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Applications open for outdoor rec business accelerator
Those in the outdoor recreation industry looking to take their business to the next level may be able to take advantage of a new program offered via a partnership between Central New Mexico Community College Ingenuity’s ActivateNM and New Mexico’s Outdoor Recreation Division.<\p> The 14-week program, named “ActivateOR,” aims to be a business accelerator in the same vein as those seen in the technology startup world.<\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
$1.2M commercial building permit issued last week
The City of Albuquerque issued 11 commercial building permits between June 3 and June 7.<\p> The permit for the largest project in terms of estimated cost was issued on June 7 to Carol Park for a new building at 6100 Alameda Blvd. NE. The project is estimated to be about 2,999 square feet. The estimated cost of the work is about $1,200,000. The work will be done by CKP Management Inc.<\p>
Gen Z cites housing affordability as its top election issue
In the wake of rapid home-price appreciation during the Covid-19 pandemic, housing is playing a bigger role in how Americans vote — among one demographic in particular.<\p> Ninety-one percent of adult Gen Zers said in a recent Redfin Corp. (Nasdaq: RDFN) survey housing affordability is important when considering whom they will vote for in the presidential election this November. Among a list of nine broad political topics, the subject ranked No. 1 for that generation — ranking even higher than the strength of the overall economy, which was the top priority for millennials, Gen Xers and baby boomers. Housing affordability for Gen Z respondents also outranked issues of education, gun rights and abortion rights.<\p>
Meow Wolf co-founder, Food Network star close in on restaurant launch
This summer, one of Meow Wolf's co-founders will open a new Southwestern-style Mexican restaurant in Santa Fe, alongside a three-time Food Network champion.<\p> “You could get a taco plate, an appetizer and an alcoholic drink for under $40,” Meow Wolf Co-founder and Director Vince Kadlubek said.<\p>
New Mexico wages dip in May
The median annual wage in New Mexico took a dip in May, according to the latest ADP Pay Insights report.<\p> Compared to the median annual wage in April 2024, right at $40,000, wages dropped by 1% in May 2024 to $39,600. Looking back at May 2023, the median annual wage was $38,800, a 2.06% increase compared to May 2024.<\p>
See inside: Luxury home blends modern, traditional notes
A new property on the market may appear, on the surface, as yet another traditional high-end Santa Fe home, but an array of luxurious additions make it stand out among the crowd.<\p> A three-bedroom, four-and-a-half bathroom home situated at 3890 Old Santa Fe Trail in the southwest part of the city, combines classic New Mexican features like vigas and acacia wood floors with more modern touches like oversized windows overlooking the multiple mountain ranges and soaring ceilings.<\p>
Albuquerque named U.S. quantum hotbed
A recent report by a quantum industry trade publication named Albuquerque among seven emerging quantum "hotbeds" in the U.S. as millions in federal dollars could flow to New Mexico as part of a three-state coalition's efforts. <\p> The Quantum Insider, a quantum computing news publication, put out a report in early March identifying a group of U.S. emerging quantum markets. Albuquerque is one of seven markets the publication identified, alongside Pittsburgh, Pennsylvania; Madison, Wisconsin; Raleigh-Durham, North Carolina; Austin, Texas; Minneapolis-St. Paul; and Rochester, New York. <\p>
Electric Playhouse nears Las Vegas debut
More than a year after announcing its plans to set up shop on the Las Vegas Strip, Albuquerque immersive art and entertainment company Electric Playhouse said its Las Vegas, Nevada, venue will open June 22.<\p> Located inside The Forum Shops at Caesars, Electric Playhouse in February 2023 announced plans for the Las Vegas venue — what would be the company's first outside New Mexico after opening its inaugural location in Albuquerque in February 2020, just before the Covid-19 pandemic closed its doors until June 2021.<\p>
Action movie wraps filming in Ruidoso
"Fight or Flight," an action movie led by 1980s star Dolph Lundgren, has wrapped filming in and around Ruidoso, the New Mexico Film Office announced Friday.<\p> The story will follow three assassins engaged in a cat-and-mouse game of trying to take down one another. Lundgren, best known for his role as the Russian boxer Ivan Drago in 1985's "Rocky IV" will play one of the assassins, along with Michael Jai White, known for his roles as the namesake character of 2009's "Black Dynamite" and Batman villain Gambol in 2008's "The Dark Knight."<\p>
Unsure about the economy? Local CPAs say this is how to prepare.
