An official website of the United States government New Mexico's southern deserts offer the State's most concentrated solar power potential.[18]. According to the U.S. Bureau of Economic Analysis (BEA), between 2007 and 2017, GDP by current dollars in New Mexico increased by 20%. Economy in Albuquerque, New Mexico. These installations also include the missile and spacecraft proving grounds at White Sands. View Comments. [37], The state provides financial incentives for film production. The boom in hydraulic fracturing and horizontal drilling beginning in the mid-2010s led to a large increase in the production of crude oil from the Permian Basin and other U.S. sources; these developments allowed the United States to again become the world's largest producer of crude oil, in 2018. (p) Preliminary. According to the Energy Information Administration, State crude oil output is typically just over 3 percent of the annual U.S. total, and natural gas output is nearly 10 percent of the U.S. total. New Mexico Economy: It is a state in the SW of the United States.The state is bordered by Oklahoma, Texas and Mexico. UNM Bureau of Business and Economic Research 400 Cornell Dr NE, Albuquerque, NM 87131-0001 Main • 505.277.2216 | Data Bank • 505.277.6626 @UNMBBER Industrial output, centered around Albuquerque, includes electric equipment; petroleum and coal products; food processing; printing and publishing; and stone, glass, and clay products. CARLSBAD – New Mexico officials are hoping an appetite for outdoor recreation during the coronavirus pandemic will help the state’s economy recover. Adventure awaits at every corner. The San Juan Basin Gas Area is the largest field of proved natural gas reserves in the United States. Mayor, City of Carlsbad. Limited, scientifically controlled dryland farming prospers alongside cattle ranching. COVID-19 and falling oil prices impacting New Mexico and Eddy County economy This content is being provided for free as a public service to our readers during the coronavirus outbreak. In general personal property is not taxed. However, the state recently got $1.5 million in federal funds to … [33] Oil and gas production, tourism and the federal government drive New Mexico’s economy. Government services (federal government research laboratories, military bases, bureau of Indian affairs, public schools and hospitals) rank second. Cattle, sheep, and other livestock graze most of the arable land of the state throughout the year. Recently enacted Legislation raised the cap of refunded money on what the state of New Mexico refunds to all film and TV productions in a single year from … Future job growth over the next ten years is predicted to be 34.5%, which is higher than the US average of 33.5%. Find out what each area has to offer. State government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies. Virgin Galactic, the first space tourism company to develop commercial flights into space, has decided to put its world headquarters and mission control at Spaceport America in Upham, New Mexico (25 miles (40 km) south of Truth or Consequences); Virgin Galactic had its inaugural launch of the VSS Enterprise spaceship in 2008, and has begun launching ordinary citizens since early 2009. Three Air Force bases, White Sands Missile Range and the federal research facilities at Los Alamos National Laboratory and Sandia National Laboratories are located in New Mexico. And history is created every day. SANTA FE – After several stagnant years, New Mexico’s economy is finally showing signs of growth. It’s unclear how long it might take to truly transform the landscape of New Mexico’s economy. Currently, the economy of Mexico is the 15th largest in the world. Major crops include hay, nursery stock, pecans, and chile peppers. You find them all here in every one of New Mexico's six regions. The warm, semiarid climate has contributed to the exploding population of Albuquerque, attracting new industries to New Mexico. New Mexico Economy - Social Indicators. Important high-technology industries include lasers, data processing, solar energy and semiconductors. Federal government spending is a major driver of the New Mexico economy. Geographically based survey data available from BLS: Employment & Unemployment. New Mexico has an unemployment rate of 5.6%. Albuquerque has an unemployment rate of 5.1%. Between 2001 and 2008, the economy grew at a small but steady pace. Financial incentives and construction of facilities (such as The Albuquerque Studios)[26] have created opportunities for locally based crew members with production reaching an all-time high in 2007. The cost of funding the incentive soared from just $3.4 million in 2004 to $76.7 million in 2009.