Economy of New Mexico
New Mexico State Quarter
Oil and gas production, tourism, and federal government
spending are important drivers of New Mexico’s eco-
nomy. State government has an elaborate system of tax
credits and technical assistance to promote job growth
and business investment, especially in new technologies.
In 2007 New Mexico’s Gross Domestic Product was
$76.178 billion (preliminary figure).[1] In 2007 the per
capita personal income was $31,474 (rank 43rd in the na-
tion).[2] In 2005 the percentage of persons below the
poverty level was 18.4%.[3] The New Mexico Tourism
Department estimates that in Fiscal Year 2006 the travel
industry in New Mexico generated expenditures of $6.5
billion.[4]
Major industries/products
New Mexico Industries by 2004 Taxable Gross Re-
ceipts (000s)
Retail Trade
12,287,061
Construction
5,039,555
Other Services (excluding Public
Administration)
4,939,187
Professional, Scientific and Technology
Services
3,708,527
Accommodation and Food Services
2,438,460
Wholesale Trade
2,146,066
Health Care and Social Assistance
1,897,471
Utilities
1,654,483
Mining and Oil and Gas Extraction
1,238,211
Manufacturing
926,372
Information and Cultural Industries
849,902
Unclassified Establishments
725,405
Real Estate and Rental and Leasing
544,739
Finance and Insurance
254,223
Transportation and Warehousing
221,457
Public Administration
159,013
Educational Services
125,649
Arts, Entertainment and Recreation
124,017
Admin & Support, Waste Management &
Remediation
73,062
Agriculture, Forestry, Fishing and Hunting
71,853
Management of Companies and Enterprises 48,714
Totals
39,473,429
Source: State of New Mexico Department of Labor
Agricultural and mining
Cattle and dairy products top the list of major animal
products of New Mexico. Cattle, sheep, and other live-
stock graze most of the arable land of the state throughout
the year.
Limited, scientifically controlled dryland farming
prospers alongside cattle ranching. Major crops include
hay, nursery stock, pecans, and chile peppers. Hay and
sorghum