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

Top States For Business

From the Governors

Latest Special Reports

  • CNBC's ninth annual study measures all 50 states on more than 60 different metrics.

  • Waitress tablet

    Trailblazers leveraging the power of technology and innovation to grow their business—and disrupt the competition.

  • Advisor-centric content with guest columns covering practice management, investment strategies and marketing/social media.