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New Mexico Is 30th Best State for Business 2014

New Mexico’s GDP growth is significantly lower than other states at just 0.2%, compared to Florida’s 2.4% and Texas’ 4.8%. However, both its unemployment and tax rates are lower than the national average (6.4% and 8.4%, respectively). It's also suffering from growing pains, including traffic gluts and increased crime in the Carlsbad area. In Albuquerque, the city has received a $100,000 grant, which it plans to use to build a research district, called Innovate Albuquerque, and generate new jobs.

Previous State: Arkansas Next State: Montana

No. 30 New Mexico

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 1.5
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): -2.3

Unemployment

  • Unemployment Rate Dec. 2013 %: 6.4
  • Comparison with Nat’l Rate (6.70%): -0.3

Domestic Migration

  • Domestic Net Migration 2013: -10,526
  • Rank: 41

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 3,525
  • State & Local Gov’t Employees per 10k Residents: 680.4

State-Local Tax Burden

  • Rate (%): 8.4%
  • Compared to Nat’l Avg. (9.9%): -1.42%
Key Companies
  • PNM Resources
  • First State Bancorporation
Development Trend Indicator: Positive
Enacts huge cut in corporate income-tax rate as attractiveness brightens.


Based on CEO Survey by ChiefExecutive.net

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation

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J.P. Donlon

J.P. Donlon is Editor Emeritus of Chief Executive magazine.
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