What is New Mexico’s largest industry?

What is the main economy of New Mexico?

The state’s economic pillars are its natural resources, tourism, retail trade and federal government spending. Much of the state’s income is derived from oil and gas. The Permian Basin in New Mexico has more than 25,000 oil wells, including two of the 100 largest oil fields in the nation.

What is the largest industry in Mexico?

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 does New Mexico produce the most of?

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.

THIS IS AMAZING:  Is food in Mexico City Safe?

Is New Mexico 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 is the second largest industry in Mexico?

Economy of Mexico

Unemployment 5.3% (2020 est.) 3.5% (September 2019)
Main industries Food processing beer soft drinks Autocomponents Automoviles electronics chemicals iron and steel petroleum mining textiles clothing motor vehicles consumer durables tourism
Ease-of-doing-business rank 60th (easy, 2020)

What is a major service industry in Mexico?

Within the service sector, the sub-sectors with an enormous contribution to the Gross Domestic Product (GDP) are (according to the Secretary of State for Trade of Mexico 2019): Trade (18.9), real estate and rental services (9.7), tourism (8.9), transport, post and storage (6.1), financial and insurance services (4), …

What are major industries?

Major Industries in the Developing and Developed World

  • Healthcare.
  • Information Technology.
  • Retail.
  • Accounting.
  • Financial Services and Banking.
  • Education.
  • Hospitality.

What are the major industries in Albuquerque?

Industrial output, centered around Albuquerque, includes electric equipment; petroleum and coal products; food processing; printing and publishing; and stone, glass, and clay products. Defense-related industries include ordnance.