Top States for Business 2021

38. New Mexico

The Land of Enchantment is low cost, but the schools and infrastructure make for a rude awakening.

New Mexico Score and Ranking

Category 2021 Score 2021 Rank 2019 Rank 2021 Grade
Cost of Doing Business2541126B+
Life, Health & Inclusion17930--D+
Business Friendliness803844D+
Access to Capital713135D+
Technology & Innovation843037C
Cost of Living66715A

Economic Profile

Governor: Michelle Lujan Grisham, Democrat

Population: 2,106,319

GDP growth (Q1 2021): 4.5%

Unemployment rate (May 2021): 8%

Top corporate tax rate: 5.9%

Top individual income tax rate: 5.9%

Gasoline tax: 18.88 cents/gallon

Bond rating (Moody's/S&P): Aa2, stable/AA, stable

Major private employers: Presbyterian Healthcare, PNM Resources

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

America's Top States for Business 2021
A street is closed due to work in the road in Jersey City, New Jersey, U.S. March 31, 2021.
These are America's 10 worst states for infrastructure
Shoppers load up their vehicle outside a HomeGoods store in South Bend, Indiana, on Monday, Nov. 16, 2020.
These are America's 10 cheapest states to live in for 2021