Economy, jobs and prices in New Mexico, United States: official figures
The economy of New Mexico (gross domestic product) was worth $152.1 billion in 2025 at current prices, 0.5% of the US total of $30.86 trillion; 14th smallest of 51. In current dollars it was up 3.3% on 2024.
How fast is the economy of New Mexico growing?
After adjusting for inflation, real GDP in New Mexico grew 1.8% in 2025, against 2.3% for the United States; 21st slowest-growing of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the GDP per capita of New Mexico?
Dividing 2025 GDP by the Census Bureau's population estimate gives $71,569 of output per resident, against $90,294 for the US economy divided by the population of the 50 states and DC; 10th lowest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyIs the economy of New Mexico growing or shrinking?
In the second quarter of 2026, real GDP in New Mexico grew at an annual rate of 0.4% (United States: 2.2%); 10th slowest-growing of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat are the main industries in New Mexico?
In 2025 the largest private industry in New Mexico's economy was mining, oil and gas (12.3% of GDP), followed by real estate, rental and leasing (11.9%) and professional, scientific and technical services (8.1%). Government accounted for 21.5% and manufacturing for 2.9%; the manufacturing share was 4th lowest of 51 (United States: 9.5%).
Source: U.S. Bureau of Economic Analysis · saved copyHow much do people in New Mexico spend?
Consumer spending (personal consumption expenditures) in New Mexico came to $50,932 per person in 2025 (United States: $61,062); 6th lowest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyIs New Mexico expensive to live in?
Prices in New Mexico were 7.8% below the national average in 2024, by BEA's regional price parity of 92.2 (US = 100), which covers goods, services and housing; 15th least expensive of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the inflation rate in New Mexico?
Prices in New Mexico rose 4.0% in 2024, measured by BEA's implicit regional price deflator, against 2.6% nationally (PCE price index).
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the per capita income in New Mexico?
Personal income per person in New Mexico was $62,089 in 2025, against $77,028 for the United States; 6th lowest of 51. It was up 6.2% on 2024 and up 33.3% on 2020, before inflation.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the disposable income per person in New Mexico?
After taxes, disposable personal income per person was $56,237 in 2025 (United States: $67,251); 6th lowest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyHow far does income go in New Mexico?
Adjusted for local price levels, real personal income per person in New Mexico was $51,121 in 2024 in 2017 dollars (United States: $59,195); 3rd lowest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the median household income in New Mexico?
Median household income in New Mexico was $67,816 in 2024 (margin of error ±$1,867), against $81,604 for the United States; 8th lowest of 51 by the point estimate. It was up 5.8% on 2023 after adjusting for inflation (American Community Survey).
Source: U.S. Census Bureau · saved copyHow unequal are incomes in New Mexico?
The Gini index of household income inequality in New Mexico was 0.472 in 2024 (0 means equal incomes, 1 means one household has everything; United States: 0.481); tied for 17th most unequal of 51.
Source: U.S. Census Bureau · saved copyWhat is the unemployment rate in New Mexico?
The unemployment rate in New Mexico was 4.7% in September 2026 (seasonally adjusted, preliminary), up from 4.2% a year earlier; tied for 8th highest of 51. The rate for the 50 states and DC combined was 4.2%.
Source: U.S. Bureau of Labor Statistics · saved copyHow many people are unemployed in New Mexico?
In September 2026, 45,960 people in New Mexico were unemployed and 922,439 employed, out of a labor force of 968,399.
Source: U.S. Bureau of Labor Statistics · saved copyWhat was the unemployment rate in New Mexico in 2025?
Over 2025 the unemployment rate in New Mexico averaged 4.2% (an 11-month average: October 2025 was not collected during the federal shutdown), against 4.1% in 2024; tied for 20th highest of 51. The lowest annual rate since 1976 was 3.6% in 2007.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the average salary in New Mexico?
Workers covered by unemployment insurance in New Mexico were paid $63,124 on average in 2025 ($1,214 a week), up 3.6% on 2024; the US average was $78,720. That is 11th lowest of 51.
Source: U.S. Bureau of Labor Statistics · saved copyHow many jobs are there in New Mexico?
Employers in New Mexico had an average of 875,212 jobs on their payrolls in 2025 across 68,693 establishments, up 0.6% on 2024 (United States: up 0.5%).
