What is the main economy in New Mexico?

What provides the most money for New Mexico’s economy?

The largest contributor to real GDP growth in New Mexico was mining, quarrying, and oil and gas extraction. This industry accounted for 0.94 percentage point of the total growth in real GDP. The second largest contributor was professional and business services.

Is nm a poor state?

New Mexico

New Mexico tops the five poorest U.S. states. New Mexico’s median household income is $51,945, and its poverty rate is 18.2%, the third-highest in the country.

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.

How does New Mexico make most of its money?

Economy of New Mexico. New Mexico is a comparatively poor state, ranking among the lowest in the country in per capita income. About one-half of its economy is based on the service sector, while much of the remainder is centred on extractive industries (mining and oil production).

How does New Mexico make its money?

Oil and gas production, tourism, and federal government spending are important drivers of New Mexico’s economy. … In 2017 New Mexico’s gross domestic product was $94.2 billion.

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What is so special about New Mexico?

In New Mexico, there are only about 12 people per square mile. There are many more sheep and cattle in the state than people. At 7,000 feet above sea level, Santa Fe, New Mexico is the highest capital city in the United States. … New Mexico has one of the greatest temperature ranges in the United States.

What is unique to New Mexico?

Albuquerque Studios is the largest production facility in the country, and over 600 movies have been filmed in the Land of Enchantment over the past century. … From forests (including the country’s largest) to sand dunes, prairies, and dozens of mountains, New Mexico has some of the most diverse landscapes.

Is New Mexico rich state?

The typical New Mexico household earns $47,169 a year which is $36,073 less than the typical household in Maryland, the richest state in the country. Meanwhile, in a number of other states, most households earn at least $75,000 annually. …