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Payroll & Bookkeeping Services in New Mexico

Author.Name IBISWorld United States Last Updated: April 2025 NAICS NM54121b

Payroll & Bookkeeping Services in New Mexico industry analysis

The Payroll & Bookkeeping Services industry in New Mexico is expected to grow an annualized x.x% to $x.x million over the five years to 2025, while the national industry will likely grow at x.x% during the same period. Industry establishments increased an annualized x.x% to x,xxx locations. Industry employment has increased an annualized x.x% to x,xxx workers, while industry wages have increased an annualized x.x% to $x.x million.

Over the five years to 2030, the industry is expected to grow an annualized x.x% to $x.x million, while the national industry is expected to grow x.x%. Industry establishments are forecast to grow x.x% to x,xxx locations. Industry employment is expected to increase an annualized x.x% to x,xxx workers, while industry wages are forecast to increase x% to $x.x million.

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About the Payroll & Bookkeeping Services in New Mexico Market Research Report

What’s Included in the Payroll & Bookkeeping Services in New Mexico Market Research Report

Definition of the Payroll & Bookkeeping Services in New Mexico?

Operators in this industry provide outsourced payroll services for clients’ employees and basic bookkeeping services are also included. However, this industry does not include tax preparation companies or certified public accountants.

What’s included in the Payroll & Bookkeeping Services in New Mexico?

The Payroll & Bookkeeping Services in New Mexico includes full-service payroll services, payroll services sold separately, billing services, bookkeeping and compliation services, general accounting services, tax planning and consulting services and tax preparation and representation services. Related terms covered in the Payroll & Bookkeeping Services in New Mexico industry report includes the procurement of goods or services under contract with an outside supplier, keeping record of a business' financial transactions and when businesses bring outsourced functions in-house to save money or improve service quality.

Industry Performance of the Payroll & Bookkeeping Services industry in New Mexico

Benchmark the Payroll & Bookkeeping Services in New Mexico industry performance with all NM county and national performance.

Payroll & Bookkeeping Services in New Mexico

#35 in Highest Revenue 0.3% of state's GDP
Revenue (2025)
Annual Growth (2020-25)
Annual Growth (2025-30)

Payroll & Bookkeeping Services in the US


Revenue (2025)
Annual Growth (2020-25)
Annual Growth (2025-30)

For the full list of industry drivers, see report purchase options.

Key Drivers of the Payroll & Bookkeeping Services industry in New Mexico

See how key industry drivers, such as population, new business formation, median houshold income, number of businesses, corporate profit and access to credit are impacting Payroll & Bookkeeping Services in New Mexico

New Mexico Economic Indicators

Population
New Business Formation
Median Houshold Income

View more economic information in NM State Economic profile

US Key External Drivers

Number of businesses
Corporate profit
Access to credit

For the full list of industry drivers, see report purchase options.

County Data of the Payroll & Bookkeeping Services industry in New Mexico

Access proprietary data on county in the Payroll & Bookkeeping Services in New Mexico, such as Bernalillo County, Eddy County and Doã±a Ana County. Data includes figures on revenue, establishments, employees and wages by counties.

Key Statistics of the Payroll & Bookkeeping Services industry in New Mexico

Download 18 years of historical data and 5 years of projected performance.

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Top Questions Answered in this Report

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What is the market size of the Payroll & Bookkeeping Services industry in New Mexico in 2025?

The market size of the Payroll & Bookkeeping Services industry in New Mexico is $257.2m in 2025.

How many businesses are there in the Payroll & Bookkeeping Services industry in New Mexico in 2025?

There are 1,327 businesses in the Payroll & Bookkeeping Services industry in New Mexico, which has been growing at an average annual rate of 2.2% from 2020 to 2025.

Has the Payroll & Bookkeeping Services industry in New Mexico grown or declined over the past 5 years?

The market size of the Payroll & Bookkeeping Services industry in New Mexico has been growing at an average annual rate of 4.8% from 2020 to 2025.

How many employees in the Payroll & Bookkeeping Services industry in New Mexico in 2025?

There are 1,911 employees in the Payroll & Bookkeeping Services industry in New Mexico, which has been growing at an average annual rate of 2.1% from 2020 to 2025.