Editing New Mexico (section)

==Economy==
{{Main|Economy of New Mexico}}
{{overly detailed|section|date=June 2024}}
[[File:2008 NM Proof.png|thumb|upright=.7|New Mexico [[50 state quarters|state quarter]], circulated in April 2008]]

Oil and gas production, the entertainment industry, [[high technology|high tech]] scientific research, tourism, and government spending are important drivers of the state economy.<ref>{{cite web |title=New Mexico |url=https://www.forbes.com/places/nm/#58792c428336 |website=Forbes |access-date=September 20, 2020 |archive-date=August 23, 2020 |archive-url=https://web.archive.org/web/20200823165555/https://www.forbes.com/places/nm/#58792c428336 |url-status=live }}</ref> The state government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies.<ref name="ReferenceB">{{Cite news |title=New jobs, bigger facilities, local support: New Mexico's bioscience industry is alive and kicking |newspaper=Albuquerque Journal |url=https://www.abqjournal.com/2564756/nms-bioscience-industry-is-alive-and-kicking.html |access-date=2023-01-16 |archive-date=January 16, 2023 |archive-url=https://web.archive.org/web/20230116195210/https://www.abqjournal.com/2564756/nms-bioscience-industry-is-alive-and-kicking.html |url-status=live }}</ref>

As of 2021, New Mexico's gross domestic product was over $95&nbsp;billion,<ref>{{Cite web |title=U.S. federal state of New Mexico – real GDP 2000–2020 |url=https://www.statista.com/statistics/188085/gdp-of-the-us-federal-state-of-new-mexico-since-1997/ |access-date=2021-08-08 |website=Statista |language=en |archive-date=August 15, 2021 |archive-url=https://web.archive.org/web/20210815030031/https://www.statista.com/statistics/188085/gdp-of-the-us-federal-state-of-new-mexico-since-1997/ |url-status=live }}</ref> compared to roughly $80&nbsp;billion in 2010.<ref>{{cite web |title=GDP by State |url=http://greyhill.com/gdp-by-state |archive-url=https://web.archive.org/web/20120216110805/http://greyhill.com/gross-state-product/ |archive-date=February 16, 2012 |access-date=September 9, 2011 |publisher=Greyhill Advisors}}</ref> State GDP peaked in 2019 at nearly $99&nbsp;billion but declined in the face of the [[COVID-19 pandemic]]. In 2021, the [[per capita income|per capita personal income]] was slightly over $45,800, compared to $31,474 in 2007;<ref>{{cite web |date=April 4, 2008 |title=Per Capita Personal Income by State |url=http://bber.unm.edu/econ/us-pci.htm |archive-url=https://web.archive.org/web/20090302154227/http://bber.unm.edu/econ/us-pci.htm |archive-date=March 2, 2009 |access-date=October 13, 2008 |publisher=University of New Mexico, Bureau of Business and Economic Research |url-status=dead }}</ref> it was the third lowest in the country after West Virginia and Mississippi.<ref>{{Cite web |title=U.S. per capita personal income, by state 2020 |url=https://www.statista.com/statistics/303555/us-per-capita-personal-income/ |access-date=2021-08-08 |website=Statista |language=en |archive-date=August 8, 2021 |archive-url=https://web.archive.org/web/20210808033942/https://www.statista.com/statistics/303555/us-per-capita-personal-income/ |url-status=live }}</ref> The percentage of persons below the [[poverty level]] has largely plateaued in the 21st century, from 18.4% in 2005 to 18.2% in 2021.<ref>{{cite web |date=January 18, 2008 |title=Persons Below Poverty by New Mexico County |url=http://bber.unm.edu/demo/SAIPEallagepov05.htm |archive-url=https://web.archive.org/web/20100624190945/http://bber.unm.edu/demo/SAIPEallagepov05.htm |archive-date=June 24, 2010 |access-date=October 13, 2008 |publisher=University of New Mexico, Bureau of Business and Economic Research |url-status=dead }}</ref><ref>{{Cite web |title=U.S. Census Bureau QuickFacts: New Mexico |url=https://www.census.gov/quickfacts/NM |access-date=2021-08-08 |website=www.census.gov |language=en |archive-date=June 21, 2018 |archive-url=https://web.archive.org/web/20180621070153/https://www.census.gov/quickfacts/NM |url-status=live }}</ref>

Traditionally dependent on resource extraction, ranching, and railroad transportation, New Mexico has increasingly shifted towards services, high-end manufacturing, and tourism.<ref>{{cite web |url=http://www.newmexico.org/department/research/docs/Economic_Impact_FY2006.pdf |title=Travel Economic Impact Model |access-date=October 2, 2008 |publisher=New Mexico Tourism Department |archive-url=https://web.archive.org/web/20081028193342/http://www.newmexico.org/department/research/docs/Economic_Impact_FY2006.pdf |archive-date=October 28, 2008 |url-status=dead }}</ref><ref>{{cite web| url = https://nmlegis.gov/handouts/ERDT%20101315%20Item%207%20Economic%20Impact%20of%20Tourism%20in%20NM.pdf| title = The Economic Impact of Tourism in New Mexico}}</ref> Since 2017, the state has seen a steady rise in the number of annual visitors, culminating in a record-breaking 39.2&nbsp;million tourists in 2021, which had a total economic income of $10&nbsp;billion.<ref name="AP-2022">{{Cite web |title=Record high visitors nationwide came to New Mexico in 2021 |url=https://news.yahoo.com/record-high-visitors-nationwide-came-163611527.html |access-date=2022-11-01 |website=news.yahoo.com |date=October 31, 2022 |language=en-US |archive-date=November 1, 2022 |archive-url=https://web.archive.org/web/20221101001709/https://news.yahoo.com/record-high-visitors-nationwide-came-163611527.html |url-status=live }}</ref> New Mexico has also seen greater investment in media and scientific research.

