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.

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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