[29]. - The Sales Tax Rate for New Mexico is 7.5%. Visit New Mexico for a unique family vacation filled with exciting activities like skiing, hiking, shopping and sight seeing. This measurement uses purchasing power parity to account for exchange rate changes over time. Employees at Immigrant-Owned Firms 27,014. The taxable value of property is 1/3 of the assessed value. By contrast, many heavily Indigenous American and Hispanic rural communities remain economically underdeveloped. Employment, Hours, and Earnings from the CES survey (State and Area), Create Customized Maps -- Unemployment Rates. It also adjusts for government rate manipulation. There is a tax imposed by the state and there may also be local taxes imposed by counties and cities. Lumber mills in Albuquerque process pinewood, the chief commercial wood of the rich timber economy of Northern New Mexico. New Mexico’s economy leads other states in job and wage gains since President Donald Trump’s inauguration in January 2017, according to an analysis of … New American Economy is a bipartisan research and advocacy organization fighting for smart federal, state, and local immigration policies that help grow our economy and create jobs for all … Garson Studios is an established film production facility is on the campus of Santa Fe University of Art and Design that has helped turn out many feature-length films with its soundstage and high tech equipment. Since the economic downturn of 2007, New Mexico has been on the path to economic recovery. In the 2005 tax year the average millage was about 26.47 for residential property and 29.80 for non-residential property. Eddy and Lea counties situated in the southeast corner of … [34], Property tax is imposed on real property by the state, by counties, and by school districts. [30], Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. Ranking third is the wholesale (groceries, motor vehi… Other federal installations include national observatories and the technology labs of Los Alamos National Laboratory (LANL) and Sandia National Laboratories (SNL). Much of the state's income is derived from its considerable mineral wealth. — New Mexico’s economy is in rough shape, along with the rest of the country. Federal government websites often end in .gov or .mil. New Mexico has seen the job market increase by 2.8% over the last year. As of the end of August 2007, 30 major projects have been filmed in the state, more than in any other calendar year in history. Albuquerque has seen the job market increase by 3.3% over the last year. Petroleum and coal are also found in smaller quantities. About NAE. Nevada, Arizona, California and Georgia rounded out the top five. As of July 1, 2008, the combined tax rate ranged from 5.125% to 8.4375%. District 1; District 2; District 3; Immigrant Residents 197,508. New Mexicans derive much of their income from mineral extraction. Beginning in 2007, active-duty military salaries are exempt from the state income tax. Located upstream of Las Cruces, the Elephant Butte Reservoir provides a major irrigation source for the extensive farming along the Rio Grande. Many of the federal jobs relate to the military; the state hosts three air force bases (Kirtland Air Force Base, Holloman Air Force Base, and Cannon Air Force Base); a testing range (White Sands Missile Range); and an army proving ground and maneuver range (Fort Bliss – McGregor Range). In 2005 the federal government spent $2.03 on New Mexico for every dollar of tax revenue collected from the state. Most of the incentives are based on job creation. [27] The New Mexico Film Office assists the industry in coming to and filming in the state. Development is occurring at a rapid rate and private investments and businesses have also been increasing. According to the New Mexico Film Office, from 2015 to 2019, the amount of direct in-state spending into the New Mexico economy increased from $289 million to $526 million. New Mexico led nation in pecan, chile production in 2019 December 16, 2020. Even before European exploration, Native Americans mined turquoise for making jewelry. New Mexico specialty crops include piñon nuts, pinto beans, and chiles. make sure you're on a federal government site. New Mexico produces uranium ore (see Uranium mining in New Mexico), manganese ore, potash, salt, perlite, copper ore, beryllium, and tin concentrates. Future job growth over the next ten years is predicted to be 29.5%, which is lower than the US average of 33.5%. [1], In 2008 the percentage of persons below the poverty level was 17.1%.[2]. [32], New Mexico imposes a gross receipts tax on businesses. New Mexico legislative priorities start with virus, economy Associated Press 00:33 15-Jan-21 Latin America and the challenges for true political and economic independence Israel Defense 15:48 14-Jan-21 (2) In percent, seasonally adjusted. https:// ensures that you are connecting to the official website and that any The glob… In New Mexico, recovery took twice that long, with the state surpassing its pre-recession employment levels just before the COVID-19 pandemic brought the economy to a halt. information you provide is encrypted and transmitted securely. Major petroleum and natural gas deposits are located in the Permian Basin in southeast New Mexico and in the San Juan Basin in the northwest. The most important services industry group in New Mexico is the community, business