IBISWorld Platform
Answer any industry question in minutes with our entire database at your fingertips.
US State economic profile
New Mexico - Economic Profile
Statistics, economic information and rankings for the Land of Enchantment
In 2026, the state of New Mexico has a population of 2,143,395, having grown an annualized 0.2% over the five years to 2026, which ranks it 41st out of all 50 US states by growth rate. New Mexico's gross state product (GSP) in 2026 reached $123.4b, with growth of 4.0% over the 5 years to 2026. Businesses in New Mexico employed a total of 825,773 people in 2026, with average annual employment growth over the past five years of 2.4%. The top three sectors by total employment are Real Estate & Rental & Leasing, Professional, Scientific & Technical Services, Mining, while the unemployment rate across the state in 2026 was 5.0%.
Access this data your way
The New Mexico economic profile is available in multiple formats to fit seamlessly into your workflow.
State economic profile
New Mexico Economic Overview
$123.4b
Gross state product
2,143,395
Population
179,812
Businesses
What is New Mexico's Gross Domestic Product (GDP)?
In 2026, New Mexico's GDP reached $123.4b, representing an increase of 4.0% from 2025. New Mexico's GDP has grown at an annualized rate of 2.9% over the five years to 2026. Moreover, New Mexico's trailing five-year GDP growth ranks it 3rd out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in New Mexico's GDP, and compare them to the national average, using the chart below.
State economic profile
New Mexico Industry Trends
Learn about current trends affecting the most significant industries for New Mexico's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 625 industries in New Mexico.
What are New Mexico's Largest Industries by Revenue?
The largest industries by revenue in New Mexico are Oil Drilling & Gas Extraction, Scientific Research & Development and Hospitals, which generated $24.7b, $11.9b and $9.3b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | Oil Drilling & Gas Extraction | $24.7b |
| 2. | Scientific Research & Development | $11.9b |
| 3. | Hospitals | $9.3b |
| 4. | Health & Medical Insurance | $7.0b |
| 5. | New Car Dealers | $6.6b |
| 6. | Supermarkets & Grocery Stores | $4.4b |
| 7. | Warehouse Clubs & Supercenters | $3.5b |
| 8. | Gas Stations with Convenience Stores | $3.4b |
| 9. | Public Schools | $3.4b |
| 10. | Oil & Gas Field Services | $3.3b |
State economic profile
Top Companies in New Mexico
Learn about current trends affecting the top companies in New Mexico. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.
Top 10 Companies Headquartered in New Mexico by Employment
The largest companies by employment in New Mexico are State Of New Mexico, Walmart and Presbyterian Healthcare Services, which employed 17,000, 15,141 and 14,000 people in 2026.
| Company | 2026 employment | Share of employment | |
|---|---|---|---|
| 1. | State Of New Mexico | 17,000 | 2.1% |
| 2. | Walmart | 15,141 | 1.8% |
| 3. | Presbyterian Healthcare Services | 14,000 | 1.7% |
| 4. | University Of New Mexico | 11,309 | 1.4% |
| 5. | Albuquerque Public Schools | 10,887 | 1.3% |
| 6. | City of Alburquerque | 5,800 | 0.7% |
| 7. | Mcdonald’s corporation | 4,038 | 0.5% |
| 8. | Lovelace Health System | 3,500 | 0.4% |
| 9. | New Mexico State University | 2,508 | 0.3% |
| 10. | Honeywell International | 300 | 0.0% |
State economic profile
New Mexico Sector Statistics
In New Mexico, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is New Mexico's GDP by Sector?
The Real Estate & Rental & Leasing, Professional, Scientific & Technical Services and Mining sectors contributed the most to New Mexico's GDP in 2026, representing a combined 41.5% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state economy, in addition to how the state economy is evolving over time.
| Sector | GDP | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Real Estate & Rental & Leasing | 14,219,967,911 | 2.9% | 3.3% |
| Professional, Scientific & Technical Services | 12,993,805,339 | 7.9% | 8.2% |
| Mining | 9,940,949,169 | 0.3% | 2.5% |
| Healthcare & Social Assistance | 9,115,028,447 | 3.2% | 3.6% |
| Retail Trade | 5,819,228,508 | 0.4% | -1.0% |
| Manufacturing | 4,355,533,264 | 1.1% | 0.9% |
| Accommodation & Food Services | 4,317,077,992 | 4.4% | 3.9% |
| Construction | 3,991,243,867 | 0.5% | -0.0% |
| Finance & Insurance | 3,909,937,011 | 1.5% | 1.3% |
| Administration, Business Support and Waste Management Services | 3,887,269,002 | 4.2% | 4.7% |
| Information | 3,633,060,599 | 4.8% | 5.1% |
| Transportation & Warehousing | 2,991,785,910 | 1.3% | 1.6% |
| Wholesale Trade | 2,852,305,715 | -1.3% | -1.4% |
| Other Services (except Public Administration) | 2,150,103,473 | -0.9% | -0.3% |
| Agriculture, Forestry, Fishing & Hunting | 1,393,829,602 | 2.2% | 5.1% |
| Utilities | 1,290,850,434 | -4.5% | -4.8% |
| Arts, Entertainment & Recreation | 1,287,228,896 | 12.1% | 12.6% |
| Management of Companies and Enterprises | 730,025,166 | -0.8% | 0.3% |
| Educational Services | 636,642,663 | 2.2% | 2.9% |
What is New Mexico's Employment by Sector?
