List one major technological development that has changed life in New Mexico. What is its impact on the economy?
One major technological development that has changed life in New Mexico is the emergence of the solar energy industry. The state has abundant sunshine and vast open spaces, making it an ideal location for solar energy production.
The impact of the solar energy industry on the economy of New Mexico has been significant. It has led to the creation of numerous jobs, both in the manufacturing of solar panels and in the installation and maintenance of solar energy systems. According to the Solar Foundation, in 2020, New Mexico had the second-highest per capita solar jobs in the United States, with over 5,500 workers employed in the industry.
The growth of the solar energy sector has also attracted investment to the state. The construction of large-scale solar farms has brought in capital investment, contributing to the overall economic development of the region. Additionally, the expansion of the solar industry has created opportunities for small businesses, as it requires support services such as project development, financing, and engineering.
Furthermore, the adoption of solar energy has helped diversify New Mexico's energy mix, reducing its reliance on fossil fuels and promoting cleaner and more sustainable energy sources. This has positive environmental implications, such as a decrease in greenhouse gas emissions and a reduced environmental impact on the state.
Overall, the emergence of the solar energy industry in New Mexico has not only provided economic benefits, but it has also contributed to the state's transition towards a more sustainable and environmentally friendly energy sector.