24. New Mexico (Tie)

The Land of Enchantment is blessed with a strong infrastructure. But lack of business capital can be a curse.

Category
Score
2015 Rank
2014 Rank
Workforce 237 16 (Tie) 30
Cost of Doing Business 197 23 17
Infrastructure 226 5 (Tie) 15
Economy 184 24 (Tie) 43
Quality of Life 186 24 33
Technology & Innovation 93 38 32
Education 77 40 (Tie) 36
Business Friendliness 45 41 47
Cost of Living 57 13 26
Access to Capital 9 42 23
Overall 1311 24 (Tie) 37

Economic Profile

Governor: Susana Martinez, Republican

Population: 2,085,572

GDP growth: 1.0 percent

Unemployment rate (May 2015): 6.2 percent

Top corporate tax rate: 6.9 percent

Top individual income tax rate: 4.9 percent

Gasoline tax: 37 cents/gallon

Bond rating/outlook: Aaa/stable

Major private employer: Presbyterian Healthcare

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

FULL LIST: 2015 TOP STATES FOR BUSINESS

Latest Special Reports

  • Innovative female entrepreneur examining prototype

    In an era of rapid technological advances and demographic change, how do legacy companies adapt, innovate and evolve? CNBC Evolve features iconic global companies and executives who are embracing change and transforming for the future.

  • Invest in You: Ready. Set. Grow. is focused on improving Americans’ money knowledge of saving, spending and investing.

  • Automation, AI and machine learning will radically influence the relationship between employers and their workforce.