Governor Richardson calls the X-Prize Cup, the Nascar of space races.

And, this could also launch a huge, new industry, with space commercialization doing for the Mesilla Valley what computers have done for Silicon Valley. It's a race to build and launch a spaceship and it's happening at White Sands Missile Range, just outside Las Cruces. Entrepreneurs will be asked to create a space shuttle able to carry three people 62 miles into space and return them to earth safely.

Brian Trego is a New Mexico native who welcomes the challenge.

"To have this come here is just a big boost for Sierra County and Dona Ana County."

Four other states were in the running to host the X-Prize Competition, but with the governor's help New Mexico finally beat out Florida for the spot.

The competition is only the beginning for Southern New Mexico.

Officials at White Sands say this could be the first step towards building an inland spaceport here.

Larry Furrow, Chief of Public Affairs at White Sands

"I think the follow up of really creating a spaceport would be the real jewel. That will be what will be the crowning glory of this whole operation.

There is no place that's in the United States of America that has this much Military Space both land and Air Space."

So far more than 20 companies have signed up for the competition.

Experts say the competition would bring thousands of tourists to the area. Restaurants, hotels and gift shops would see an increase in customers. And, if the spaceport is built people can expect to see more high paying jobs in Southern New Mexico.