SNL conducts electronic and industrial research on Kirtland AFB, on the southeast side of Albuquerque. The boom in hydraulic fracturing and horizontal drilling beginning in the mid-2010s led to a large increase in the production of crude oil from the Permian Basin and other U.S. sources; these developments allowed the United States to again become the world's largest producer of crude oil, in 2018. New, Figures and insights about the advertising and media world, Industry Outlook [37], The state provides financial incentives for film production. New Mexico per-capita GDP was $41,348 in 2016. Accessed October 30, 2020., BEA. These installations also include the missile and spacecraft proving grounds at White Sands. Please authenticate by going to "My account" → "Administration". This feature is limited to our corporate solutions. "Per capita real Gross Domestic Product of New Mexico from 2000 to 2019 (in chained 2012 U.S. Important high-technology industries include lasers, data processing, solar energy and semiconductors. "Per Capita Real Gross Domestic Product of New Mexico from 2000 to 2019 (in Chained 2012 U.S. [1], In 2017 the per capita personal income was $39,811 (ranked 48th in the nation). (April 7, 2020). Many of the federal jobs relate to the military; the state hosts three air force bases (Kirtland Air Force Base, Holloman Air Force Base, and Cannon Air Force Base); a testing range (White Sands Missile Range); and an army proving ground and maneuver range (Fort Bliss – McGregor Range). The cost of funding the incentive soared from just $3.4 million in 2004 to $76.7 million in 2009.[29]. Lumber mills in Albuquerque process pinewood, the chief commercial wood of the rich timber economy of Northern New Mexico. Major petroleum and natural gas deposits are located in the Permian Basin in southeast New Mexico and in the San Juan Basin in the northwest. New Mexico GDP represents 0.53% of US GDP which made it the 38th largest state economy in the nation in 2016. In that time the population in New Mexico grew by 3,259 (0.16%) people. Since the end of World War II, the city has gained an ever-growing number of retirees, especially among armed forces veterans and government workers. [14][15][16][17] Nine tenths of electricity production in the State is from coal-fired plants. April 7, 2020. Most of the incentives are based on job creation. Then you will be able to mark statistics as favourites and use personal statistics alerts. The San Juan Basin Gas Area is the largest field of proved natural gas reserves in the United States. Cattle, sheep, and other livestock graze most of the arable land of the state throughout the year. Dollars). US Per-Capita GDP New Mexico Per-Capita GDP New Mexico Population; 2016: $50,577: $41,348: 2,081,015: 2015: $50,155: $41,577: 2,080,328: 2014: $49,253: $40,842: 2,083,024: 2013: $48,538: $39,659: 2,085,193: 2012: $48,173: $40,094: 2,083,784: 2011: $47,595: $40,167: 2,077,756: 2010: $47,287: $40,297: 2,064,756: 2009: $46,680: $40,670: 2,036,802: 2008: $48,401: $41,207: 2,010,662: 2007: … which is $9,229 lower than the US per-capita GDP. Over the 5 years ending in 2016 the New Mexico economy grew in real terms by 3.10% at a compound annual growth rate of 0.61% per year. Its personal per capita income is $25,541. $39 per month* Update, Insights into the world's most important technology markets, Advertising & Media Outlook Even before European exploration, Native Americans mined turquoise for making jewelry. New Mexico is rich in fossil fuel and alternative energy resources. Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Technology Market Outlook [40], New Mexico Institute of Mining and Technology, "U.S. Dept of Commerce Bureau of Economic Statistics",,,, "Anderson, Lee. The warm, semiarid climate has contributed to the exploding population of Albuquerque, attracting new industries to New Mexico. There is a tax imposed by the state and there may also be local taxes imposed by counties and cities. Other minor locations include the New Mexico Army National Guard Headquarters in Santa Fe county and the National Guard Armory in far northern Rio Rancho in Sandoval county. All Countries and Economies. By contrast, many heavily Indigenous American and Hispanic rural communities remain economically underdeveloped. State government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies. As of the end of August 2007, 30 major projects have been filmed in the state, more than in any other calendar year in history. Other irrigation projects use the Colorado River basin and the San Juan River. In 2017 New Mexico's gross domestic product was $94.2 billion. Real dollar values expressed in 2009 chained dollars. New Mexico GDP was $86,046,000,000 in 2016 according to BEA data. [34], Property tax is imposed on real property by the state, by counties, and by school districts. Defense-related industries include ordnance. Cattle and dairy products top the list of major animal products of New Mexico. GDP per capita 2018 The GDP per capita of New Mexico was $44,671 in 2018. Assessed values of residences cannot be increased by more than 3% per year unless the residence is remodeled or sold. Data on is for informational purposes only. Normally the business passes the tax on to the purchaser. [citation needed], Feature films have used New Mexico as a location since The Indian School in 1898. The Carlsbad and Fort Sumner reclamation projects on the Pecos River and the nearby Tucumcari project provide adequate water for limited irrigation in those areas of the desert and semiarid portions of the state where scant rainfall evaporates rapidly, generally leaving insufficient water supplies for large-scale irrigation. Gross Domestic Product (GDP) per capita shows a country's GDP divided by its total … Per capita real Gross Domestic Product of New Mexico from 2000 to 2019 (in chained 2012 U.S. dollars) [Graph]. Federal government spending is a major driver of the New Mexico economy. In general personal property is not taxed. In, BEA. [22][23][24], The New Mexico Tourism Department estimates that in fiscal year 2006 the travel industry in New Mexico generated expenditures of $6.5 billion. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Big Mac index - global prices for a Big Mac 2020, Profit from additional features with an Employee Account.

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