=== Oil and gas ===
New Mexico is the second largest [[crude oil]] and ninth largest natural gas producer in the United States;<ref>{{cite web |title=New Mexico{{snd}}State Energy Profile Overview{{snd}}U.S. Energy Information Administration (EIA) |url=https://www.eia.gov/state/?sid=NM#tabs-3 |website=www.eia.gov |access-date=October 6, 2018 |archive-url=https://web.archive.org/web/20181006075512/https://www.eia.gov/state/?sid=NM#tabs-3 |archive-date=October 6, 2018 |url-status=live }}</ref> it overtook North Dakota in oil production in July 2021 and is expected to continue expanding.<ref>{{Cite web |date=September 18, 2021 |title=North Dakota oil production slips to No. 3 behind New Mexico |url=https://apnews.com/article/business-texas-new-mexico-north-dakota-3874b016f084278eadf6fe888078f877 |access-date=2022-04-07 |website=AP News |language=en |archive-date=April 7, 2022 |archive-url=https://web.archive.org/web/20220407204451/https://apnews.com/article/business-texas-new-mexico-north-dakota-3874b016f084278eadf6fe888078f877 |url-status=live }}</ref> The [[Permian Basin (North America)|Permian]] and [[San Juan Basin|San Juan]] Basins, which are located partly in New Mexico, account for some of these natural resources. In 2000 the value of oil and gas produced was $8.2&nbsp;billion,<ref>{{cite web |url=http://geoinfo.nmt.edu/resources/petroleum/ |title=Oil & Gas Program |access-date=October 9, 2008 |publisher=New Mexico Institute of Technology, New Mexico Bureau of Geology and Mineral Resources |archive-url=https://web.archive.org/web/20081206012954/http://geoinfo.nmt.edu/resources/petroleum/ |archive-date=December 6, 2008 |url-status=live }}</ref> and in 2006, New Mexico accounted for 3.4% of the crude oil, 8.5% of the dry natural gas, and 10.2% of the [[natural gas liquids]] produced in the United States.<ref>{{cite web |url=http://tonto.eia.doe.gov/state/state_energy_profiles.cfm?sid=NM |title=EIA State Energy Profiles: New Mexico |publisher=US Department of Energy, Energy Information Administration |date=October 9, 2008 |access-date=October 9, 2008 |archive-url=https://web.archive.org/web/20080923225139/http://tonto.eia.doe.gov/state/state_energy_profiles.cfm?sid=NM |archive-date=September 23, 2008 }}</ref> However, the boom in [[hydraulic fracturing]] and [[directional drilling|horizontal drilling]] since the mid-2010s led to a large increase in the production of crude oil from the Permian Basin and other U.S. sources; these developments allowed the United States to again become the world's largest producer of crude oil by 2018.<ref>{{cite news |title=US soon to leapfrog Saudis, Russia as top oil producer |url=https://www.abqjournal.com/1195285/us-soon-to-leapfrog-saudis-russia-as-top-oil-producer.html |newspaper=Albuquerque Journal |date=July 11, 2018 |publisher=The Associated Press |access-date=October 6, 2018 |archive-url=https://web.archive.org/web/20181006075340/https://www.abqjournal.com/1195285/us-soon-to-leapfrog-saudis-russia-as-top-oil-producer.html |archive-date=October 6, 2018 |url-status=live }}</ref><ref name="U.S. Energy Information Administration">{{cite web |title=The United States is now the largest global crude oil producer{{snd}}Today in Energy{{snd}}U.S. Energy Information Administration (EIA) |url=https://www.eia.gov/todayinenergy/detail.php?id=37053 |website=www.eia.gov |access-date=October 6, 2018 |archive-url=https://web.archive.org/web/20181003230307/https://www.eia.gov/todayinenergy/detail.php?id=37053 |archive-date=October 3, 2018 |url-status=live }}</ref><ref name="New Mexico Energy, Minerals, Natural Resources Department: Oil Conservation Division">{{cite web |title=NM Oil and Natural Gas Production |url=http://www.emnrd.state.nm.us/OCD/education.html#OGProd1 |website=www.emnrd.state.nm.us |publisher=New Mexico Energy, Minerals, Natural Resources Department: Oil Conservation Division |access-date=October 6, 2018 |archive-url=https://web.archive.org/web/20181231022623/http://www.emnrd.state.nm.us/OCD/education.html#OGProd1 |archive-date=December 31, 2018 |url-status=live }}</ref><ref>{{cite web |title=Annual Energy Outlook 2017 |url=https://www.eia.gov/outlooks/aeo/pdf/0383(2017).pdf |website=www.eia.gov |publisher=U.S. Energy Information Administration |access-date=October 6, 2018 |archive-url=https://web.archive.org/web/20181012102350/https://www.eia.gov/outlooks/aeo/pdf/0383%282017%29.pdf |archive-date=October 12, 2018 |url-status=live }}</ref> New Mexico's oil and gas operations contribute to the state's above-average release of the greenhouse gas [[methane]], including from a national [[Four Corners Methane Hot Spot|methane hot spot]] in the [[Four Corners]] area.<ref>{{cite web |title=Tiny U.S. Region Is Methane 'Hot Spot', NASA Finds |url=https://www.jpl.nasa.gov/news/news.php?feature=4331 |website=NASA: Jet Propulsion Laboratory |access-date=October 6, 2018 |archive-url=https://web.archive.org/web/20181122124305/https://www.jpl.nasa.gov/news/news.php?feature=4331 |archive-date=November 22, 2018 }}</ref><ref>{{cite web |title=EIA{{snd}}Greenhouse Gas Emissions Overview |url=https://www.eia.gov/environment/emissions/ghg_report/tables_ghg.php |website=www.eia.gov |access-date=October 6, 2018 |archive-url=https://web.archive.org/web/20181006075424/https://www.eia.gov/environment/emissions/ghg_report/tables_ghg.php |archive-date=October 6, 2018 |url-status=live }}</ref><ref>{{cite web |title=EPA Facility Level GHG Emissions Data |url=https://ghgdata.epa.gov/ghgp/main.do#/facility/?q=Find%20a%20Facility%20orhttps://ghgdata.epa.gov/ghgp/main.do |website=ghgdata.epa.gov |access-date=October 6, 2018 |archive-url=https://web.archive.org/web/20181016191215/https://ghgdata.epa.gov/ghgp/main.do#/facility/?q=Find%20a%20Facility%20orhttps://ghgdata.epa.gov/ghgp/main.do |archive-date=October 16, 2018 }}</ref><ref>{{cite news |last1=Robinson-Avila |first1=Kevin |title=Study: Methane emissions much higher than EPA says |url=https://www.abqjournal.com/1187547/study-methane-emissions-much-higher-than-epa-says.html |newspaper=Albuquerque Journal |date=June 21, 2018 |access-date=October 7, 2018 |archive-url=https://web.archive.org/web/20181006075418/https://www.abqjournal.com/1187547/study-methane-emissions-much-higher-than-epa-says.html |archive-date=October 6, 2018 |url-status=live }}</ref>

In common with other [[Western United States|states in the Western U.S.]], New Mexico receives royalties from the sale of federally owned land to oil and gas companies.<ref name="Hedden-2020a">{{Cite news |title=New Mexico has higher percent of oil and gas producing federal land than most western states |newspaper=Albuquerque Journal |url=https://www.abqjournal.com/1449385/new-mexico-has-higher-percent-of-oil-and-gas-producing-federal-land-than-most-western-states.html?amp=1 |access-date=2021-08-01 |date=April 30, 2020 |archive-date=August 1, 2021 |archive-url=https://web.archive.org/web/20210801205040/https://www.abqjournal.com/1449385/new-mexico-has-higher-percent-of-oil-and-gas-producing-federal-land-than-most-western-states.html?amp=1 |url-status=live }}</ref> It has the highest proportion of federal land with oil and gas, as well as the most lucrative: since the last amendment to the [[Mineral Leasing Act of 1920|U.S. Mineral Leasing Act]] in 1987, New Mexico had by far the lowest percent of land sold for the minimum statutory amount of $2 per acre, at just 3%; by contrast, all of Arizona's federal land was sold at the lowest rate, followed by Oregon at 98% and Nevada at 84%.<ref name="Hedden-2020a" /> The state had the fourth-highest total acreage sold to the oil and gas industry, at about 1.1&nbsp;million acres, and the second-highest number of acres currently leased fossil fuel production, at 4.3&nbsp;million acres, after Wyoming's 9.2&nbsp;million acres; only 11 percent of these lands, or 474,121 acres, are idle, which is the lowest among Western states.<ref name="Hedden-2020a"/> Nevertheless, New Mexico has had recurring disputes and discussions with the U.S. government concerning management and revenue rights over federal land.<ref>{{Cite news|last=Chokshi|first=Niraj|date=December 30, 2013|title=A third of New Mexico is federally owned, but the state might buy some of it back|url=https://www.washingtonpost.com/blogs/govbeat/wp/2013/12/30/a-third-of-new-mexico-is-federally-owned-but-the-state-might-buy-some-of-it-back/|newspaper=The Washington Post|access-date=August 1, 2021|archive-date=November 29, 2022|archive-url=https://web.archive.org/web/20221129105432/https://www.washingtonpost.com/blogs/govbeat/wp/2013/12/30/a-third-of-new-mexico-is-federally-owned-but-the-state-might-buy-some-of-it-back/|url-status=live}}</ref>