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the median wage in New Mexico?
The median annual wage across all occupations in New Mexico was $47,210 in May 2025 (mean $62,330); 10th lowest of 51. One in ten workers earned less than $28,760 and one in ten more than $110,070.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the most common job in New Mexico?
The most common occupation in New Mexico in May 2025 was home health and personal care aides, with 38,910 workers and a median annual wage of $28,520.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the median household income in New Mexico?
Median household income in New Mexico was $67,838 in 2024, 8th lowest among the 50 states and DC (U.S.: $81,604). In 2019 it was $52,021, so it has risen 30.4% before allowing for inflation.
Source: U.S. Census Bureau · saved copyWhat is the average rent in New Mexico?
The median gross rent in New Mexico, including utilities, was $1,117 a month in 2024, up 3.0% on 2023 ($1,084); 17th lowest among the 50 states and DC (U.S.: $1,487).
Source: U.S. Census Bureau · saved copyWhat is the median home value in New Mexico?
Homeowners in New Mexico valued their homes at a median of $279,900 in 2024, up 9.2% on 2023 ($256,300); 17th lowest among the 50 states and DC (U.S.: $360,600).
Source: U.S. Census Bureau · saved copyHow affordable are homes in New Mexico?
The median home value in New Mexico was 4.1 times the median household income in 2024 ($279,900 against $67,838); 23rd lowest ratio among the 50 states and DC (U.S.: 4.4).
Source: U.S. Census Bureau · saved copyIs rent affordable in New Mexico?
A household on the median income in New Mexico would spend 19.8% of its income on the median rent of $1,117 a month in 2024 (U.S.: 21.9%).
Source: U.S. Census Bureau · saved copyHow New Mexico compares with other states
Gross domestic product, 2025 (current dollars) (2025)
New Mexico ranks 38 of 51, highest first.
| Rank | Region | Gross domestic product, 2025 (current dollars) |
|---|---|---|
| 35 | Arkansas | $196.0 billion |
| 36 | District of Columbia | $193.0 billion |
| 37 | Mississippi | $162.8 billion |
| 38 | New Mexico | $152.1 billion |
| 39 | Idaho | $137.4 billion |
| 40 | New Hampshire | $128.3 billion |
| 41 | Hawaii | $123.2 billion |
GDP per resident, 2025 (BEA GDP / Census population) (2025)
New Mexico ranks 42 of 51, highest first.
| Rank | Region | GDP per resident, 2025 (BEA GDP / Census population) |
|---|---|---|
| 39 | Louisiana | $74,125 |
| 40 | Michigan | $72,462 |
| 41 | Maine | $71,898 |
| 42 | New Mexico | $71,569 |
| 43 | Montana | $70,713 |
| 44 | Kentucky | $68,065 |
| 45 | South Carolina | $67,929 |
Real GDP growth, 2025 (2025)
New Mexico ranks 31 of 51, highest first.
| Rank | Region | Real GDP growth, 2025 |
|---|---|---|
| 28 | Indiana | 1.9% |
| 29 | Pennsylvania | 1.8% |
| 30 | North Carolina | 1.8% |
| 31 | New Mexico | 1.8% |
| 32 | South Dakota | 1.8% |
| 33 | New Hampshire | 1.7% |
| 34 | Louisiana | 1.5% |
Real GDP growth, 2026:Q2 (annual rate) (2026:Q2)
New Mexico ranks 42 of 51, highest first.
| Rank | Region | Real GDP growth, 2026:Q2 (annual rate) |
|---|---|---|
| 39 | Kentucky | 0.7% |
| 40 | Hawaii | 0.7% |
| 41 | Washington | 0.6% |
| 42 | New Mexico | 0.4% |
| 43 | Oklahoma | 0.3% |
| 44 | Louisiana | 0.2% |
| 45 | Montana | 0.1% |
Personal income per person, 2025 (2025)
New Mexico ranks 46 of 51, highest first.
