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Hobbs MainStreet: Community Economic Assessment

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Please use this identifier to cite or link to this item: http://hdl.handle.net/1928/12927

Hobbs MainStreet: Community Economic Assessment

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Title: Hobbs MainStreet: Community Economic Assessment
Author: Mitchell, Jeffrey
Subject(s): Hobbs, New Mexico
Lea County, New Mexico
Economic conditions
Economic profiles
Location quotient analysis
Pull factors
Resource-based economies
Extractive industries
Abstract: An analysis of economic conditions in Hobbs, New Mexico, commissioned for its MainStreet development program. The Hobbs MainStreet district and the greater Hobbs trade area (based on drive time analysis) are described and graphically displayed on color maps. Selected demographic, housing, income, and economic data for the area are examined. Using a location quotient analysis, the author assesses the strengths and weaknesses of the Hobbs economy, based upon its pull factors. Results indicate that the Hobbs economy faces many challenges, including a severe housing shortage, a high rate of poverty, low educational attainment levels among the workforce, and “boom or bust” business cycles caused by dependence on the regional oil and natural gas industries. The author concludes with recommendations for downtown investment, particularly increasing investment in the accommodations and service sectors and developing rental housing. Illustrated with tables and charts.
Date: 2007-04
Publisher: University of New Mexico, Bureau of Business and Economic Research
Series: New Mexico MainStreet;
URI: http://hdl.handle.net/1928/12927

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