Key Facts
- Per Capita Real GDP
- $30,943 Rank: 41/50 (2007)
- Population
- 1,984,360 Rank: 36/50 (2008)
- Per Capita Personal Income
- $29,673 Rank: 44/50 (2006)
- Unemployment Rate
- 3.10% Rank: 6/50 (2008)
- Business Tax Climate Index
- Rank: 23/50 (2008)
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New Mexico: Introduction
Situated on the Mexican border in the heart of America’s southwest, New Mexico is a state rich in history and culture. A high population of Hispanics and Native Americans gives New Mexico a diverse demographic makeup while pulling aspects from each demographic group to form a truly distinct culture. Vast expanses of arid and semi-arid land dotted with cacti and sagebrush also creates a unique landscape. Only 0.19% of New Mexico’s land is covered by water, giving it the lowest proportion of water area to total area of any U.S. state. Three major Air Force bases call New Mexico home, as well as a missile testing range, an army proving ground, and the notorious city of Roswell, where a supposed UFO sighting still musters up controversy.
Government spending constitutes a particularly large portion of the New Mexico economy. The government is the single largest employer in the state, due in large part to the numerous military instillations. Construction, tourism, and manufacturing all contribute significantly to the state economy. Oil and gas extraction as a contributor to GDP has increased over 500% in the past decade, making it one of the fastest growing industries in the state. Virgin Galactic, the world’s first private space tourism company, is also based in New Mexico.
