50 in 50: New Mexico

50 in 50: New Mexico

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Key Economic Indicators

GDP: $95.0 billion

GDP 5-year compounded annual growth rate (CAGR) (2017-2021): 1.6% (U.S: 1.6%)

GDP per capita: $45,602 (U.S.: $58,154)

Population: 2.1 million

Population 5-year CAGR (2017-2021): 0.3% (U.S.: 0.5%)

Unemployment: 5.3% (U.S.: 3.9%)

Economic outlook ranking: #42 out of 50

Fiscal health ranking: #28 out of 50

Overall tax climate ranking: #36 out of 50

Key Sectors and Metro Areas

Top five industry sectors by 2021 GDP:

Top three industry sectors by GDP 5-year CAGR (2017-2021):

Top three metro areas by GDP:

• Albuquerque
• Las Cruces
• Santa Fe

Top three areas by population 5-year CAGR (2016-2020):

• Las Cruces
• Santa Fe
• Albuquerque

Infrastructure Highlights

Infrastructure: According to the ASCE, New Mexico is among the U.S. states with the least percentage of roads in good condition, having each motorist pay an average $767 per year in costs due to driving on roads in need of repair. Like Nevada, which we reported on last week, New Mexico is a drought-stricken state. It is estimated that it needs nearly $1.2 billion in investments for drinking water infrastructure, along with $320 million for wastewater improvements. Additionally, school buildings need over $400 million in repairs, and officials are still working to determine how to allocate education funds from the American Rescue Plan Act (ARPA). New Mexico will receive at least $3.7 billion from the Infrastructure Investment and Jobs Act (IIJA) over the next five years, divided into the following categories of projects (additional funds may be deployed as federal grants get awarded to states):

Construction spending (Value of Construction Put in Place – CPiP):

• Private Nonresidential 2020 CPiP: $1.6 billion; 9.0% 5-year CAGR (2016-2020), above overall U.S. CAGR of 2.0%
• State & Local 2020 CPiP: $1.9 billion; 7.6% 5-year CAGR (2016-2020), above overall U.S. CAGR of 4.8%

AE Industry

ENR 500 firm headquarters (2022): 3

M&A activity since 2018:

• 3 deals with buyers from New Mexico
• 3 deals with sellers from New Mexico 

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.