STATE ECONOMIC PROFILE
New Mexico Economic Overview
$107.9b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.5%
30
2,115,145
POPULATION
Growth Rate 2019-24
State Growth Rank
0.1%
41
174,809
BUSINESSES
Growth Rate 2019-24
State Growth Rank
1.7%
44
Overview of the New Mexico Economy
In 2024, the state of New Mexico has a population of 2,115,145, having grown an annualized 0.1% over the five years to 2024, which ranks it 41st out of all 50 US states by growth rate. New Mexico's gross state product (GSP) in 2024 reached $107.9b, with growth of 1.5% over the 5 years to 2024. Businesses in New Mexico employed a total of 773,354 people in 2024, with average annual employment growth over the past five years of 0.7%. The top three sectors by total employment are Real Estate and Rental and Leasing, Mining, Professional, Scientific and Technical Services, while the unemployment rate across the state in 2024 was 4.1%.
What is New Mexico's Gross Domestic Product (GDP)?
In 2024, New Mexico's GDP reached $107.9b, representing an increase of 1.5% from 2023. New Mexico's GDP has grown at an annualized rate of 2.4% over the five years to 2024. Moreover, New Mexico's trailing five-year GDP growth ranks it 30th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in New Mexico's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
New Mexico Industry Trends
What are New Mexico's Largest Industries by Revenue?
The largest industries by revenue in New Mexico are Oil Drilling & Gas Extraction, Scientific Research & Development and Health & Medical Insurance, which generated $28.3b, $8.4b and $8.2b in 2024.
STATE ECONOMIC PROFILE
Top Companies in New Mexico
Top 10 Companies Headquartered in New Mexico by Employment
The largest companies by employment in New Mexico are State Of New Mexico, Honeywell International Inc. and Walmart Inc., which employed 31,100, 15,100 and 14,636 people in 2024.
STATE ECONOMIC PROFILE
New Mexico Sector Statistics
In New Mexico, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is New Mexico's GDP by Sector?
The Real Estate and Rental and Leasing, Mining and Professional, Scientific and Technical Services sectors contributed the most to New Mexico's GDP in 2024, representing a combined 42.0% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is New Mexico's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services sectors contributed the most to employment in New Mexico in 2024, representing a combined 45.6% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
New Mexico Employment Trends
773.4k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
0.3%
5
4.1%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-3.9%
16
What Employment Trends are Impacting New Mexico?
The state of New Mexico employs 773,354 people in 2024, which ranks it 40th out of all 50 US states. Employment in New Mexico has grown at an annualized rate of 0.3% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in New Mexico include Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services, which employed 143,970, 115,703 and 92,778 people in 2024, respectively. New Mexico's unemployment rate is 4.1% in 2024, which ranks it 33rd out of 50 states. New Mexico's unemployment rate has trended downwards at a rate of -3.9% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in New Mexico, and compare them to the US economy, using the chart below.
$96.3k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
6.0
28
What is New Mexico's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. New Mexico's DPI in 2024 was $96.3k, compared to the US average of $129.8k, which places it 28th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in New Mexico's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
New Mexico Construction & Building Trends
$4,367.3tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
22.7%
48
$1.7tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
9.0%
32
8,335
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
9.5%
49
What can construction trends tell you about a state’s economy?
In New Mexico, non-residential construction was $4,367.3tn in 2024, which ranks it 48th out of all US states. Residential construction was $1.7tn in 2024, which places New Mexico 32nd in the United States. The number of building permits issued in New Mexico in 2024 was 8,335, representing a 9.5% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in New Mexico, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
New Mexico Population Statistics
Which Counties in New Mexico have the Largest Populations?
The counties with the highest populations in New Mexico are Bernalillo County, Dona Ana County and Sandoval County, which had populations of 669,667, 226,440 and 157,685 people in 2024.
STATE ECONOMIC PROFILE
New Mexico Demographics
Education Level New Mexico
Race in New Mexico
New Mexico State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 635 New Mexico Industry Reports.