| Rank | Region | Personal income per person, 2025 |
|---|---|---|
| 43 | Idaho | $64,200 |
| 44 | Louisiana | $64,103 |
| 45 | South Carolina | $63,435 |
| 46 | New Mexico | $62,089 |
| 47 | Arkansas | $61,697 |
| 48 | Kentucky | $60,835 |
| 49 | Alabama | $59,754 |
Real personal income per person, 2024 (adjusted for local prices, 2017 dollars) (2024)
New Mexico ranks 49 of 51, highest first.
| Rank | Region | Real personal income per person, 2024 (adjusted for local prices, 2017 dollars) |
|---|---|---|
| 45 | South Carolina | $52,463 |
| 46 | Kentucky | $52,290 |
| 47 | Hawaii | $52,272 |
| 48 | Alabama | $52,216 |
| 49 | New Mexico | $51,121 |
| 50 | West Virginia | $50,051 |
| 51 | Mississippi | $48,465 |
Median household income, 2024 (ACS) (2024)
New Mexico ranks 44 of 51, highest first.
| Rank | Region | Median household income, 2024 (ACS) |
|---|---|---|
| 41 | Tennessee | $71,997 |
| 42 | Indiana | $71,959 |
| 43 | Missouri | $71,589 |
| 44 | New Mexico | $67,816 |
| 45 | Alabama | $66,659 |
| 46 | Oklahoma | $66,148 |
| 47 | Kentucky | $64,526 |
Regional price parity, 2024 (US = 100) (2024)
New Mexico ranks 37 of 51, highest first.
| Rank | Region | Regional price parity, 2024 (US = 100) |
|---|---|---|
| 34 | Indiana | 93.3 |
| 35 | Ohio | 92.8 |
| 36 | Wyoming | 92.7 |
| 37 | New Mexico | 92.2 |
| 38 | Tennessee | 91.9 |
| 39 | Missouri | 90.8 |
| 40 | Kentucky | 90.2 |
Unemployment rate, September 2026 (seasonally adjusted) (September 2026)
New Mexico ranks 10 of 51, highest first.
| Rank | Region | Unemployment rate, September 2026 (seasonally adjusted) |
|---|---|---|
| 7 | Washington | 4.8% |
| 8 | Kentucky | 4.7% |
| 9 | Nevada | 4.7% |
| 10 | New Mexico | 4.7% |
| 11 | Illinois | 4.6% |
| 12 | Delaware | 4.6% |
| 13 | Minnesota | 4.5% |
Unemployment rate, 2025 annual average (2025)
New Mexico ranks 21 of 51, highest first.
| Rank | Region | Unemployment rate, 2025 annual average |
|---|---|---|
| 18 | Arizona | 4.3% |
| 19 | Louisiana | 4.3% |
| 20 | Texas | 4.2% |
| 21 | New Mexico | 4.2% |
| 22 | West Virginia | 4.2% |
| 23 | Arkansas | 4.1% |
| 24 | Missouri | 4.0% |
Labor force participation rate, September 2026 (September 2026)
New Mexico ranks 49 of 51, highest first.
| Rank | Region | Labor force participation rate, September 2026 |
|---|---|---|
| 45 | North Carolina | 57.8% |
| 46 | Delaware | 57.8% |
| 47 | Florida | 57.3% |
| 48 | Alabama | 56.8% |
| 49 | New Mexico | 56.6% |
| 50 | Mississippi | 54.5% |
| 51 | West Virginia | 53.8% |
Average annual pay, 2025 (QCEW) (2025)
New Mexico ranks 41 of 51, highest first.
| Rank | Region | Average annual pay, 2025 (QCEW) |
|---|---|---|
| 38 | Wyoming | $63,535 |
| 39 | Iowa | $63,469 |
| 40 | Kansas | $63,212 |
| 41 | New Mexico | $63,124 |
| 42 | Louisiana | $63,090 |
| 43 | Nebraska | $63,063 |
| 44 | Montana | $62,882 |
Median annual wage, all occupations, May 2025 (OEWS) (May 2025)
New Mexico ranks 42 of 51, highest first.