=== Arts and entertainment ===
[[File:Albuquerque Studios.jpg|thumb|[[Albuquerque Studios]], built in 2007 for the rising demand of film production in the state]]

Reflecting the [[Art of the American Southwest|artistic traditions of the American Southwest]], New Mexican art has its origins in the folk arts of the indigenous and Hispanic peoples in the region. Pueblo pottery, Navajo rugs, and Hispano religious icons like ''kachinas'' and ''santos'' are recognized in the global art world.<ref name="Steele 1994 p.">{{cite book | last=Steele | first=T.J. | title=Santos and Saints: The Religious Folk Art of Hispanic New Mexico | publisher=Ancient City Press | year=1994 | isbn=978-0-941270-84-7 | url=https://books.google.com/books?id=q8rYAAAAMAAJ | access-date=January 1, 2023 | page= | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163854/https://books.google.com/books?id=q8rYAAAAMAAJ | url-status=live }}</ref> [[Georgia O'Keeffe]]'s presence brought international attention to the Santa Fe art scene, and today the city has several notable art establishments and many commercial art galleries along [[Canyon Road, Santa Fe, New Mexico|Canyon Road]].<ref name="Reynolds Reynolds 2022">{{cite web | last=Reynolds | first=Emma | title=Home of the Week: This $17.5 Million Santa Fe Estate Was Once Home to Paul Allen and Georgia O'Keeffe | website=Robb Report | date=June 22, 2022 | url=https://robbreport.com/shelter/celebrity-homes/17-5-million-santa-fe-estate-paul-allen-georgia-okeefe-1234693741/ | archive-url=https://web.archive.org/web/20220623002857/https://robbreport.com/shelter/celebrity-homes/17-5-million-santa-fe-estate-paul-allen-georgia-okeefe-1234693741/ | url-status=dead | archive-date=June 23, 2022 | access-date=January 1, 2023 }}</ref> As the birthplace of [[William Hanna]], and the residence of [[Chuck Jones]], the state also connections to the animation industry.<ref name="Encyclopedia Britannica 2010">{{cite web | title=American animator | website=Encyclopedia Britannica | date=July 2, 2010 | url=https://www.britannica.com/biography/William-Hanna | access-date=January 1, 2023 | archive-date=October 6, 2022 | archive-url=https://web.archive.org/web/20221006204900/https://www.britannica.com/biography/William-Hanna | url-status=live }}</ref><ref name="Chuck Jones 2012">{{cite web | title=Chuck Jones + New Mexico Celebrate Their Centennial in 2012 – Chuck Jones | website=Chuck Jones | date=February 17, 2012 | url=https://chuckjones.com/blog/chuck-jones-new-mexico-celebrate-their-centennial-in-2012/ | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163849/https://chuckjones.com/blog/chuck-jones-new-mexico-celebrate-their-centennial-in-2012/ | url-status=live }}</ref>

New Mexico provides financial incentives for film production, including tax credits valued at 25–40% of eligible in-state spending.<ref>{{cite web |date=March 4, 2002 |title=Governor Signs Film Production Tax Incentives |publisher=New Mexico Economic Development Department |url=http://www.nmpartnership.com/press-releases/article.php?id=1022&title=Governor+Signs+Film+Production+Tax+Incentives |access-date=September 12, 2007 |archive-url=https://web.archive.org/web/20061114192754/http://www.nmpartnership.com/press-releases/article.php?id=1022&title=Governor+Signs+Film+Production+Tax+Incentives |archive-date=November 14, 2006 |url-status=dead }}</ref><ref>{{cite web |url=http://www.nmfilm.com/filming/incentives/ |title=New Mexico's Film Incentives |access-date=June 2, 2008 |publisher=New Mexico Film Office |archive-url=https://web.archive.org/web/20080509163914/http://www.nmfilm.com/filming/incentives/ |archive-date=May 9, 2008 |url-status=dead }}</ref> A program enacted in 2019 provides benefits to media companies that commit to investing in the state for at least a decade and that use local talent, crew, and businesses.<ref name="KRWG-2021">{{Cite web|title=NBC Universal Officially Opens its New Mexico Production Facility|url=https://www.krwg.org/post/nbcuniversal-officially-opens-its-new-mexico-production-facility|access-date=2021-08-08|website=www.krwg.org|date=June 24, 2021|language=en|archive-date=August 8, 2021|archive-url=https://web.archive.org/web/20210808033951/https://www.krwg.org/post/nbcuniversal-officially-opens-its-new-mexico-production-facility|url-status=live}}</ref> According to the New Mexico Film Office, in 2022, film and television expenditures reached the highest recorded level at over $855&nbsp;million, compared to $624&nbsp;million the previous year.<ref>New Mexico Film Office, [https://nmfilm.com/assets/uploads/nm-film-study-update-2023.pdf ECONOMIC IMPACT OF THE NEW MEXICO FILM PRODUCTION TAX CREDIT] {{Webarchive|url=https://web.archive.org/web/20240125222754/https://nmfilm.com/assets/uploads/nm-film-study-update-2023.pdf |date=January 25, 2024 }} (December 8, 2023)</ref> During fiscal years 2020–2023, the total direct economic impact from the film tax credit was $2.36&nbsp;million. In 2018, [[Netflix]] chose New Mexico for its first U.S. production hub, pledging to spend over $1&nbsp;billion over the next decade to create one of the largest film studios in North America at [[Albuquerque Studios]].<ref>{{Cite web|title=Netflix to expand production hub in New Mexico|url=https://abcnews.go.com/Entertainment/wireStory/netflix-expand-production-hub-mexico-74370484|access-date=2021-08-08|website=ABC News|language=en|archive-date=August 8, 2021|archive-url=https://web.archive.org/web/20210808033941/https://abcnews.go.com/Entertainment/wireStory/netflix-expand-production-hub-mexico-74370484|url-status=live}}</ref> [[NBCUniversal]] followed suit in 2021 with the opening of its own television film studio in the city, committing to spend $500&nbsp;million in direct production and employ 330 full-time equivalent local jobs over the next decade.<ref name="KRWG-2021" /> Albuquerque is consistently recognized by ''[[MovieMaker]]'' magazine as one of the top "big cities" in North America to live and work as a filmmaker, and the only city to earn No. 1 for four consecutive years (2019–2022); in 2024, it placed second, after Toronto.<ref>{{Cite web |title=Albuquerque Ranked No. 2 Best Large City for Film in 2024 by MovieMaker Magazine |url=https://www.cabq.gov/film/news/albuquerque-ranked-no-2-best-large-city-for-film-in-2024-by-moviemaker-magazine |access-date=2024-01-25 |website=City of Albuquerque |language=en |archive-date=January 25, 2024 |archive-url=https://web.archive.org/web/20240125222753/https://www.cabq.gov/film/news/albuquerque-ranked-no-2-best-large-city-for-film-in-2024-by-moviemaker-magazine |url-status=live }}</ref>

