Netflix has chosen New Mexico as the site of a new U.S. production hub and is negotiating to buy an existing multimillion-dollar studio complex in the state's largest city.

It is the company's first purchase of such a property, and local officials said Monday that upcoming production work by Netflix in Albuquerque and other New Mexico communities is expected to result in $1 billion in spending over the next decade.

More than $14 million in public economic development funding is being tapped. Republican Gov. Susana Martinez and Albuquerque Mayor Tim Keller, a Democrat, both touted the investment and said years of work to put New Mexico on the movie-making map are paying off.

Previous Netflix series produced in New Mexico include the Emmy-winning limited series "Godless" and "Longmire."