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Albuquerque Business First
Are investors re-entering the housing market after two-year retreat?
Investors could be launching a bit of a comeback in the U.S. housing market — although the reversal of fortunes comes amid a strategy shift for many investors in the face of low inventory. <\p> Purchases by investors grew 0.5% on a year-over-year basis in Q1, according to analysis by Redfin Corp. (Nasdaq: RDFN). Redfin defines an investor as any buyer whose name includes LLC, Inc., Trust, Corp. or Homes, or any buyer whose ownership code on a purchasing deed includes association, corporate trustee, company, joint venture or corporate trust.<\p>
Wetzel's Pretzels opens Coronado Center location
Wetzel’s Pretzels, a national pretzel chain most commonly found in malls around the country, has opened its first New Mexico location at Coronado Center.<\p> The franchise is owned and operated by Tamanna Sayed and Md Abdul Kalam Azad, according to a company release, who currently own locations in California and have a background in nursing and franchising management for other brands. <\p>
State gets $25M for well plugging
The New Mexico Energy, Minerals and Natural Resources Department said Thursday it received a $25 million grant from the U.S. Department of the Interior, the second installment of a nearly $100 million chunk of funding allocated to the state through the Bipartisan Infrastructure Law for its well plugging program.<\p> Acting Deputy Secretary of the Interior Laura Daniel-Davis joined representatives from the Energy, Minerals and Natural Resources Department (EMNRD) in New Mexico to announce the federal funding. It's the second "tranche" of a total state allocation of $97.2 million, said Dylan Fuge, EMNRD's deputy cabinet secretary and director of the department's Oil Conservation Division. <\p>
See inside: Hefty price for modern Las Campanas home
For those looking for a more modern approach to high-end Santa Fe homes, a new listing in the gated Las Campanas neighborhood may be of interest.<\p> 19 Via De Las Yaguas, a 2.31-acre located around 10 miles from Santa Fe Plaza, aims to blend contemporary design with natural elements. A zinc-clad entry, porcelain-tiled walls and black walnut throughout the 4,208 square-foot home are key examples of this approach, with clearstory windows overlooking the nearby Sangre de Cristo and Jemez mountains.<\p>
Some employers are weighing a six-day workweek
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> Given how some hiring managers view them and the unique pandemic-fueled hurdles they've faced, Generation Z's debut in the workplace has certainly come with some challenges. <\p>
Denver-based health and wellness company targets New Mexico expansion
A Denver-based health and wellness company is actively seeking franchisees to spearhead the expansion of its hair salon into New Mexico.<\p> WellBiz Brands wants to open two Drybar locations in Albuquerque and one in Santa Fe by early 2025. <\p>
Virgin Galactic preps for final Spaceport flight of 2024
Virgin Galactic earlier this month set a date for when it's next scheduled to fly out of Spaceport America, what would mark the space travel company's last flight in New Mexico in 2024 with its current generation of spaceships. <\p> Virgin Galactic (NYSE: SPCE) said on May 1 that the launch window for its next flight, dubbed "Galactic 07," will open June 8. It'll be a research mission that includes a researcher affiliated with Houston-based Axiom Space and three private customers, alongside a pair of autonomous research payloads, on board the company's spaceship, VSS Unity.<\p>
The best and worst industries for finding a job right now
Workers in the market for a new job are finding quick success if they're targeting a select few industries — and, perhaps surprisingly, if they're hunting without the aid of artificial intelligence.<\p> A new survey from Resume Builder of workers hired into new jobs within the last six months paints a picture of workers in food and hospitality, retail, and construction being been able to find jobs quickly. Prospective employees in business and finance, education, and software are having a harder time landing a new job.<\p>
Lujan Grisham attends third trade mission in 8 months. Here's why.
Over the past year, New Mexico Gov. Michelle Lujan Grisham has seen a lot of the world. <\p> She’s now landed in four countries on three continents since September 2023. All but one of those trips — a speaking engagement at the United Nations Climate Change Conference in December — has been labeled as a “trade mission” by her administration, with the aim to bring more international companies to the Land of Enchantment.<\p>
LANL spinout raises first chunk of funding
A startup backed by Albuquerque's Roadrunner Venture Studios that's developing a technology it says could drastically cut the cost of clean hydrogen production pulled in its first chunk of funding through a blend of venture capital and state monies.<\p> Hydrosonics Inc., founded by Luis Chavez, Ph.D., a University of Texas at El Paso graduate and former researcher at Los Alamos National Laboratory, said Thursday it raised $875,000 in a pre-seed round — typically the very earliest stage of funding for new startups. <\p>
We asked, 500 people answered. Here's how nearby cities view NM.
