CEO Guide to the States

#37

New Mexico

CEO Rank on Best & Worst States for Business

LAUNCHING DEVELOPMENT IN THE LAND OF ENCHANTMENT

The Land of Enchantment has seen a notable influx of businesses leaving cities like Los Angeles, San Francisco and New York in search of the most cost-effective and stable business climates. Meanwhile, the Santa Teresa border region continues to grow as a hotbed for Foreign Direct Investment, where the port of entry saw overall trade increase by 17% in 2019. New Mexico has also become a growing hub for the space industry. HAPSMobile announced in June 2020 it will test operations and development of a specialized communications platform at Spaceport America. SpinLaunch and Sceye are also testing new technologies in the area.

“As the global supply chain evolves, New Mexico has a unique opportunity to expand our role in manufacturing and global trade. By investing in key infrastructure in the Borderplex, we are creating jobs and generating additional revenue for the region and the state.”
Michelle Lujan Grisham
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Job Training Inventive Program (JTIP): Offers employ- ers reimbursements of 50-75% of employee wages for up to six months for on-the-job and classroom training for newly created jobs.

Local Economic Development Act: Offers a discretionary cash-grant incentive program to reimburse costs associated with the land, building and infrastructure improvements of new projects.

High Wage Jobs Tax Credit: Offers a tax credit for each new high wage economic base job (paying over $40,000 in a rural area or $60,000 in a metro) of 8.5% of the wages and benefits for each job created.

Rural Jobs Tax Credit: Offers a credit of up to $1,000 per year for 2 to 4 years for jobs created in rural areas.

EDCs

New Mexico Economic Development Department

gonm.biz/#

NM Partnership

nmpartnership.com

Albuquerque Economic Development

abq.org

Santa Fe Office of Economic Development

santafenm.gov/economic_development

HIGHLIGHTED PROGRAM OR INITIATIVE

Intel announced in September 2021 its new Student Work Program to support a $3.5 billion investment to expand manufacturing operations. The program starts with 70 new paid student interns with the potential to expand into the future. Partners include New Mexico State University, the University of New Mexico, New Mexico Institute of Mining and Technology and Central New Mexico Community College.

BIG DEALS

  • Saputo Dairy USA announced in May 2021 and an expansion and the addition of 150 jobs at its facility in Las Cruces.
  • Intel announced in May 2021 a $3.5 billion investment in its New Mexico operations to support advanced semiconductor packaging technology.
  • NBCUniversal opened its new production facility in Santa Fe in June 2021.
  • National security and technology company BlueHalo announced in July it will locate a campus in Albuquerque and create 64 jobs.
  • Technology consulting firm MTX Group announced in August 2021 it will establish a Southwestern regional office and create 250 hi-tech jobs in Albuquerque.

BIG COMPANIES

  • Intel 
  • PESCO
  • Northrop Grumman
  • Sandia National Laboratories 
  • Pebble Labs
  • 3D Glass Solutions 
  • Virgin Galactic 
  • RS21

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