[[Country music]] record labels have a presence in the state, following the former success of [[Warner Western]].<ref name="Padilla NM 2021">{{cite web | last=Padilla | first=Anna | title=What's happening around New Mexico August 20 – August 26 | website=KRQE NEWS 13 – Breaking News, Albuquerque News, New Mexico News, Weather, and Videos | date=August 20, 2021 | url=https://www.krqe.com/news/community/local-events-notices/whats-happening-around-new-mexico-august-20-august-26/ | access-date=December 29, 2022 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101164212/https://www.krqe.com/news/community/local-events-notices/whats-happening-around-new-mexico-august-20-august-26/ | url-status=live }}</ref><ref name="cherokeephoenix.org 2019">{{cite web | title=Johnson wins NAMA for independent recording "Heaven's Window" | website=cherokeephoenix.org | date=November 18, 2019 | url=https://www.cherokeephoenix.org/news/johnson-wins-nama-for-independent-recording-heavens-window/article_f86054df-f89b-5d40-a119-2badf84ca9d6.html | access-date=December 29, 2022 | archive-date=December 29, 2022 | archive-url=https://web.archive.org/web/20221229074625/https://www.cherokeephoenix.org/news/johnson-wins-nama-for-independent-recording-heavens-window/article_f86054df-f89b-5d40-a119-2badf84ca9d6.html | url-status=live }}</ref><ref name="Music Connection Magazine 2022">{{cite web | title=New Recording Studio in Mountains of New Mexico | website=Music Connection Magazine | date=September 12, 2022 | url=https://www.musicconnection.com/new-recording-studio-in-mountains-of-new-mexico/ | access-date=December 29, 2022 | archive-date=December 29, 2022 | archive-url=https://web.archive.org/web/20221229074638/https://www.musicconnection.com/new-recording-studio-in-mountains-of-new-mexico/ | url-status=live }}</ref><ref name="American WestFest">{{cite web | title=American WestFest | website=American WestFest | url=https://www.americanwestfest.com/artist-lineup | access-date=December 29, 2022 | archive-date=December 29, 2022 | archive-url=https://web.archive.org/web/20221229074638/https://www.americanwestfest.com/artist-lineup | url-status=dead }}</ref><ref name="Sandberg Weissman 1989 p.">{{cite book | last1=Sandberg | first1=L. | last2=Weissman | first2=D. | title=The Folk Music Sourcebook | publisher=Da Capo Press | year=1989 | isbn=978-0-306-80360-4 | url=https://books.google.com/books?id=drwJAQAAMAAJ | access-date=December 29, 2022 | page=}}</ref> During the 1950s to 1960s, [[Glen Campbell]], [[The Champs]], [[Johnny Duncan (country singer)|Johnny Duncan]], [[Carolyn Hester]], [[Al Hurricane]], [[Waylon Jennings]], [[Eddie Reeves]], and [[JD Souther]] recorded on equipment by [[Norman Petty]] at [[Clovis, New Mexico|Clovis]]. Norman Petty's recording studio was a part of the [[rock and roll]] and [[rockabilly]] movement of the 1950s, with the distinctive "Route 66 Rockabilly" stylings of [[Buddy Holly]] and [[The Fireballs]].<ref name="Gibson Connell 2005">{{cite book | last1=Gibson | first1=Chris | last2=Connell | first2=John | title=Music and tourism: on the road again | publisher=Channel View Publications | publication-place=Clevedon | date=2005 | isbn=1-873150-94-6 | oclc=60591609}}</ref> Albuquerque has been referred to as the "[[Chicano]] [[Nashville, Tennessee|Nashville]]" due to the popularity of [[regional Mexican]] and [[Western music (North America)|Western music]] artists from [[Albuquerque metropolitan area|the region]].<ref name="Hunter American Association of Colleges for Teacher Education 1974 p.">{{cite book | last=Hunter | first=William Andrew | author2=American Association of Colleges for Teacher Education | title=Multicultural education through competency-based teacher education | publisher=American Association of Colleges for Teacher Education | publication-place=Washington | date=1974 | isbn=0-910052-85-9 | oclc=1601829 | page=}}</ref> A heritage style of country music, called [[New Mexico music]], is widely popular throughout the [[Southwestern United States|southwestern U.S.]]; outlets for these artists include the radio station [[KANW]], ''Los 15 Grandes de Nuevo México'' music awards, and [[Al Hurricane Jr.]] hosts ''Hurricane Fest'' to honor his father's music legacy.<ref name="Arts 2017">{{cite news | last=Arts | first=Adrian Gomez / Journal | title=Enchanted excellence: Los 15 Grandes showcases the best of New Mexico music | newspaper=Albuquerque Journal | date=November 17, 2017 | url=https://www.abqjournal.com/1093437/los-15-grandes-showcases-the-best-of-new-mexico-music.html | access-date=December 29, 2022 | archive-date=December 29, 2022 | archive-url=https://web.archive.org/web/20221229074625/https://www.abqjournal.com/1093437/los-15-grandes-showcases-the-best-of-new-mexico-music.html | url-status=live }}</ref><ref name="Los 15 Grandes De Nuevo Mexico 2017">{{cite web | title=Past Winners | website=Los 15 Grandes De Nuevo Mexico | date=September 15, 2017 | url=http://15grandes.com/los-15-grandes-2019/past-winners/ | access-date=December 29, 2022 | archive-date=December 29, 2022 | archive-url=https://web.archive.org/web/20221229074624/http://15grandes.com/los-15-grandes-2019/past-winners/ | url-status=live }}</ref><ref name="Albuquerque Journal 2019">{{cite web | title=Hurricane Fest features legendary musician's son, War, Tower of Power | website=Albuquerque Journal | date=May 3, 2019 | url=https://www.abqjournal.com/1309741/hurricane-fest-features-legendary-musicians-son-war-tower-of-power.html | access-date=December 29, 2022 | archive-date=December 10, 2022 | archive-url=https://web.archive.org/web/20221210093205/https://www.abqjournal.com/1309741/hurricane-fest-features-legendary-musicians-son-war-tower-of-power.html | url-status=live }}</ref>