The New Mexico Forward research study sought to gather attitudes and perceptions from the Business Journals audiences in the Denver and Phoenix markets on New Mexico as a place to do business and opinions on various aspects of the state. Some of the topics explored:<\p> An online quantitative survey was conducted in two markets: Denver and Phoenix. An email campaign targeting business leaders was sent from the market publishers in both markets. An online campaign across both Business Journal websites promoted the survey within targeted article pages. The responses were fielded from Feb. 1, 2024 to Feb. 13, 2024.<\p>
AI's latest casualty? Entry-level jobs
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We'll take a look today at how artificial intelligence is taking roles that used to act as entry-level positions; Frontier Airline's strategy targeting business travelers; and how you can buy everything in a Red Lobster restaurant. But we'll start with what higher-for-longer rates mean for those in the real estate business.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
State rolls out first round of energy startup grants
Seven startups in New Mexico recently landed state grants through a new pilot program aimed at furthering New Mexico's advanced energy industry. <\p> The New Mexico Economic Development Department announced the seven award winners under its Advanced Energy Award Pilot Program on Monday. The seven companies received $3.4 million total. <\p>
Indian Pueblo Cultural Center to debut entrepreneurial hub
The Indian Pueblo Cultural Center (IPCC) is on the brink of unveiling its latest endeavor: a pioneering entrepreneurial complex geared toward fostering innovation in food and agriculture.<\p> The complex, equipped with a commercial kitchen and space for prep work and storage, aims to accommodate a diverse array of entrepreneurs, including bakers, caterers, food truck operators and value-added product manufacturers who produce items such as soups and sauces, Bill Stimmel, IPCC entrepreneurial director said. <\p>
Virginia company opts for New Mexico expansion
Spring Oaks Capital, a Chesapeake, Virginia-based debt collection agency, is setting up shop in Albuquerque, bringing 200 jobs with it.<\p> It will be Spring Oaks’ first expansion outside of Virginia, with Tim Stapleford, president and CEO of the company, saying in a statement they were “instantly impressed with the sense of community and partnership” they experienced during visits to Albuquerque. <\p>
Forbes names Las Cruces as top place to retire in U.S.
Las Cruces has been named by Forbes as one of the best places to retire in the U.S., with the magazine citing the city’s climate, economy and low natural disaster risk as key pros.<\p> The city was featured prominently in this year’s list, with the introductory story featuring a Wisconsin couple who moved to Southern New Mexico in search of more affordable living in retirement. They personally said the area’s outdoor activities, scenery and low home prices compared to the national median were key advantages to moving there from the Midwest. <\p>
ABQ area fiber expansion continues with $150M Rio Rancho rollout
A $150 million investment in Rio Rancho by multinational telecommunications company Comcast Corp. (NASDAQ: CMCSA) marks the latest in a series of recent high-speed internet expansion projects throughout the Albuquerque metro. <\p> Comcast on Wednesday announced its $150 million Rio Rancho expansion, which the company said will connect tens of thousands of residential and business customers to its Xfinity network services by the end of 2026. <\p>
Elevated interest rates force re-pricing of billions in CRE debt
Just shy of $20 billion in commercial mortgage-backed securities debt backing U.S. office properties is set to mature in the next year, occurring at a time that's now also expected to feature a higher-for-longer interest-rate environment. <\p> Moody's Analytics Inc. found that as of April, $19.9 billion in office CMBS loans will mature by next spring. That's a marked increase over the $8.75 billion in office CMBS debt that matured in 2023. <\p>
Hope Christian to break ground on $25M high school campus
After 42 years, Hope Christian School is working on an ambitious project to construct a new high school campus at its current location on Palomas Avenue. <\p> The decision to build a new campus at 6800 Palomas Ave. NE stems from a need to support future growth and revitalize aging infrastructure, Head of School Terry Heisey said. <\p>
The coveted perk that could be critical for workforce development
As the focus shifts from recruitment to retention in a still-tight hiring market, many employers are searching for the incentives that will retain workers. <\p> While perks like four-day workweeks, unlimited vacation and remote work are often in the spotlight, another coveted perk is career development and upskilling opportunities. <\p>
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