With IRBs, land, buildings and equipment for a project can be exempt from certain taxes as long as the bond is outstanding. IRBs are critical in two situations. This is particularly important in the case of smaller, existing New Mexico companies. Albuquerque's manufacturing sector is growing, despite a relatively flat national trend. Recent successes include Sumitomo Sitix Silicon, an epitaxial wafer manufacturer for the semiconductor industry, and Silmax, Inc., the first eight-inch silicon wafer reclamation facility in the world.
Electronics manufacturing remains our principal target.
These are world-class companies offering customer service and support centers, reservations information and assistance, and other auxiliary office work, such as accounting and credit services. Most recently, we have recruited investment from America Online, Sprint and Citibank, which collectively will employ 1,675 citizens. This is a trend we expect will continue. We know that there will be opportunities beyond each of these industry groups which can help take our community toward long-term stability. We intend to capitalize on them.