=== Technology ===
New Mexico is part of the larger Rio Grande Technology Corridor, an emerging alternative to [[Silicon Valley]]<ref name="StackPath">{{cite web |title=StackPath |url=https://www.electronicdesign.com/technologies/test-measurement/article/21209034/will-the-rio-grande-tech-corridor-become-the-silicon-valley-of-new-mexico |access-date=January 1, 2023 |website=StackPath |date=December 11, 2018 |archive-date=July 9, 2023 |archive-url=https://web.archive.org/web/20230709175519/https://www.electronicdesign.com/technologies/test-measurement/article/21209034/will-the-rio-grande-tech-corridor-become-the-silicon-valley-of-new-mexico |url-status=live }}</ref> consisting of clusters of science and technology institutions stretching from [[San Juan Mountains|southwestern]] Colorado to the Gulf of Mexico.<ref name="Cao 2020">{{cite web | last=Cao | first=Sissi | title=Why Elon Musk And Other Tech Billionaires Are Leaving Silicon Valley For Texas | website=Observer | date=December 15, 2020 | url=https://observer.com/2020/12/elon-musk-tech-leaving-silicon-valley-for-texas-billionaires/ | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163855/https://observer.com/2020/12/elon-musk-tech-leaving-silicon-valley-for-texas-billionaires/ | url-status=live }}</ref> The constituent New Mexico Technology Corridor, centered primarily around Albuquerque, hosts a constellation of high technology and [[scientific research]] entities, which include federal facilities such as [[Sandia National Laboratories]], [[Los Alamos National Laboratories|Los Alamos National Laboratory]], and the [[Very Large Array]]; private companies such as [[Intel]], [[HP Inc.|HP]], and Facebook; and academic institutions such as the [[University of New Mexico]] (UNM), [[New Mexico State University]] (NMSU), and [[New Mexico Institute of Mining and Technology|New Mexico Tech]].<ref name="Muska 2015">{{cite web | last=Muska | first=D. Dowd | title=Las Cruces Sun-News | website=PNM2 | date=May 18, 2015 | url=https://www.lcsun-news.com/story/opinion/columnists/2015/05/18/d-dowd-muska-internet-regulation-and-nm-technology/32307223/ | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163854/https://www.lcsun-news.com/story/opinion/columnists/2015/05/18/d-dowd-muska-internet-regulation-and-nm-technology/32307223/ | url-status=live }}</ref><ref name="Martin 2021">{{cite web | last=Martin | first=Dylan | title=Intel's $3.5B New Mexico Campus Upgrade To Boost Next-Gen Chips | website=CRN | date=May 3, 2021 | url=https://www.crn.com/news/components-peripherals/intel-s-3-5b-new-mexico-campus-upgrade-to-boost-next-gen-chips | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163854/https://www.crn.com/news/components-peripherals/intel-s-3-5b-new-mexico-campus-upgrade-to-boost-next-gen-chips | url-status=live }}</ref><ref name="Lorenz 2022">{{cite news | last=Lorenz | first=Rachel | title=Meet the leader of an ABQ IT services firm that's been adapting – since 1955 | newspaper=Albuquerque Journal | date=November 11, 2022 | url=https://www.abqjournal.com/2548740/meet-the-leader-of-an-abq-it-services-firm-thats-been-adapting-since-1955.html | access-date=January 1, 2023 | archive-date=December 15, 2022 | archive-url=https://web.archive.org/web/20221215042027/https://www.abqjournal.com/2548740/meet-the-leader-of-an-abq-it-services-firm-thats-been-adapting-since-1955.html | url-status=live }}</ref><ref name="Albuquerque Journal 2022">{{cite news | title=Winners of the 2022 NAIOP New Mexico Awards of Excellence | newspaper=Albuquerque Journal | date=December 10, 2022 | url=https://www.abqjournal.com/2556529/winners-of-the-2022-naiop-new-mexico-awards-of-excellence.html | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163850/https://www.abqjournal.com/2556529/winners-of-the-2022-naiop-new-mexico-awards-of-excellence.html | url-status=live }}</ref><ref name="Herron Herron 2021">{{cite web | last=Herron | first=Gary | title=New park has many possibilities | website=Rio Rancho Observer | date=July 22, 2021 | url=https://rrobserver.com/new-park-has-many-possibilities/ | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163850/https://rrobserver.com/new-park-has-many-possibilities/ | url-status=live }}</ref> Most of these entities form part of an "ecosystem" that links their researchers and resources with private capital, often through initiatives of local, state, and federal governments.<ref name="ReferenceC">{{Cite news |title=New Mexico scientists have formed nearly 150 bioscience startups in just the past 10 years. The rest of the country is starting to notice |newspaper=Albuquerque Journal |url=https://www.abqjournal.com/2564749/bioscience-dominates-nms-startup-landscape.html |access-date=2023-01-16 |archive-date=January 16, 2023 |archive-url=https://web.archive.org/web/20230116195209/https://www.abqjournal.com/2564749/bioscience-dominates-nms-startup-landscape.html |url-status=live }}</ref>

New Mexico has been a science and technology hub since at least the mid-20th century, following heavy federal government investment during the Second World War. Los Alamos was the site of [[Project Y]], the laboratory responsible for designing and developing the world's first atomic bomb for the [[Manhattan Project]]. Horticulturist [[Fabián García]] developed several new varieties of peppers and other crops at what is now NMSU, which is also a leading [[National Space Grant College and Fellowship Program|space grant college]]. [[Robert H. Goddard]], credited with ushering the space age, conducted many of his [[Robert H. Goddard#Roswell, New Mexico|early rocketry tests in Roswell]]. Astronomer [[Clyde Tombaugh]] of Las Cruces discovered Pluto in neighboring Arizona. Personal computer company [[Micro Instrumentation and Telemetry Systems|MITS]], which was founded in Albuquerque in 1969, brought about the "[[microcomputer revolution]]" with the development of the first commercially successful [[microcomputer]], the [[Altair 8800]]; two of its employees, Paul Allen and Bill Gates, later founded [[Microsoft]] in the city in 1975.<ref name="NMSU">{{cite web | title=University Archives Collections – New Mexico State University – BE BOLD. Shape the Future. | website=NMSU | url=https://lib.nmsu.edu/archives/ua.html | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163850/https://lib.nmsu.edu/archives/ua.html | url-status=live }}</ref><ref name="OSTI.GOV U.S. Department of Energy Office of Scientific and Technical Information 1954">{{cite web | title=Manhattan Project: Establishing Los Alamos, 1942–1943 | website=OSTI.GOV | date=April 12, 1954 | url=https://www.osti.gov/opennet/manhattan-project-history/Events/1942-1945/establishing_los_alamos.htm | access-date=January 1, 2023 | archive-date=December 9, 2022 | archive-url=https://web.archive.org/web/20221209054720/https://www.osti.gov/opennet/manhattan-project-history/Events/1942-1945/establishing_los_alamos.htm | url-status=live }}</ref><ref name="The Historical Marker Database 2021">{{cite web | title=Microsoft Founding Historical Marker | website=The Historical Marker Database | date=September 1, 2021 | url=https://www.hmdb.org/m.asp?m=180827 | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163850/https://www.hmdb.org/m.asp?m=180827 | url-status=live }}</ref> Multinational technology company Intel, which has had operations in Rio Rancho since 1980, opened its Fab 9 factory in the city in January 2024, part of its commitment to invest $3.5&nbsp;billion in expanding its operations in the state; it is the company's first high-volume semiconductor operation and the only U.S. factory producing the world's most advanced [[Integrated circuit packaging|packaging solutions]] at scale.<ref>{{Cite web |date=January 24, 2024 |title=Intel Opens Fab 9 in New Mexico |url=https://finance.yahoo.com/news/intel-opens-fab-9-mexico-150000517.html |access-date=2024-01-25 |website=Yahoo Finance |language=en-US |archive-date=January 25, 2024 |archive-url=https://web.archive.org/web/20240125225815/https://finance.yahoo.com/news/intel-opens-fab-9-mexico-150000517.html |url-status=live }}</ref>

The New Mexican government has aimed to develop the state into a major center for technology startups, namely through financial incentives and public-private partnerships.<ref name="ReferenceC"/> The [[Bioscience|bioscience sector]] has experienced particularly robust growth, beginning with the 2013 opening of a BioScience Center in Albuquerque, the state's first private incubator for biotechnology startups; New Mexicans have since founded roughly 150 bioscience companies, which have received more patents than any other sector.<ref name="ReferenceB"/> In 2017, New Mexico established the Bioscience Authority to foster local industry development; the following year, pharmaceutical company Curia built two large facilities in Albuquerque, and in 2022 announced plans to invest $100&nbsp;million to expand local operations.<ref name="ReferenceB"/> The state is also positioning itself to play a leading role in developing [[quantum computing]], [[quantum dot]], and clean energy technologies;<ref name="Miller 2022">{{cite web | last=Miller | first=Susan | title=New Mexico positions itself as a quantum computing hub | website=GCN | date=April 5, 2022 | url=https://gcn.com/emerging-tech/2022/04/new-mexico-positions-itself-quantum-computing-hub/364072/ | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163849/https://gcn.com/emerging-tech/2022/04/new-mexico-positions-itself-quantum-computing-hub/364072/ | url-status=dead }}</ref><ref name="LabNews 2022">{{cite web | title=Could quantum technology be New Mexico's next economic boon? | website=LabNews | date=April 8, 2022 | url=https://www.sandia.gov/labnews/2022/04/08/could-quantum-technology-be-new-mexicos-next-economic-boon/ | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163900/https://www.sandia.gov/labnews/2022/04/08/could-quantum-technology-be-new-mexicos-next-economic-boon/ | url-status=live }}</ref> the New Mexico Quantum Moonshot initiative seeks to transform the state into a global leader in quantum technologies.<ref>{{Cite news |last=Lin |first=Belle |date=2025-04-22 |title=New Mexico Wants to Be the Heart of Quantum Computing |url=https://www.wsj.com/articles/new-mexico-wants-to-be-the-heart-of-quantum-computing-3c4f545f |access-date=2025-04-24 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref>

