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New Mexico ranks 5th in geographic size in the United States. However, with a population of nearly 2 million people, the Land of Enchantment ranks 36th among the states in population size. Albuquerque is the largest city, with over 790,000 people.
The federal government provides the largest sector of employment in New Mexico, and many of these jobs are military in nature. Several military bases exist in the state.
The Land of Enchantment’s sheer beauty propels its important tourism industry. Many national parks and forests attract visitors every year. Additionally, the melting pot of Spanish and Native American cultures provides a vibrant backdrop to the tourism industry.
New Mexico’s economy relies upon its mineral extraction industries. The state is a major source of uranium ore, manganese ore, potash, copper ore, coal, tin concentrates, beryllium, natural gas, salt, turquoise, gold, and silver. New Mexico leads the nation in molybdenum production.
Although New Mexico’s arid climate offers little in terms of irrigation, agriculture remains important to its economy. Much of the land is used for grazing cattle and sheep. Other products include poultry, hay, sorghum grains, onions, pecans, potatoes, and dairy products. New Mexico also prides itself on uniquely southwestern products such as chili peppers and pinto beans.
Manufacturing industries in New Mexico include computer products, electronics, chemicals, petroleum products, and food processing.
In 2005, New Mexico ranked 45th in the U.S. in per capita personal income (PCPI) at $27,912, which is 81 percent of the national average. The average annual growth rate of PCPI between 1995 and 2005 was 4.2 percent, compared to the average annual growth rate for the nation of 4.1 percent. In 2005, New Mexico ranked 44th in the U.S. in median household income at $37,492. The Land of Enchantment boasts a home ownership rate of nearly 71.4 percent. Its unemployment rate is 5.3 percent. New Mexico’s top bracket of personal income tax is 5.3 percent; the state levies a gross receipts tax of 5 percent. New Mexico’s cost of living is slightly lower than the national average.
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