Albuquerque Business First asked accounting firms in the state what trends may emerge over the next year, what the impacts could be and how to prepare.<\p> New developments in the field may pose challenges, but accounting firms who responded to our poll recommend working with a professional for regular adjustments, staying educated on the financial environment and diversifying assets to mitigate risk.<\p>
Southwest law firms merge
Phoenix-based law firm Jennings Haug Keleher McLeod (JHKM), which also has a New Mexico presence, has combined with Tucson-based Waterfall, Economidis, Caldwell, Hanshaw & Villamana to form a new entity, Jennings Haug Keleher McLeod Waterfall LLP (JKW). <\p> The Tucson firm's founding partners from its nameplate have all retired or passed away, with only the Waterfall name being retained in the new entity. The merger was effective June 1.<\p>
U.S. court dismisses SunZia legal challenge
A U.S. court has dismissed a months-long legal challenge to a billion-dollar transmission project that would carry several gigawatts of wind energy from Central New Mexico into Arizona and markets in the Western U.S. <\p> Jennifer Zipps, U.S. District Judge in Arizona, on Thursday dismissed a case brought against the U.S. Department of the Interior, the Bureau of Land Management (BLM) and Secretary of the Interior Deb Haaland in January over federal authorization of the planned 550-mile SunZia transmission line.<\p>
UNM College of Pharmacy plans $63M renovation
The University of New Mexico (UNM) College of Pharmacy has unveiled plans for a major renovation of its 1970s-era building. <\p> The upgrades aim to address aging infrastructure and expand the college's capacity to support its growing programs and faculty. The College of Pharmacy, located at 2502 Marble Ave., has shared its building with UNM's College of Nursing for 50 yearsDuring this time, the pharmacy school has expanded significantly, spreading its operations across eight buildings within the UNM Health Sciences Center. <\p>
Canadian food manufacturer expands Albuquerque operations
Aliyas Foods USA Inc. known for its Indian cuisine sold at supermarkets like Trader Joe's across the U.S., has consolidated its Albuquerque operations and launched a new product line of Mexican foods. <\p> The Canada-based company is moving from its former location at 3401 University Blvd. NE into a larger facility at 1700 Desert Surf Circle NE, previously occupied by Tattooed Chef Inc. (NASDAQ: TTCF). The plant-based food producer filed for bankruptcy a year ago. <\p>
Array Technologies names new president, COO
Array Technologies, an Albuquerque-based manufacturer of solar energy generation equipment, said Wednesday it appointed Neil Manning as the company's president and chief operating officer. <\p> Manning, who's served as Array's chief operations officer since January 2023, will report directly to CEO Kevin Hostetler, according to a Wednesday release from the public solar manufacturing company (NASDAQ: ARRY). He'll be based out of Array's office in Chandler, Arizona. <\p>
ABQ data firm sees C-level departures
A pair of C-level executives are out at RS21 as the Albuquerque data and analytics company projects record revenue growth and continued hiring this year. <\p> Charles Rath, RS21's president and CEO, said Thursday Matthew Ennis and Jamie Ter Beest "are no longer with the company," as of Tuesday. Ennis was RS21's chief product and strategy officer, and Ter Beest was the company's chief technology officer. <\p>
How do we move New Mexico Forward? We asked, they answered.
As part of our ongoing New Mexico Forward coverage, Albuquerque Business First reached out to local leaders to ask them one simple, yet very complex question: How do we move New Mexico forward?<\p> Here are a few of those responses. We will continue to publish more of these "in their words" features in the coming months.<\p>
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