New Mexico's high altitude, generally clear skies, and sparse population have long fostered astronomical and aerospace activities, beginning with the ancient observatories of the [[Chaco Culture National Historical Park|Chaco Canyon culture]]; the "Space Triangle" between Roswell, Alamogordo, and Las Cruces has seen the highest concentration rocket tests and launches.<ref name="NM Art-2021">{{Cite web |title=New Mexico Tells New Mexico History {{!}} History: Astronomy and Space |url=https://online.nmartmuseum.org/nmhistory/growing-new-mexico/astronomy-and-space/history-astronomy-and-space.html |access-date=2023-01-16 |website=online.nmartmuseum.org |archive-date=January 16, 2023 |archive-url=https://web.archive.org/web/20230116211730/https://online.nmartmuseum.org/nmhistory/growing-new-mexico/astronomy-and-space/history-astronomy-and-space.html |url-status=live }}</ref> New Mexico is sometimes considered the birthplace of the [[U.S. space program]], beginning with Goddard's design of the first liquid fuel rocket in Roswell in the 1930s.<ref>{{Cite web |last=MSFC |first=Charmein Johnson |title=NASA – New Mexico Space Grant Consortium – Launch and Learn |url=https://www.nasa.gov/offices/education/programs/national/summer/home/NM_SG_SoI.html |access-date=2023-01-16 |website=www.nasa.gov |language=en |archive-date=March 20, 2023 |archive-url=https://web.archive.org/web/20230320223900/https://www.nasa.gov/offices/education/programs/national/summer/home/NM_SG_SoI.html |url-status=dead }}</ref> The first rocket to reach space flew from [[White Sands Missile Range]] in 1948, and both NASA and the Department of Defense continue to develop and test rockets there and at the adjacent [[Holloman Air Force Base]].<ref name="NM Art-2021" /> New Mexico has also become a major center for [[Private spaceflight|private space flight]], hosting the world's first purpose-built commercial [[spaceport]], [[Spaceport America]], which anchors several major aerospace companies and associated contractors, most notably Branson's [[Virgin Galactic]].<ref name="Defense Innovation Unit 2022">{{cite web |date=August 24, 2022 |title=State of the Space Industrial Base 2022 |url=https://assets.ctfassets.net/3nanhbfkr0pc/6L5409bpVlnVyu2H5FOFnc/7595c4909616df92372a1d31be609625/State_of_the_Space_Industrial_Base_2022_Report.pdf |access-date=January 1, 2023 |website=Defense Innovation Unit |archive-date=January 1, 2023 |archive-url=https://web.archive.org/web/20230101163849/https://assets.ctfassets.net/3nanhbfkr0pc/6L5409bpVlnVyu2H5FOFnc/7595c4909616df92372a1d31be609625/State_of_the_Space_Industrial_Base_2022_Report.pdf |url-status=live }}</ref>

In November 2022, the New Mexico State Investment Council, which manages that state's $38&nbsp;billion sovereign wealth fund, announced it would commit $100&nbsp;million towards America's Frontier Fund (AFF), a new [[venture capital]] firm that will focus on advanced technologies such as microelectronics and semiconductors, advanced manufacturing, artificial intelligence, new energy sources, synthetic biology and quantum sciences.<ref>{{Cite news |last=James |first=Rod |date=November 22, 2022 |title=New Mexico Pledges $100 Million to Back First Vehicle of America's Frontier Fund |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/new-mexico-pledges-100-million-to-back-first-vehicle-of-americas-frontier-fund-11669160566 |access-date=2023-01-09 |issn=0099-9660 |archive-date=January 9, 2023 |archive-url=https://web.archive.org/web/20230109214528/https://www.wsj.com/articles/new-mexico-pledges-100-million-to-back-first-vehicle-of-americas-frontier-fund-11669160566 |url-status=live }}</ref>

=== Agriculture and food production ===
Although much of its land is arid, New Mexico has hosted a variety of agricultural activities for at least 2,500 years, centered mostly on the Rio Grande and its tributaries. This is helped by its long history of [[acequia]]s, along with other farming and ranching methods within New Mexico. It is regulated by the [[New Mexico Department of Agriculture]], specialty areas include various [[cash crop]]s, [[cattle ranching]], farming, [[New Mexico Department of Game and Fish|game and fish]].

Agriculture contributes $40&nbsp;billion to New Mexico's economy and employs nearly 260,000 people. As of 2023, the state exports $275&nbsp;million in agricultural goods and ranks first nationwide in the production of chile peppers, second in pecans, and fifth in onions.<ref>{{Cite web |date=March 22, 2023 |title=New Mexico agriculture industry makes comeback after hardships |url=https://www.krqe.com/news/new-mexico/new-mexico-agriculture-industry-makes-comeback-after-hardships/ |access-date=2023-03-27 |website=KRQE NEWS 13 – Breaking News, Albuquerque News, New Mexico News, Weather, and Videos |language=en-US |archive-date=March 27, 2023 |archive-url=https://web.archive.org/web/20230327224352/https://www.krqe.com/news/new-mexico/new-mexico-agriculture-industry-makes-comeback-after-hardships/ |url-status=live }}</ref>

