Economy of New Mexico
 |
|
| Statistics | |
|---|---|
| GDP | $94.8 billion |
|
GDP per capita
|
$45,465 (based on estimated 2015 population of 2,085,109) |
|
Population below poverty line
|
17.1% |
| 0.453 | |
|
Labor force
|
934,200 |
| Unemployment | 6.6% |
| External | |
|
Export goods
|
Processors and controllers (23.9%), ADP machine parts (18.4%), radar apparatuses (3.9%) |
|
Main export partners
|
|
| Public finances | |
| Revenues | $4,413.988 million |
| Expenses | $6,080 million |
Oil and gas production, tourism, and federal government spending are important drivers of New Mexico's economy. State government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies.
In 2014 New Mexico's gross domestic product was $94.8 billion.
In 2014 the per capita personal income was $45,465 (ranked 37th in the nation).
In 2005 the percentage of persons below the poverty level was 18.4%.
Cattle and dairy products top the list of major animal products of New Mexico. Cattle, sheep, and other livestock graze most of the arable land of the state throughout the year.
Limited, scientifically controlled dryland farming prospers alongside cattle ranching. Major crops include hay, nursery stock, pecans, and chile peppers. Hay and sorghum top the list of major dryland crops. Farmers also produce onions, potatoes, and dairy products. New Mexico specialty crops include piñon nuts, pinto beans, and chiles.
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. Located upstream of Las Cruces, the Elephant Butte Reservoir provides a major irrigation source for the extensive farming along the Rio Grande. Other irrigation projects use the Colorado River basin and the San Juan River.
Lumber mills in Albuquerque process pinewood, the chief commercial wood of the rich timber economy of Northern New Mexico.
New Mexicans derive much of their income from mineral extraction. Even before European exploration, Native Americans mined turquoise for making jewelry. After the Spanish introduced refined silver alloys they were incorporated into the Indian jewelry designs. New Mexico produces uranium ore (see Uranium mining in New Mexico), manganese ore, potash, salt, perlite, copper ore, beryllium, and tin concentrates.
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Wikipedia