The Healthcare & Social Assistance, Retail Trade and Accommodation & Food Services sectors contributed the most to employment in New Mexico in 2026, representing a combined 43.4% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Healthcare & Social Assistance | 147,139 | 1.6% | 1.3% |
| Retail Trade | 114,317 | 1.5% | 2.0% |
| Accommodation & Food Services | 97,286 | 0.5% | 3.9% |
| Professional, Scientific & Technical Services | 90,902 | 2.5% | 3.6% |
| Construction | 61,652 | 1.0% | 1.8% |
| Administration, Business Support and Waste Management Services | 42,315 | 0.9% | 1.1% |
| Transportation & Warehousing | 36,791 | 2.4% | 7.5% |
| Educational Services | 36,263 | -1.7% | -0.1% |
| Other Services (except Public Administration) | 34,292 | 0.6% | 3.1% |
| Manufacturing | 30,311 | 0.5% | 0.9% |
| Finance & Insurance | 29,501 | 0.4% | 0.3% |
| Real Estate & Rental & Leasing | 25,294 | 1.5% | 3.3% |
| Arts, Entertainment & Recreation | 24,331 | 1.5% | 4.0% |
| Wholesale Trade | 20,616 | 0.0% | 0.4% |
| Mining | 17,066 | -1.7% | 2.1% |
| Utilities | 8,427 | 1.0% | 0.7% |
| Information | 7,985 | -0.3% | 0.9% |
| Agriculture, Forestry, Fishing & Hunting | 1,285 | 2.3% | -0.2% |
State economic profile
New Mexico Employment Trends
825.8k
Employment
5.0%
Unemployment
What Employment Trends are Impacting New Mexico?
The state of New Mexico employs 825,773 people in 2026, which ranks it 39th out of all 50 US states. Employment in New Mexico has grown at an annualized rate of 2.3% over the five years to 2026, overperforming the national average of 1.7%. Major sectors by employment in New Mexico include Healthcare & Social Assistance, Retail Trade and Accommodation & Food Services, which employed 147,139, 114,317 and 97,286 people in 2026, respectively. New Mexico's unemployment rate is 5.0% in 2026, which ranks it 38th out of all 50 US states. New Mexico's unemployment rate has trended downwards at a rate of -6.7% over the five years to 2026, overperforming the US economy as a whole.
Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in New Mexico, and compare them to the US economy, using the chart below.
$109.2k
Per capita disposable income
What is New Mexico's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. New Mexico's DPI in 2026 was $109.2k, compared to the US average of $156.5k, which places it 32nd out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in New Mexico's per capita disposable income, and compare it to the US average, using the chart below.
State economic profile
New Mexico Construction & Building Trends
$2,993.4tn
Nonresidential construction
$2.0tn
Residential construction
7,301
Building permits
What can construction trends tell you about a state’s economy?
In New Mexico, non-residential construction was $2,993.4tn in 2026, which ranks it 28th out of all 50 US states. Residential construction was $2.0tn in 2026, which places New Mexico 34th out of all 50 US states. The number of building permits issued in New Mexico in 2026 was 7,301, representing a -0.8% annualized growth rate between 2021 and 2026.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in New Mexico, and compare it to trends in the number issued in the United States as a whole, using the chart below.
State economic profile
New Mexico Population Statistics
Which Counties in New Mexico have the Largest Populations?
The counties with the highest populations in New Mexico are Bernalillo County, Dona Ana County and Sandoval County, which had populations of 667,687, 230,184 and 162,720 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| Bernalillo | 667.7k | -0.2% | 31.1% |
| Dona Ana | 230.2k | 0.7% | 10.7% |
| Sandoval | 162.7k | 1.4% | 7.6% |
| Santa Fe | 157.0k | 0.2% | 7.3% |
| San Juan | 120.0k | -0.2% | 5.6% |
| Valencia | 81.8k | 1.1% | 3.8% |
| Lea | 71.0k | -0.5% | 3.3% |
| Otero | 69.7k | 0.4% | 3.2% |
| Mckinley | 65.5k | -1.6% | 3.1% |
| Chaves | 62.4k | -0.6% | 2.9% |
| Eddy | 59.6k | -0.4% | 2.8% |
| Curry | 46.3k | -0.7% | 2.2% |
| Rio Arriba | 39.5k | -0.3% | 1.8% |
| Taos | 34.2k | -0.2% | 1.6% |
| Grant | 26.9k | -0.7% | 1.2% |
| Cibola | 26.4k | -0.5% | 1.2% |
| San Miguel | 26.1k | -0.7% | 1.2% |
| Luna | 25.0k | -0.4% | 1.2% |
| Los Alamos | 19.7k | 0.4% | 0.9% |
| Lincoln | 19.6k | -0.7% | 0.9% |
| Roosevelt | 18.5k | -0.5% | 0.9% |
| Torrance | 16.2k | 1.1% | 0.8% |
| Socorro | 15.5k | -1.0% | 0.7% |
| Colfax | 12.2k | -0.3% | 0.6% |
| Sierra | 11.5k | -0.1% | 0.5% |
State economic profile
New Mexico Demographics
In New Mexico, 32.9% of the population has a Bachelors or higher. The largest ethnic group in New Mexico is Hispanic, accounting for 49.6% of the state's population.
Education level in New Mexico
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 32.9 |
| Other | 67.1 |
Race in New Mexico
| Race | Share (%) |
|---|---|
| Hispanic | 49.6 |
| White | 35.4 |
| Other | 10.8 |
| Black | 2.2 |
| Asian | 2.0 |
New Mexico State industry reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level, with accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 625 New Mexico industry reports.
Other states to explore
Compare New Mexico’s economy with other states in the United States.
Cut through the noise with intelligence you can trust