The state vegetables are [[New Mexico chile]] peppers and [[pinto bean]]s, with the former being the most famous and valuable crop. According to the 2017 Census of Agriculture, New Mexico ranked first in the nation for chile pepper acreage, with Doña Ana and Luna counties placing first and second among U.S. counties in this regard.<ref name="Bustillos-2021">{{Cite web |title=A Rare Glimpse at Traditional Crops Grown in New Mexico |url=https://www.usda.gov/media/blog/2019/12/05/rare-glimpse-traditional-crops-grown-new-mexico |access-date=2023-01-09 |website=www.usda.gov |language=en |archive-date=January 9, 2023 |archive-url=https://web.archive.org/web/20230109214528/https://www.usda.gov/media/blog/2019/12/05/rare-glimpse-traditional-crops-grown-new-mexico |url-status=live }}</ref> New Mexico chile sold close to $40&nbsp;million in 2021, while dry beans accounted for $7.6&nbsp;million that year. New Mexico is one of the few states commercially producing [[pistachio]]s, and its piñon harvest ([[pine nut]]) is a protected commodity.<ref name="Albuquerque Journal 2023">{{cite web | title=Growing green: New Mexico pistachio industry grows, albeit slower than Arizona's | website=Albuquerque Journal | date=February 27, 2023 | url=https://www.abqjournal.com/2576846/growing-green-new-mexico-pistachio-industry-grows-albeit-slower-than-2.html | access-date=March 13, 2023 | archive-date=March 13, 2023 | archive-url=https://web.archive.org/web/20230313061258/https://www.abqjournal.com/2576846/growing-green-new-mexico-pistachio-industry-grows-albeit-slower-than-2.html | url-status=live }}</ref><ref name="USDA">{{cite web | title=National Agricultural Statistics Service – New Mexico | website=USDA | url=https://www.nass.usda.gov/Statistics_by_State/New_Mexico/ | access-date=January 1, 2023 | archive-date=January 1, 2023 | archive-url=https://web.archive.org/web/20230101163855/https://www.nass.usda.gov/Statistics_by_State/New_Mexico/ | url-status=live }}</ref><ref name="Fischer 2021">{{cite web | last=Fischer | first=Karen | title=How Picking Piñon Nuts in New Mexico Became Big Business | website=Eater | date=December 6, 2021 | url=https://www.eater.com/22812750/picking-selling-business-pinon-nuts-harvest-new-mexico-navajo-nation | access-date=March 2, 2023 | archive-date=March 3, 2023 | archive-url=https://web.archive.org/web/20230303000704/https://www.eater.com/22812750/picking-selling-business-pinon-nuts-harvest-new-mexico-navajo-nation | url-status=live }}</ref><ref name="AP NEWS 2022">{{cite web | last=Montoya Bryan | first=Susan | title=Protections sought for Western bird linked to piñon forests | website=AP NEWS | date=April 26, 2022 | url=https://apnews.com/article/environment-new-mexico-forests-lifestyle-7da0b5fa8d910a2d6f2ce79a59c337a4 | access-date=March 2, 2023 | archive-date=March 2, 2023 | archive-url=https://web.archive.org/web/20230302235201/https://apnews.com/article/environment-new-mexico-forests-lifestyle-7da0b5fa8d910a2d6f2ce79a59c337a4 | url-status=live }}</ref>

Dairy is the state's largest commodity, with sales of milk alone totaling $1.3&nbsp;billion.<ref name="Bustillos-2021" /> [[Dean Foods]] owns the Creamland brand in New Mexico, the brand was originally founded in 1937 to expand a cooperative dairy venture known as the Albuquerque Dairy Association.<ref name="Lazell Payne 2007 p. 105">{{cite book | last1=Lazell | first1=C. | last2=Payne | first2=M. | title=Historic Albuquerque: An Illustrated History | publisher=Historical Pub. Network | year=2007 | isbn=978-1-893619-75-3 | url=https://books.google.com/books?id=67xSRtoEed0C&pg=PA105 | access-date=March 2, 2023 | page=105 | archive-date=March 2, 2023 | archive-url=https://web.archive.org/web/20230302235203/https://books.google.com/books?id=67xSRtoEed0C&pg=PA105 | url-status=live }}</ref> Southwest Cheese Company in [[Clovis, New Mexico|Clovis]] is among the largest cheese production facilities in the United States.<ref name="Food Processing Technology 2004">{{cite web | title=Southwest Cheese Production Facility, Clovis, New Mexico | website=Food Processing Technology | date=April 19, 2004 | url=https://www.foodprocessing-technology.com/projects/southwest_cheese | access-date=March 6, 2023 | archive-date=March 6, 2023 | archive-url=https://web.archive.org/web/20230306102846/https://www.foodprocessing-technology.com/projects/southwest_cheese | url-status=live }}</ref><ref name="Sánchez Spude Gómez 2013 p. 323">{{cite book | last1=Sánchez | first1=J.P. | last2=Spude | first2=R.L. | last3=Gómez | first3=A. | title=New Mexico: A History | publisher=University of Oklahoma Press | year=2013 | isbn=978-0-8061-5113-7 | url=https://books.google.com/books?id=basAAQAAQBAJ&pg=PA323 | access-date=March 6, 2023 | page=323}}</ref>

[[Vaquero#American Southwest|Caballero]] history among the indigenous and Hispano communities in New Mexico have resulted in large-scale [[ranch]] lands throughout the state, most of which are within historically Apache, Navajo, Pueblo, and Spanish land grants.<ref name="Gunnerson 1988">{{cite book | last1=Gunnerson | first1=J.H. | last2=Gunnerson | first2=D.A. | title=Ethnohistory of the High Plains | publisher=Colorado State Office, Bureau of Land Management | series=Cultural resources series | year=1988 | url=https://books.google.com/books?id=kF0pnmEGKdkC&pg=PA3 | access-date=March 2, 2023 | page=3 | archive-date=March 2, 2023 | archive-url=https://web.archive.org/web/20230302235457/https://books.google.com/books?id=kF0pnmEGKdkC&pg=PA3 | url-status=live }}</ref> Wild game and fish found in the state include [[Rio Grande cutthroat trout]], [[rainbow trout]], [[crayfish|crawdads]], and [[venison]].

Restaurant chains originating in the state include [[Blake's Lotaburger]], [[Boba Tea Company]], [[Dion's|Dion's Pizza]], [[Little Anita's]], [[Mac's Steak in the Rough]], and [[Twisters (restaurant)|Twisters]]; many specialize in [[New Mexican cuisine]]. Some companies like [[Allsup's]] gas stations have consumer foods, like chimichangas.<ref name="Krajewski 2021">{{cite web | last=Krajewski | first=Maggie | title=Allsup's Chimichanga gets shout out as one of the best gas-station snacks | website=KOAT | date=June 24, 2021 | url=https://www.koat.com/article/allsups-chimichanga-gets-shout-out-as-one-of-the-best-gas-station-snacks/36650580 | access-date=March 2, 2023 | archive-date=March 2, 2023 | archive-url=https://web.archive.org/web/20230302235203/https://www.koat.com/article/allsups-chimichanga-gets-shout-out-as-one-of-the-best-gas-station-snacks/36650580 | url-status=live }}</ref>

=== Tourism ===
New Mexico's distinctive culture, rich artistic scene, favorable climate, and diverse geography have long been major drivers of tourism. As early as 1880, the state was a major destination for travelers suffering from respiratory illnesses (particularly tuberculosis), with its altitude and aridity believed to be beneficial to the lungs.<ref>{{Cite web |title=Chasing the Cure in New Mexico: Tuberculosis and the Quest for Health |url=https://www.albuqhistsoc.org/programs/ahs-2016-2017-programs/chasing-cure-new-mexico-tuberculosis-quest-health/ |access-date=2023-01-03 |website=Albuquerque Historical Society |language=en-US |archive-date=January 3, 2023 |archive-url=https://web.archive.org/web/20230103150648/https://www.albuqhistsoc.org/programs/ahs-2016-2017-programs/chasing-cure-new-mexico-tuberculosis-quest-health/ |url-status=live }}</ref> Since the mid aughts, New Mexico has seen a steady rise in annual visitors, welcoming a record-breaking 39.2&nbsp;million tourists in 2021.<ref name="AP-2022" />

New Mexico's unique culinary scene has garnered increasing national attention, including numerous [[James Beard Foundation Award]]s.<ref>{{Cite web |last=Gomez |first=Adrian |date=January 24, 2024 |title=Now we're cooking: James Beard Awards names 10 New Mexico-based chefs, restaurants as semifinalists |url=https://www.abqjournal.com/lifestyle/now-were-cooking-james-beard-awards-names-10-new-mexico-based-chefs-restaurants-as-semifinalists/article_08324862-bacf-11ee-a85a-9fb2d41a4b0a.html |access-date=2024-01-25 |website=Albuquerque Journal |language=en |archive-date=January 25, 2024 |archive-url=https://web.archive.org/web/20240125222753/https://www.abqjournal.com/lifestyle/now-were-cooking-james-beard-awards-names-10-new-mexico-based-chefs-restaurants-as-semifinalists/article_08324862-bacf-11ee-a85a-9fb2d41a4b0a.html |url-status=live }}</ref> The state has been featured in major travel television shows such as ''[[Diners, Drive-Ins and Dives]]'', ''[[Anthony Bourdain: Parts Unknown]]'', ''[[Man v. Food Nation]]'', and others. [[Outdoor recreation]] in the area is fueled by a variety of internationally recognized nature reserves, public parks, ski resorts, hiking trails, and hunting and fishing areas.