| Rank | Region | Median annual wage, all occupations, May 2025 (OEWS) |
|---|---|---|
| 39 | Missouri | $47,800 |
| 40 | Nevada | $47,660 |
| 41 | Tennessee | $47,380 |
| 42 | New Mexico | $47,210 |
| 43 | South Dakota | $47,080 |
| 44 | Kentucky | $46,920 |
| 45 | South Carolina | $46,490 |
Median household income (2024)
New Mexico ranks 44 of 51, highest first. Census Bureau SAIPE model estimates
| Rank | Region | Median household income |
|---|---|---|
| 41 | Tennessee | $72,007 |
| 42 | Indiana | $71,958 |
| 43 | Missouri | $71,583 |
| 44 | New Mexico | $67,838 |
| 45 | Alabama | $66,704 |
| 46 | Oklahoma | $66,124 |
| 47 | Kentucky | $64,481 |
Median gross rent (monthly) (2024)
New Mexico ranks 35 of 51, highest first. Renter-occupied units paying cash rent
| Rank | Region | Median gross rent (monthly) |
|---|---|---|
| 32 | Montana | $1,177 |
| 33 | Michigan | $1,168 |
| 34 | Wisconsin | $1,142 |
| 35 | New Mexico | $1,117 |
| 36 | Indiana | $1,104 |
| 37 | Nebraska | $1,102 |
| 38 | Ohio | $1,090 |
Median value of owner-occupied homes (2024)
New Mexico ranks 35 of 51, highest first. Owner-reported value
| Rank | Region | Median value of owner-occupied homes |
|---|---|---|
| 32 | Wisconsin | $294,700 |
| 33 | South Dakota | $289,600 |
| 34 | Illinois | $280,700 |
| 35 | New Mexico | $279,900 |
| 36 | Pennsylvania | $277,600 |
| 37 | North Dakota | $266,100 |
| 38 | Nebraska | $263,100 |
More on New Mexico: overview · health · education and schools · poverty and living standards · government budget · the United States
Sources
- U.S. Census Bureau: Household Income in States and Metropolitan Areas: 2024 (ACSBR-025), Appendix Table 1: median household income and Gini index by state, 2023 and 2024 American Community Survey, read 23 October 2026 · saved copy (SHA-256 5de1b0d5ec46…)
- U.S. Bureau of Economic Analysis: SASUMMARY: State annual summary statistics: personal income, GDP, consumer spending, price indexes, and employment (updated 30 September 2026), read 23 October 2026 · saved copy (SHA-256 a3757d207c05…)
- U.S. Bureau of Economic Analysis: SAGDP: Annual GDP by state, 1997-2025 (table SAGDP2, GDP in current dollars by industry), read 23 October 2026 · saved copy (SHA-256 3d3c5bc7bd24…)
- U.S. Bureau of Economic Analysis: SQGDP: Quarterly GDP by state, 2005-2026 Q2 (table SQGDP11, percent change in real GDP at annual rate), read 23 October 2026 · saved copy (SHA-256 1649260cdceb…)
- U.S. Bureau of Labor Statistics: Local Area Unemployment Statistics: employment status of the civilian noninstitutional population, states, monthly, seasonally adjusted, read 23 October 2026 · saved copy (SHA-256 7bb6f18d4145…)
- U.S. Bureau of Labor Statistics: Local Area Unemployment Statistics: employment status of the civilian noninstitutional population, states, annual averages 1976-2025, read 23 October 2026 · saved copy (SHA-256 262aba7d00df…)
- U.S. Bureau of Labor Statistics: Occupational Employment and Wage Statistics, May 2025 state estimates (state_M2025_dl.xlsx), read 23 October 2026 · saved copy (SHA-256 74d5be0e1df8…)
- U.S. Bureau of Labor Statistics: Quarterly Census of Employment and Wages, 2025 annual averages, all industries (open data CSV slice), read 23 October 2026 · saved copy (SHA-256 5a5f89142aae…)
- U.S. Census Bureau: American Community Survey 2024 1-year estimates, table-based summary file: Median gross rent (B25064), read 23 October 2026 · saved copy (SHA-256 8624f9775add…)
- U.S. Census Bureau: American Community Survey 2024 1-year estimates, table-based summary file: Median value of owner-occupied homes (B25077), read 23 October 2026 · saved copy (SHA-256 27120d5d8a5f…)
- U.S. Census Bureau: Small Area Income and Poverty Estimates (SAIPE): 2024 poverty and median household income, states and counties, read 23 October 2026 · saved copy (SHA-256 cb52c47d75c1…)
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