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Albuquerque Business First
ABQ rocket tech company buys California firm
What's been a busy 12 months for Albuquerque-based X-Bow Systems Inc. is continuing, this time with the announcement of an out-of-state acquisition deal. <\p> X-Bow said Tuesday it bought Spencer Composites Corp., a manufacturer of composite and metallic structures based in Sacramento, California. Jason Hundley, X-Bow's CEO, declined to disclose the terms of the deal. <\p>
Among small businesses, there's a huge divide on finances
The smallest businesses are the ones most likely to be struggling, as larger small businesses report better conditions.<\p> The latest data from the Federal Reserve’s Small Business Credit Survey — released earlier this year but since followed up with a more detailed breakdown by size and demographics — shows how, even within the realm of small businesses, there is wide variation.<\p>
California firm with $250M ABQ plans shuts down
An out-of-state hydrogen-powered aviation company — with multimillion-dollar Albuquerque plans — is shutting down after running out of money. <\p> Hawthorne, California-based Universal Hydrogen has run out of $100 million in funding, the Seattle Times first reported. Jon Gordon, a co-founder of the company, confirmed the news in a LinkedIn post Sunday, writing the company "proved unable to secure additional funding to move forward." <\p>
Virgin Galactic plans new hangar
Virgin Galactic has plans to build at New Mexico's Spaceport America as the space travel company aims for a lot more spaceflight activity starting in 2026. <\p> Virgin Galactic (NYSE: SPCE) signed a letter of intent with the New Mexico Spaceport Authority in early June for a future lease at the 18,000-acre spaceport in Central New Mexico, operated by the state-run Spaceport Authority. <\p>
Paws and Stripes hires executive director
Paws and Stripes, a nonprofit dedicated to providing service dogs and mental health support to military veterans, has announced the appointment of its new executive director.<\p> Stacy Bruce assumed the role on July 1, bringing a wealth of experience in social work and nonprofit management to the organization. Bruce, originally from outside of Amarillo, Texas, has long-held ties to New Mexico, having spent much of her childhood and adulthood visiting the state. The Land of Enchantment's rich culture, diversity and outdoor recreation opportunities ultimately persuaded her to move to the region, she said.<\p>
$20M commercial building permit issued last week
The City of Albuquerque issued 21 commercial building permits between June 24 and June 28th<\p> The permit for the largest project in terms of square footage and estimated cost was issued on June 25 to Dave Puritz for alterations at 2425 Ridgecrest Drive SE. The project is estimated to be about 105,235 square feet. The estimated cost of the work is about $20 million. The work will be done by Bradbury Stamm Construction Inc. and NCA Architects.<\p>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
St. John's president retires
After close to a decade at the helm of St. John’s College, Mark Roosevelt retired on June 30 as president.<\p> Roosevelt, who often describes his work at St. John's as “scaffolding,” started at the college in 2016. As the first college-wide president, with oversight of the Santa Fe and Annapolis, Maryland, institutions, Roosevelt tackled communication between the campuses. <\p>
Roswell Inn owner talks wildfire response
Summers are typically a busy time for D Bhakta and his Roswell Inn. The Southeast New Mexico city, well-known for its alien history, welcomes scores of tourists between May and August — either those passing through on their way to other sites in the state, or those staying for events like the annual Roswell UFO Festival, scheduled for July 5 through July 7 this year.<\p> Bhakta, who's owned the Roswell Inn for two decades, said this summer has been no different. In fact, he said his Inn had a traveling baseball team staying in some of its 40 total rooms when the Village of Ruidoso called for residents to evacuate from a pair of rapidly encroaching wildfires. <\p>
KidsStrong expands to Northeast Heights
A science-based children's development program is opening a second location in Albuquerque after the successful launch of its first center on Coors Boulevard in October 2023. <\p> KidStrong's newest facility, located at 8001 Wyoming Blvd. NE, spans 3,200 square feet and will open on July 22. Visionworks was the previous tenant. The local franchisees are Bobby Montoya and his wife, Jessica, who are both Albuquerque natives.<\p>
Do you know these New Mexicans? You should.
From growing successful businesses to promoting everything the state has to offer, these individuals truly embody the spirit that is New Mexico. <\p> Every week, Albuquerque Business First features a business leader who we believe is, well, worth knowing. We talk to them about both their personal and professional lives. Maybe they are a prominent person in the community or a behind-the-scenes go-getter. Whatever their background or role, they all share a passion for New Mexico and a desire to improve their slice of the enchanted pie.<\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
ABQ data firm's oil, gas tracking work earns federal award
A four-month partnership between a state department and an Albuquerque data company has resulted in national award recognition.<\p> The New Mexico Taxation and Revenue Department (TRD) announced June 11 it was awarded the Innovation and Excellence in Tax Administration Award by the Federation of Tax Administrators. <\p>
Netflix unveils ABQ expansion
On June 27, Netflix unveiled its expanded Albuquerque studios, a sprawling 108-acre facility in Mesa del Sol designed to boost the company’s production capabilities.<\p> Located at 5650 University Blvd. SE, the expanded facility includes four new soundstages ranging from 18,000 to 20,000 square feet, three mills, one production office and two stage support buildings, all developed by contractors Dekker Perich Sabatini (DPS) and New York-based J.T. Magen, Netflix Co-CEO Ted Sarandos said. <\p>
Lawmakers push for nonstop flights from Sunport to D.C.
The Albuquerque International Sunport, currently, doesn't have any nonstop flights between it and the two Washington, D.C.-area airports, Ronald Reagan Washington National Airport and Washington Dulles International Airport. New Mexico federal legislators hope to see that change. <\p> Members of New Mexico's Congressional delegation sent a letter to U.S. Department of Transportation Secretary Pete Buttigieg Monday, calling on the Department to prioritize Albuquerque and other underserved markets when establishing new flights in and out of the two Washington-area airports.<\p>
How LGBTQIA businesses thrive in New Mexico
New Mexico ranked No. 12 in the nation for its LGBTQIA-friendly business climate, according to Out Leadership’s most recent Business Climate Index.<\p> The state of enchantment earned 85.77 out of 100 possible points based on factors creating an LGBTQIA-friendly business environment in 2023, up one point from 84.77 in 2022. <\p>
Lowe's, Metallica lend support to San Juan College
In an unlikely pairing, Lowe’s and heavy-metal band Metallica have come together to create a $500,000 pool to split between several community colleges, including one in New Mexico.<\p> San Juan Community College in Farmington will receive $100,000 to help students in the automotive technologies and construction programs, according to a Monday news release. The focus, according to the release, will be to provide lower-income students with money for wraparound services like tools, gas and books. The funds were made available via the Lowe's Foundation in partnership with Metallica's All Within My Hands foundation. <\p>
Many managers are posting fake jobs. One reason may surprise you.
Employers are turning to fake job listings as a means of boosting staff morale in the current unsettled hiring market, but those ghost postings could have consequences. <\p> That’s according to a recent Resume Builder survey, which found 40% of 649 hiring managers surveyed have posted a fake job listing in the past year. Three in 10 responded they have an active fake-job posting. <\p>
T or C Pride Market highlights LGBTQIA artists
Parades and other celebratory events are frequently the most tangible representations of Pride Month, but they’re often reserved for bigger cities.<\p> However, the small town of Truth or Consequences bucked that trend throughout June with its community events that included a brunch with live music, river float and discount soaks in its famous hot springs.<\p>
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