#32 New Mexico


#34 in Taxation and Regulation

#47 in Workforce Quality

#44 in Living Environment

Right to Work?

Regional Profile – Southwest

STATE
OVERALL REGIONAL RANK
TAXATION & REGULATION REGIONAL RANK
WORKFORCE QUALITY REGIONAL RANK
LIVING ENVIRONMENT REGIONAL RANK
Arizona
2
2
2
2
Arkansas
4
4
4
3
New Mexico
5
5
5
5
Oklahoma
3
3
3
4
Texas
1
1
1
1

Key Industries

Advanced manufacturing, Agriculture, Aerospace, Back Office & Tech Support, Digital Media, Energy, Logistics & Distribution

Key Companies

Alamogordo Financial Group
First State Bancorporation
Net Medical Xpress Solutions
PNM Resources
Santa Fe Gold Corp.

Advantages

New Mexico lowered its corporate tax rate from 6.9% to 6.6%.

Challenges

Not yet recovered from the recession, New Mexico saw less than 1% economic growth and rising unemployment.

Key Contacts

Economic Development Department

Jon Barela, Cabinet Secretary
505-827-0323
Joseph M. Montoya Building
1100 S. St. Francis Drive
Santa Fe, NM 87505-4147

Jon.Barela@state.nm.us
https://gonm.biz/

CEO Comments

“New Mexico expanded its use of Medicaid, which was very beneficial.”

“New Mexico is very aggressive in bringing new business to the state.”

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No 32: New Mexico

No. 32

New Mexico

Taxation and Regulations
Workforce Quality
Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
Taxation and Regulations
  • State Corporate Income Tax Rate: 7.60%
  • Highest Personal Income Tax Rate: 4.90%
Workforce Quality
  • % with High School diploma or more: 82.4
  • % with Bachelor’s degree or more: 24.7
  • % with Advanced degree or more: 10.7
  • Patents per 100K: 21.59
  • % of Employed Represented by Unions: 9.7
Quality of Life
  • Hopsitals per 10K: 0.192
  • Elementary/Secondary Schools per 1000 people: 0.427
  • Violent Crimes per 100K: 625.47
Key Companies
  • Tmst
  • PNM Resources
  • First State Bancorporation
Other Highlights
  • New Mexico fell to #32 from #29 in 2010 — the state took #34 in 2009;
  • New Mexico ranks 16th in state debt per capita with $4004

Sources:
TaxFoundation.org
Statemaster.com
Bureau of Labor Statistics
U.S. Census Bureau
U.S. Patent and Trademark Office
The National Center for Public Policy and Higher Education