and five MainStreet programs located within the ABQ MSA (Barelas, South Valley, Downtown Abq, Nob Hill, and Corrales) are not included. The numbers vary from year-to-year but a comprehensive view of five-years of performance show the positive impact that the MainStreet program is having on rural communities over the long term.

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