LOCAL COLUMN
OPINION: If travel slows, New Mexico will pay the price
Whether families are discovering the culture, scenery and unique character of New Mexico, or spending time in the communities and local businesses that help define our state, every visitor dollar makes a difference. It supports local jobs, strengthens our economy and helps communities across New Mexico grow and succeed.
But now, proposed federal legislation could unintentionally weaken this economic engine, and it deserves scrutiny.
S.3623, also known as the Durbin-Marshall credit card bill, is intended to reduce credit card routing fees and increase competition. On the surface, that goal is understandable. But the likely unintended consequences for travel, tourism and local consumer spending could be harmful, especially for a state that depends on attracting visitors from across the country.
Like many other consumer-facing industries, travel today is deeply tied to the credit card ecosystem.
Rewards points, airline miles, hotel points and cash-back programs are more than simply perks. For many families, they are what makes a trip possible. These programs help consumers book flights, hotel stays, dining experiences and weekend getaways that fuel local economies.
If those rewards are weakened or eliminated, the likely result will be fewer trips, less discretionary spending and fewer visitors coming to New Mexico.
That matters deeply here.
Last year, New Mexico saw a third consecutive year of record-breaking visitors which generated $12 billion in total economic impact across the state, supporting 95,212 jobs and contributing $838.8 million in state and local taxes. Those dollars support workers, families and the small businesses that serve as economic anchors in communities throughout our state.
In addition, airline rewards programs helped fund travel for more than 87,155 domestic visitors to New Mexico, generating over $117 million in economic activity and supporting 1,217 jobs.
Those numbers translate directly into real economic activity for our chamber members and local communities 鈥 hotel bookings, retail purchases, attraction tickets, transportation spending and wages for New Mexicans whose livelihoods depend on a strong visitor economy.
Our hotels, cultural institutions, retailers, entertainment venues and local attractions represent the employers and community anchors that keep our economy moving.
A slowdown in travel means reduced revenue, delayed hiring, postponed investment and in the worst cases, closed doors and fewer people working.
Competition and consumer protection are important goals. But policies designed to help consumers and merchants should be working to make travel and tourism more accessible and affordable, not weakening the systems that help families travel and support local jobs.
Protecting the tourism economy is an economic imperative. When visitors come, jobs grow, local businesses prosper and communities thrive. When travel slows, the consequences are felt immediately by workers, families and small businesses across New Mexico.
Any legislation that risks disrupting this economic engine deserves thoughtful scrutiny and a full understanding of how deeply travel and consumer spending are tied to New Mexico鈥檚 prosperity.
The strength of New Mexico鈥檚 economy is directly tied to the health of its tourism industry, and that is not something we can afford to take for granted.
Terri Cole is the president and CEO of the Greater sa国际传媒官网网页入口 Chamber of Commerce. Matthew Jaramillo is the chair elect of the New Mexico Chamber of Commerce.