Economy of New Mexico

June 29, 2010US State Economiesby EconomyWatch

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New Mexico Economy - Social Indicators

New Mexico Economy : It is a state in the SW of the United States. The state is bordered by Oklahoma, Texas and Mexico. In its northwestern corner Colorado, New Mexico, Arizona and Utah meet at right angles.

The state has total geographical area of 121,589 sq mi; with a land area of 121,356 sq mi; and total acres forested 16.7 mil.

The state economy derives much more revenues from the mineral wealth. Apart from this the state is also a leading producer of Uranium ore, Manganese ore, Potash, salt, Perlite, Copper Ore, natural gas, beryllium and tin concentrates.

Demography And Social Indicators
The total estimated population of New Mexico, as of 2005 is calculated at 1,928,384 in comparison to 1,903,289 in July 2004. Net Change in population in 2002-03 was 1.2%.

According to the US Census 2000, the total population of the state was 1,819,046.

The Density of the population in the state is 15.4 per sq mi.

With regards to Racial Distribution 2000: White 66.8%; Black 1.9%; Asian 1.1%; Native American 9.5%.

Business and Economy of New Mexico
According to the Bureau of economic Analysis, the total state product in 2003 was $57 billion with a per capita personal income of $24,995 in the same year.

The lack of irrigation facilities in the state is considered to be the main hurdle for the economy by resulting more of the land area for grazing.

Chief industries are Government, services and trade.
Important Manufacturing goods are foods, machinery, apparel, lumber, printing, transportation equipment, electronics and semi conductors.
Major Crops are hay, onions, chilies, green house, nursery, pecans and cotton.
Livestock (Jan 2004): 1.51 mil Cattle/calves; 160,000 sheep/lambs; (Jan 2003): 2,500 hogs/pigs.

Energy Production in New Mexico
Electricity Production (est. 2003, kwh by source): Coal 28.8 bil; Petroleum 48 mil; Gas 2.9 bil; Hydroelectric 221 mil. 29/10/2006

Tourist Attraction Of New MexicoThe important tourist places of the state are as follows:

  • Carlsbad Caverns Natl. Park;
  • Santa Fe, Oldest Capital in US;
  • White Sands Natl. Monument;
  • Acoma Pueblo;
  • Taos Art Colony;
  • Taos Ski Valley;

Colleges, Schools and Universities In New Mexcio

  • College of Santa Fe
  • College of the Southwest
  • Eastern New Mexico University
  • New Mexico Institute of Mining and Technology
  • New Mexico Highlands University
  • New Mexico Military Institute
  • New Mexico State University
  • San Juan College
  • St. John's College, Santa Fe
  • University of New Mexico
  • Western New Mexico University

Further Readings