However, the state recently got $1.5 million in federal funds to … New Mexico’s economy is red hot! In 2005 the federal government spent $2.03 on New Mexico for every dollar of tax revenue collected from the state. This group includes private health care, motels and ski resorts, engineering companies, private research laboratories and repair shops. (1) Number of persons, in thousands, seasonally adjusted. Tourism brings billions of dollars into the economy each year. 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. In general personal property is not taxed. 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. [27] The New Mexico Film Office assists the industry in coming to and filming in the state. Source: U.S. Bureau of Labor Statistics State government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies. Since the economic downturn of 2007, New Mexico has been on the path to economic recovery. Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. make sure you're on a federal government site. Fences, roadblocks, police and troops encircled the building as a precaution against federal warnings about the potential for violence. 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 … [32], New Mexico imposes a gross receipts tax on businesses. There is a tax imposed by the state and there may also be local taxes imposed by counties and cities. Mexico has a mixed economy, which means that it is made up of both privately-owned and state-owned companies. Cattle and dairy products top the list of major animal products of New Mexico. [30], Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. Economy in Albuquerque, New Mexico. SNL conducts electronic and industrial research on Kirtland AFB, on the southeast side of Albuquerque. 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. [22][23][24], The New Mexico Tourism Department estimates that in fiscal year 2006 the travel industry in New Mexico generated expenditures of $6.5 billion. (3) Number of jobs, in thousands, seasonally adjusted. Positive cases have been identified in communities across New Mexico. According to a recent report by Bloomberg, New Mexico’s economy leads other states in job and wage gains since January 2017, according to analyses by the Federal Reserve Bank of Philadelphia. Defense-related industries include ordnance. 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. And history is created every day. [21] The federal government is also a major employer in New Mexico providing more than a quarter of the state's jobs. [10][11][12][13] New Mexico's oil and gas operations contribute to the state's above-average release of the greenhouse gas methane, including from a national methane hot spot in the Four Corners area. 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. According to the U.S. Bureau of Economic Analysis (BEA), between 2007 and 2017, GDP by current dollars in New Mexico increased by 20%. [33] By Hayley Estrada and Steven DeAnda/ NM News Port. Data Year 2018. Located upstream of Las Cruces, the Elephant Butte Reservoir provides a major irrigation source for the extensive farming along the Rio Grande. National and state treasures are easy to find. New Mexico led nation in pecan, chile production in 2019 December 16, 2020. 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. 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. In 2018, its gross domestic product was $2.6 trillion. 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