ICYMI: Efforts to Diversify New Mexico’s Economy are Working

Posted On June 25, 2015

 

In Case You Missed It
Efforts to Diversify New Mexico’s Economy are Working

Albuquerque, NM– Yesterday, “CNBC’s Business Scorecard” reported that New Mexico is now ranked 24th  in the nation when it comes to its overall business climate— an increase from the previous year’s rank of 37th.

This improved standing comes as Governor Martinez and Republican legislators work to move our economy away from a heavy reliance on federal government spending. A growing private sector will end our reliance on the federal government and protect us from Washington dysfunction.

“Governor Martinez and Republican legislators have worked to eliminate this dangerous reliance on the federal government in favor of a diverse economy driven by small business,” said Pat Garrett, spokesman for the Republican Party of New Mexico. “The key to our future success is an economy driven by local small businesses, not politicians in Washington.”

 

America’s Top States for Business 2015: 24. New Mexico (Tie)
The Land of Enchantment is blessed with a strong infrastructure. But lack of business capital can be a curse.
CNBC
June 24, 2015

http://www.cnbc.com/id/102574429

24. New Mexico (Tie)

The Land of Enchantment is blessed with a strong infrastructure. But lack of business capital can be a curse.

Category Score 2015 Rank   2014 Rank
Workforce 237 16 (Tie) 30
Cost of Doing Business 197 23 17
Infrastructure 226 5 (Tie) 15
Economy 184 24 (Tie) 43
Quality of Life 186 24 33
Technology & Innovation 93 38 32
Education 77 40 (Tie) 36
Business Friendliness 45 41 47
Cost of Living 57 13 26
Access to Capital 9 42 23
Overall 1311 24 (Tie) 37

 

Economic Profile

Governor: Susana Martinez, Republican
Population: 2,085,572
GDP growth: 1.0 percent
Unemployment rate (May 2015): 6.2 percent
Top corporate tax rate: 6.9 percent
Top individual income tax rate: 4.9 percent
Gasoline tax: 37 cents/gallon
Bond rating/outlook: AAA/stable
Major private employer: Presbyterian Healthcare
Economic profile sources: Federation of Tax Administrators, American Petroleum Institute, Moody’s Investor Service, Bureau of Economic Analysis, Bureau of Labor Statistics, New Mexico FY 2013 CAFR

 

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