General Obligation Bond 3 Would Have a Broad Impact on Southwest New Mexico’s Economy

If Higher Education Bond 3 passes in November's election, Western New Mexico University will receive $9 million for the first phase of construction of a new home for the New Mexico Center of Excellence for Early Childhood Education. In this first phase, the university plans to expand its Child Development Center by constructing a new building to house infant and toddler classrooms. While the new center's primary purpose is to improve child wellbeing in southwest New Mexico by providing age-appropriate educational spaces and a new lab site for WNMU students, it would also have a strong impact on the region's economy.

The most obvious economic impact is in terms of jobs created. Construction of the building would require contractors in the field of construction but also in electrical and plumbing. It is estimated that passage of Bond 3 would create nearly 2,300 new jobs statewide, including 90 in Grant County.

The economic impact extends well beyond short-term job gains. Expanding infant and toddler care and education in Grant County will have a lasting economic effect, and it will not only benefit families with young children, said Cindy Martinez, Dean of the WNMU College of Education. Area employers and anyone seeking professional services in the region also benefit when families with young children have access to care and education, because the adults in the family are free to enter and remain in the workforce, benefitting those that may seek their services and strengthening the regional economy. "There are many families out there that do not have access to dependable childcare," emphasized Martinez. By accessing care, she said, parents and guardians are able to be better, more dependable employees.

The overall economic benefit to the region is even broader, said Martinez. "The economic value of a child having a solid, high-quality early childhood foundation is fourfold," she explained, "The money you put in during the early years yields a fourfold economic value when they become an adult and are earning and spending money."

Having childcare available also benefits WNMU students and their economic prospects. The children of WNMU students are first in line for available spaces in the Child Development Center, so expanding the center would help ensure that students have the childcare they need in order to be able to succeed in their coursework. This is critical economically because individuals with bachelor's degrees earn about 86% more on average than those with only a high school diploma, according to the Association of Public and Land Grant Universities.

Investment in higher education can also help New Mexico attract businesses looking for a home base, and it will mean the state's graduates have the kind of quality education that allows them to succeed in today's economy.

New Mexico's voters overwhelmingly supported GO improvement bonds for higher education for the last five cycles, and like those previous bonds, this year's bond would create substantial economic benefits with no increase to the tax rate.

This story is part of a series on General Obligation Bond 3.