Top States for Business

46. New Mexico

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New Mexico Score and Ranking

CATEGORY  2021 SCORE  2022 RANK 2021 RANK  2022 GRADE 
WORKFORCE2202513C+
INFRASTRUCTURE1653947D
COST OF DOING BUSINESS1832911B
ECONOMY1194246F
LIFE, HEALTH & INCLUSION1014430F
TECHNOLOGY & INNOVATION874330D-
BUSINESS FRIENDLINESS634438F
EDUCATION614548D
ACCESS TO CAPITAL164131D-
COST OF LIVING40117A
OVERALL10554638

Economic Profile

Governor: Michelle Lujan Grisham, Democrat

Population: 2,115,877

GDP growth (Q1 2022): -4.7%

Unemployment rate (May 2022): 5.1%

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

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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