Best answer: How much does New Mexico make from tourism?

How does New Mexico benefit from tourism?

More than 90,400 jobs, with associated income of $2.4 billion, were sustained by visitors to New Mexico last year. 8.3% of all jobs in the state (1-in-12) are sustained by visitor spending. Tourism in New Mexico generated $629 million in state and local taxes in 2015.

How does tourism help the economy in NM?

ALBUQUERQUE – State officials say tourism accounted for a $6.6 billion boost to New Mexico’s economy last year. Gov. Susana Martinez says that represents the seventh consecutive year of growth for the industry and its largest annual economic impact to date.

Is tourism a popular industry in New Mexico?

Tourism, military, and the oil and gas industry are the major industries in New Mexico. They provide most of the jobs and account for a large amount of the government spending in the state.

Why is the oil and gas industry in New Mexico so important?

Importance of Oil & Gas in New Mexico

These valuable commodities are obtained from more than 2,000 oil and gas fields. In recent years the State of New Mexico derived more than 25% of its general fund revenues from taxes and royalties on oil, natural gas, and carbon dioxide production.

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How much does tourism bring to New Mexico?

Tourism in New Mexico generated $1.5 billion in tax revenues in 2019, with $737 million accruing to state and local governments. A total of 96,064 jobs were sustained by visitors to New Mexico in 2019.

What is Mexico’s major industry?

Mexico has the ninth-largest economy in the world. Its main industries are food and beverages, tobacco, chemicals, iron and steel, petroleum, clothing, motor vehicles, consumer durables, and tourism. It is a major exporter of silver, fruits, vegetables, coffee, cotton, oil and oil products.

What are New Mexico’s 5 industries?

Finance, insurance, real estate, leasing, and rental jointly account for about 17%. Mining, gas and oil extraction, and quarrying are the largest contributors to the growth of real GDP in New Mexico.

What is New Mexico known for producing?

Produce grown across the state includes onions, potatoes, pumpkins, watermelons, lettuce, cabbage, corn, and beans. The state supplies 85% of the nation’s fresh onions during June, and remains the country’s largest producer of her most famous export – chile peppers.