Top States for Business

38. New Mexico

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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+
Infrastructure1464724D
Life, Health & Inclusion17930--D+
Workforce2051321B-
Economy834627D-
Business Friendliness803844D+
Access to Capital713135D+
Technology & Innovation843037C
Education444845F
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

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