37. New Mexico

The Land of Enchantment’s low costs might be charming, but the regulatory climate is not. Compared to its fast-growing neighbors to the east, the state’s economy is practically in a trance.

Published 4:20 PM ET Tue, 24 June 2014 Updated 3:17 PM ET Wed, 2 July 2014 CNBC.com

Category	Score	2014 Rank	2013 Rank
Cost of Doing Business	284	17	15
Workforce	137	30 (Tie)	38
Quality of Life	129	33	26
Infrastructure & Transportation	210	15	23
Economy	165	43	30
Education	62	36	46
Technology & Innovation	111	32	32
Business Friendliness	46	47	47
Cost of Living	25	26	25
Access to Capital	14	23 (Tie)	29
Overall	1183	37	33 (Tie)

Economic Profile

Governor: Susana Martinez, Republican

Population: 2,085,287

GDP growth: 1.5 percent

Unemployment rate (May 2014): 6.8 percent

Top corporate tax rate: 7.6 percent

Top individual income tax rate: 4.9 percent

Gasoline tax: 37 cents/gallon

Bond rating/outlook: Aaa/stable

Major private employer: Wal-Mart

Economic profile sources: Federation of Tax Administrators, American Petroleum Institute, Moody's Investor Service, Bureau of Economic Analysis, Bureau of Labor Statistics, New Mexico FY 2013 CAFR

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