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Albuquerque Business First
ABQ energy firm bought by Indiana company
Yearout Energy Services, an Albuquerque-based energy services company that's pushed regional expansion efforts over the past several years, was acquired by an Indiana-based company.<\p> Energy Systems Group, based in Newburgh, Indiana, said Monday it bought Yearout Energy for an undisclosed price. In a news release, the Indiana company said the deal "continues its strategic expansion into target markets, enhances its service offering, and diversifies its customer base in key Southwest states, including Texas, Colorado, Arizona, and New Mexico." <\p>
New Mexico Wine plans first brick-and-mortar location
New Mexico Wine, a nonprofit organization known for its wine festivals, plans to open its first brick-and-mortar location and tasting room in Old Town Albuquerquethis fall.<\p> Viva Vino Wine Studio — operated as a separate for-profit business under Viva Vino LLC — will be located at 301 Romero St. NW. The 875-square-foot space aims to diversify the organization's revenue beyond its yearly wine festivals and provide a year-round consumer-facing storefront. The new location will sell products from New Mexico Wine’s 50 member wineries and will act as an educational hub, promoting the state's wine culture and history, Executive Director Christopher Goblet said. <\p>
Sustainable sunscreen startup wins pitch
Alexandra Merlino has always been an avid outdoorswoman, often hiking in the mountains around Santa Fe and other parts of New Mexico, or playing tennis.<\p> While Merlino would often wear sunscreen while active outside, a skin cancer diagnosis, she said, made the need to apply sunscreen more "urgent."<\p>
This New Mexican keeps our wilderness enchanting
Mark Allison first moved to New Mexico in 1993, determined to find a home in the state of enchantment.<\p> Now, Allison has been the executive director of New Mexico Wilderness Alliance, or New Mexico Wild, for 11 years. New Mexico Wilderness Alliance is a nonprofit founded in 1997 that is focused on the protection and restoration of New Mexico's outdoor space.<\p>
PNM looks to cover $174M through rate increases
The Public Service Co. of New Mexico, a subsidiary of Albuquerque-based PNM Resources Inc. (NYSE: PNM), filed a request to bump up customer rates over the next two years to cover a projected $174 million revenue deficiency. <\p> PNM filed its rate increase request with the New Mexico Public Regulation Commission, the body responsible for utility regulation in the state, on June 14. It calls for a "two-part phase-in" increase to non-fuel base rates to make up a total revenue deficiency of $174.3 million. <\p>
$6M in upgrades planned at Balloon Fiesta Park
Balloon Fiesta Park will see nearly $6 million in upgrades in the next six months, primarily consisting of behind-the-scenes infrastructure improvements. <\p> In addition to improving the experience for events already held at the grounds, including the Albuquerque International Balloon Fiesta, they may also prepare the site for a new New Mexico United stadium, which is currently undergoing intense approval processes.<\p>
$1.25M commercial building permit issued last week
The City of Albuquerque issued 15 commercial building permits between June 10 to June 14. <\p> The permit for the largest project in terms of estimated cost was issued on June 14 to Kenneth Myers for a new building at 1860 Griegos Road NW. The project is estimated to be about 13,216 square feet. The estimated cost of the work is about $1,256,172. The work will be done by TQM LLC and Rembe Urban Design and Development.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
Kirtland AFB opens Defense Threat Reduction Agency facility
The Defense Threat Reduction Agency, the Department of Defense division tasked with countering and deterring weapons of mass destruction around the world, has a new home on Kirtland Air Force Base.<\p> Designed by JACOBS Engineering and built by Hensel Phelps, the agency's new 76,000-square-foot facility will house 300 U.S. Armed Forces personnel and DoD civilians. This includes DTRA staff who will move to the Albuquerque office from Eglin Air Force Base near Destin, Florida, where they are currently stationed. The move, according to a news release, is to bring members of one of the agency's specialist research and development offices under one roof.<\p>
New Mexico's population expected to drop
New Mexico businesses could see an aging workforce, as population rates are expected to decline in the coming decades. <\p> The current New Mexico population is expected to essentially plateau and then start to decline, according to a population projection done by the University of New Mexico’s Geospatial and Population studies. These projections are based off the 2020 U.S. Census age data that was published last year. <\p>
$23M available for ABQ housing projects
City officials announced $23 million in gap financing will be on offer in the next four months for developers looking to build affordable housing in Albuquerque. <\p> The request for proposal for the first batch of funding, totaling $4 million, is currently open, with applications due July 1.<\p>
Heritage plans Uptown co-working space
Building on the success of its co-working space Downtown, Heritage Real Estate Co. is launching a similar venture in Uptown Albuquerque this summer. <\p> Heritage Ascent at Park Square will be located at 6565 Americas Parkway NE, on the second floor of the Two Park Square office building. <\p>
New Mexico's IT firms see a shift in customer needs
Cybersecurity is a major conversation for all companies, but some industries may be more at risk for breaches than others. It is the job of New Mexico's IT firms to try and stay ahead of the curve for its customers. <\p> IT services firms in New Mexico that responded to Albuquerque Business First's annual IT poll tend to see more customers buying equipment than leasing. For smaller businesses, buying equipment can often be more economical than leasing. For large companies with bigger technology demands, leasing equipment can be more beneficial. <\p>
New APS superintendent has this request for business leaders
A year ago, Albuquerque Public Schools announced Superintendent Scott Elder would leave the district on June 30, 2024, with the expiration of his contract and more than 30 years after he started his tenure with APS. <\p> “If someone asked me, what are you going to miss? I'm going to miss the kids,” Elder said.<\p>
NM venture fund invests $2M across 13 startups
A venture fund in New Mexico closed its second fund, investing around $2 million into 13 startups, with a third fund expected to start raising money soon. <\p> New Mexico Vintage Fund, a generalist microfund that launched in New Mexico in July 2022, announced June 12 it closed New Mexico Vintage Fund 2023 — the fund's second investment fund after its inaugural New Mexico Vintage Fund 2022 closed in June of last year.<\p>
Taylor Ranch retail center listed for $7.95M
A retail center situated across from LB Johnson Middle School in Albuquerque's Taylor Ranch is now for sale. <\p> The property, located at 6911 Taylor Ranch Road NW, is listed for $7.95 million, according to Crexi. NAI SunVista brokers DJ Brigman and Micah Gray are representing the landlord, Dan Rich. <\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
The Playbook: The common pay threads for high-performing companies
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> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
Village of Los Ranchos cancels closed session
A closed session meeting held by the Village of Los Ranchos de Albuquerque Board of Trustees to discuss the partially constructed multi-use development at the corner of Fourth Street and Osuna Road has been cancelled. <\p> The meeting was originally scheduled for June 12 at 5 p.m. Village Administrator John Avila confirmed the cancellation to Albuquerque Business First via email. The board of trustees is set to convene during its regularly scheduled meeting on June 18 at 6 p.m. Avila said no closed session is currently planned. <\p>
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