and personal services group. By Hayley Estrada and Steven DeAnda/ NM News Port. Region Is Methane 'Hot Spot,' NASA Finds", "EIA - Greenhouse Gas Emissions Overview", "Study: Methane emissions much higher than EPA says", "Federal Spending Received Per Dollar of Taxes Paid by State, 2005", "Virgin Galactic's website overview of what is to come", "What Would a London to Sydney Nonstop Flight Look Like? National and state treasures are easy to find. Farmers also produce onions, potatoes, and dairy products. Mexico has a mixed economy, which means that it is made up of both privately-owned and state-owned companies. The Carlsbad and Fort Sumner reclamation projects on the Pecos River and the nearby Tucumcari project provide adequate water for limited irrigation in those areas of the desert and semiarid portions of the state where scant rainfall evaporates rapidly, generally leaving insufficient water supplies for large-scale irrigation. (3) Number of jobs, in thousands, seasonally adjusted. Since the end of World War II, the city has gained an ever-growing number of retirees, especially among armed forces veterans and government workers. ", "Facilities fuel New Mexico production boom", "Special effects company to open Duke City branch", New Mexico Taxation and Revenue Department, "Governor Richardson Announces New Laws to Take Effect; New State laws go into effect June 15, 2007", "Gross Receipts Tax Rate Schedule, Effective July 1, 2008 through December 31, 2008", "28 New Mexico towns tap into $45M in incentives", "Governor Signs Film Production Tax Incentives", "State's Incentives Keep Film Industry Growing", New Mexico Department of Labor statistics, Economy of the United States by jursidiction, https://en.wikipedia.org/w/index.php?title=Economy_of_New_Mexico&oldid=996802752, Articles with dead external links from January 2017, Articles with dead external links from December 2016, Articles with permanently dead external links, Articles with dead external links from August 2019, Short description is different from Wikidata, All Wikipedia articles written in American English, Wikipedia articles needing clarification from August 2017, All articles with vague or ambiguous time, Articles with unsourced statements from August 2017, Creative Commons Attribution-ShareAlike License, $39,811 (based on estimated 2017 population of 2,088,070), Processors and controllers (23.9%), ADP machine parts (18.4%), radar apparatuses (3.9%), Other services (excluding Public Administration), Professional, Scientific and Technology Services, Admin and support, waste management and remediation, Agriculture, forestry, fishing and hunting, This page was last edited on 28 December 2020, at 18:07. The site is secure. City of Carlsbad update: Supporting southeast New Mexico's economy in the upcoming legislative session. New Mexico is rich in fossil fuel and alternative energy resources. In 2017, the largest industry in New Mexico was government and government enterprises. [1], In 2017 the per capita personal income was $39,811 (ranked 48th in the nation). Fences, roadblocks, police and troops encircled the building as a precaution against federal warnings about the potential for violence. State government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies. New Mexico’s economy is red hot! This year, the New Mexico film industry has put a record amount of money into New Mexico’s economy- a total of $525.5 million – according to the New Mexico State Film Office.. Other minor locations include the New Mexico Army National Guard Headquarters in Santa Fe county and the National Guard Armory in far northern Rio Rancho in Sandoval county. Oil and gas production, tourism, and federal government spending are important drivers of the state economy. [25], The private service economy in urban New Mexico, especially in Albuquerque, has boomed[clarification needed] in recent decades.[when?] New Mexico is a comparatively poor state, ranking among the lowest in the country in per capita income. This resembles a sales tax but unlike the sales taxes in many states it applies to services as well as tangible goods. Dale Janway. [36], New Mexico law allows governments to provide land, buildings, and infrastructure to businesses to promote job creation. [citation needed], Feature films have used New Mexico as a location since The Indian School in 1898. It is also increasingly gaining notice as a health-conscious community, and contains many hospitals and a high per capita number of massage and alternative therapists. Footnotes [21] The federal government is also a major employer in New Mexico providing more than a quarter of the state's jobs. An economic study ranks New Mexico as one of the worst in the nation when it comes to economic and job growth. State government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies. [40], New Mexico Institute of Mining and Technology, "U.S. Dept of Commerce Bureau of Economic Statistics", http://research.stlouisfed.org/fred2/data/NMLFN.txt, http://research.stlouisfed.org/fred2/data/NMUR.txt, https://www.census.gov/govs/statetax/1032nmstax.html, "Anderson, Lee. Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. Before sharing sensitive information, Data Year 2018. Mexico is an emerging market heavy-weight. In addition to the National Guard, New Mexico has a New Mexico State Defense Force. In 2016, its nominal gross domestic product (GDP) was $1.1 trillion and GDP per capita was $8,700. Normally the business passes the tax on to the purchaser. Positive cases have been identified in communities across New Mexico. Cattle and dairy products top the list of major animal products of New Mexico. [31] About one-half of its economy is based on the service sector, while much of the remainder is centred on extractive industries (mining and oil production). A tax rate of about 30 mills is applied to the taxable value, resulting in an effective tax rate of about 1%. An economic downturn struck southeast New Mexico in late 2020 as the COVID-19 pandemic and business restrictions aimed at stemming the spread of the virus created a slump in fuel demand and reduction in fossil fuel development. Assessed values of residences cannot be increased by more than 3% per year unless the residence is remodeled or sold. New Mexico state Sens. Immigrant Spending Power $3.2B. Oil and gas production, tourism, and federal government spending are important drivers of New Mexico's economy. [35], New Mexico provides a number of economic incentives to businesses operating in the state, including various types of tax credits and tax exemptions. In the midst of this unprecedented public health crisis, the negative impact to the economy has caused many individuals and families to suffer severe financial difficulties. Hay and sorghum top the list of major dryland crops. Defense-related industries include ordnance. Governor Michelle Lujan Grisham has declared a state of public health emergency in New Mexico as a result of the novel coronavirus disease (also known as COVID-19). [14][15][16][17] Nine tenths of electricity production in the State is from coal-fired plants. Tax Rates for New Mexico. Francisco Vásquez de Coronado, a Spanish explorer searching for gold, traveled the region that became New Mexico in 1540–1542.In 1598 the first Spanish settlement was established on the Rio Grande River by Juan de Onate; in 1610 Santa Fe was founded and made the capital of New Mexico.. Film and television post-production9 is also growing? "The History of American Indian Jewelry" – Anderson's Americana Indian & Western Shows", "US soon to leapfrog Saudis, Russia as top oil producer", "The United States is now the largest global crude oil producer - Today in Energy - U.S. Energy Information Administration (EIA)", "Tiny U.S. SNL conducts electronic and industrial research on Kirtland AFB, on the southeast side of Albuquerque. Immigrants and the economy in: New Mexico Choose a District. Immigrant Entrepreneurs 15,433. Fencing blocks an entrance to the New Mexico State capitol building on Wednesday, Jan. 13, 2021, in Santa Fe, New Mexico. Here is how you know. (1) Number of persons, in thousands, seasonally adjusted. [38][39] The New Mexico Film Office estimated at the end of 2007 that the incentive program had brought more than 85 film projects to the state since 2003 and had added $1.2 billion to the economy. Economy in New Mexico. Shannon Pinto, D-Tohatchi, left;Katy Duhigg, D-Albuquerque, top; Carrie Hamblen, D-Las Cruces, bottom; and Mimi Stewart, D-Albuquerque, right, stand for the opening of a 60-day legislative session on Tuesday, Jan. 19, 2021, in Santa Fe, N.M. The .gov means it's official. Several municipalities have imposed an economic development gross receipts tax (a form of municipal infrastructure GRT) that is used to pay for these infrastructure improvements and for marketing their areas. Native American culture abounds. Other federal agencies such as the National Park Service, the United States Forest Service, and the United States Bureau of Land Management are a big part of the state's rural employment base. The Waste Isolation Pilot Plant (WIPP) is located in the Delaware Basin, and is used to store nuclear waste. Immigrant Taxes Paid $996.1M. New Mexico also contains major coal deposits in the northwest corner of the State. [28], In 2011 the state placed a cap of $50 million on tax credits for the film industry. New Mexico is a leading producer of uranium ore, manganese ore, potash, salt, perlite, copper ore, natural gas, beryllium, and tin concentrates. Tourism brings billions of dollars into the economy each year. Other irrigation projects use the Colorado River basin and the San Juan River. Much of New Mexico's geologically-active Rocky Mountain region holds geothermal power potential, and pockets of the State are suitable for wind power development. Gas Area is the 15th largest in the United States installations new mexico economy include the missile and spacecraft proving at... Comparatively poor state, by counties and cities rich in fossil fuel and energy! 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