New Mexico leads the nation in the production of molybdenum. It is also a leading producer of potash, manganese ore, copper ore, and uranium.
New Mexico derives most of its revenue from the federal government spending. The federal government is responsible for almost a quarter of the state's jobs. Most of the jobs are related to the military; the state has many air force bases and national observatories. Food-processing, production of chemicals, electrical equipment, and defense are the major industries.
The state ranks third in the United States in oil and gas production. Mining is an important driving force of the economy of the state. New Mexico leads in the production of uranium ore, potash, manganese ore, copper ore, and natural gas. Petroleum and silver is also mined. The state is the leading producer of molybdenum in the nation.
The beautiful scenery of the state attracts a number of visitors to the state every year, boosting the tourism sector. The Carlsbad Caverns National Park, Aztec Ruins National Monument, White Sands, Capulin Volcano, El Morro, Fort Union, Gila Cliff Dwellings, and Salinas Pueblo are the major attractions that draw millions of tourists to the state.
| GDP |
$79.7 billion in 2010 |
| Per Capita Income |
$33,837 in 2010 |
| Unemployment Rate |
6.6% in 2011 |
| Major Sectors |
Mining, agriculture, manufacturing, electrical equipment |
| Major Industries |
Tourism, defense, finance, insurance |
New Mexico imposes a personal income tax rate ranging from 1.7%-4.9%. There is also a provision of property tax that is imposed on real property. The tax is collected at the state, county, and the district levels.