New Mexico's government is actively involved in promoting tourism, launching the nation's first state publication, ''[[New Mexico Magazine]],'' in 1923.<ref>{{Cite web |title=New Mexico Magazine |url=https://www.newmexicomagazine.org/ |access-date=2023-01-03 |website=www.newmexicomagazine.org |language=en-us |archive-date=January 6, 2022 |archive-url=https://web.archive.org/web/20220106174021/https://www.newmexicomagazine.org/ |url-status=live }}</ref> The [[New Mexico Tourism Department]] administers the magazine and is also responsible for the ''[[New Mexico True]]'' campaign.

===Government===

[[File:Holloman AFB F-22.jpg|thumb|An [[F-22 Raptor]] flown by the [[49th Fighter Wing]] at [[Holloman AFB]]]]

[[Federal government of the United States|Federal government]] spending is a major driver of the New Mexico economy. In 2021, the federal government spent $2.48 on New Mexico for every dollar of tax revenue collected from the state, higher than every state except Kentucky.<ref>{{Cite web |title=Balance of Payments Portal – Rockefeller Institute of Government |url=https://rockinst.org/issue-areas/fiscal-analysis/balance-of-payments-portal/,%20https://rockinst.org/issue-areas/fiscal-analysis/balance-of-payments-portal/ |access-date=2024-01-25 |language=en }}{{Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The same year, New Mexico received $9,624 per resident in federal services, or roughly $20&nbsp;billion more than what the state pays in federal taxes.<ref>{{Cite web|last=Hoffower|first=Hillary|title=11 states pay more in federal taxes than they get back{{snd}}here's how every state fares|url=https://www.businessinsider.com/federal-taxes-federal-services-difference-by-state-2019-1|access-date=2021-07-26|website=Business Insider|language=en-US|archive-date=July 26, 2021|archive-url=https://web.archive.org/web/20210726175330/https://www.businessinsider.com/federal-taxes-federal-services-difference-by-state-2019-1|url-status=live}}</ref> The state governor's office estimated that the federal government spends roughly $7.8&nbsp;billion annually in services such as healthcare, infrastructure development, and public welfare.<ref name="Bryan-2021" />

Federal employees make up 3.4% of New Mexico's labor force.<ref name="Hedden-2020a" /> Many federal jobs in the state relate to the military: the state hosts three air force bases ([[Kirtland Air Force Base]], [[Holloman Air Force Base]], and [[Cannon Air Force Base]]); a testing range ([[White Sands Missile Range]]); and an army proving ground ([[Fort Bliss]]'s McGregor Range). A 2005 study by [[New Mexico State University]] estimated that 11.7% of the state's total employment arises directly or indirectly from military spending.<ref>
{{cite web |url=http://bbrs.nmsu.edu/nmbizoutlook/showarticle.php?articleID=50106 |title=Economic Impact of the Closure of Cannon Air Force Base |author=Chris Erickson |author2=Erin Ward |access-date=October 13, 2008 |website=New Mexico Business Outlook |publisher=New Mexico State University |date=May 2005 |archive-url = https://web.archive.org/web/20060902233558/http://bbrs.nmsu.edu/nmbizoutlook/showarticle.php?articleID=50106 |archive-date = September 2, 2006}}
</ref> New Mexico is also home to two major federal research institutions: the [[Los Alamos National Laboratory]] and [[Sandia National Laboratories]]. The former alone accounts for 24,000 direct and indirect jobs and over $3&nbsp;billion in annual federal investment as of 2019.<ref>Susan Montoya Bryan, ''[https://apnews.com/article/b39a6e39d88441099ed2f99017f9fa4a Report: US nuclear lab gives New Mexico economy $3B boost] {{Webarchive|url=https://web.archive.org/web/20220701055858/https://apnews.com/article/b39a6e39d88441099ed2f99017f9fa4a |date=July 1, 2022 }},'' July 18, 2019</ref>

====Economic incentives====
New Mexico provides a number of economic incentives to businesses operating in the state, including various types of [[tax credits]] and [[tax exemptions]]. Most incentives are based on job creation: state and local governments are permitted to provide land, buildings, and infrastructure to businesses that will generate employment.<ref>
{{cite web
 |url=http://www.edd.state.nm.us/businessAssistance/incentives/index.html
 |title=Business Assistance: Incentives
 |access-date=June 2, 2008
|publisher=State of New Mexico Economic Development Department
 |archive-url=https://web.archive.org/web/20080406065835/http://www.edd.state.nm.us/businessAssistance/incentives/index.html
 |archive-date=April 6, 2008
}}
</ref> Several municipalities impose an Economic Development [[Gross receipts tax]] (a form of Municipal Infrastructure GRT) to pay for these infrastructure improvements and for marketing their areas.<ref>{{Cite book
| last = Domrzalski
| first = Dennis
| date = September 19, 2003
| title = 28 New Mexico towns tap into $45M in incentives
| series = New Mexico Business Weekly
| url = http://www.bizjournals.com/albuquerque/stories/2003/09/22/story2.html
| oclc = 30948175
| access-date = June 2, 2008
| archive-url = https://web.archive.org/web/20080918191308/http://www.bizjournals.com/albuquerque/stories/2003/09/22/story2.html
| archive-date = September 18, 2008
| url-status = live
}}</ref>

The New Mexico Finance Authority operates the New Market Tax Credits (NMTC) to provide greater access to financing for new, expanding, or relocating businesses in "highly distressed" areas (defined by metrics such as poverty above 30% and median family income below 60% of the statewide median).<ref>{{Cite web|title=State of New Mexico Incentives|url=https://www.cabq.gov/economicdevelopment/business-development/incentives/state-of-new-mexico-incentives|access-date=2021-08-05|website=City of Albuquerque|language=en|archive-date=August 5, 2021|archive-url=https://web.archive.org/web/20210805032952/https://www.cabq.gov/economicdevelopment/business-development/incentives/state-of-new-mexico-incentives|url-status=live}}</ref>

====Taxation====

{{Main|Taxation in New Mexico}}

New Mexico is one of the largest [[tax haven]]s in the U.S., offering numerous economic incentives and [[tax break]]s on [[Personal income in the United States|personal]] and [[Corporate tax in the United States|corporate income]].<ref>{{cite magazine|last=Sohm|first=Joe|date=May 4, 2012|title=Top 10 US Tax Haven States|magazine=SBC Magazine|url=https://www.sbcmag.info/news/2012/may/top-10-us-tax-haven-states|url-status=dead|archive-url=https://web.archive.org/web/20180421094851/https://www.sbcmag.info/news/2012/may/top-10-us-tax-haven-states|archive-date=April 21, 2018|access-date=April 21, 2018}}</ref><ref>{{cite web|last=English|first=Michael|date=September 18, 2015|title=New Mexico touted as tax-friendly state in latest ranking|url=https://www.bizjournals.com/albuquerque/blog/morning-edition/2015/09/new-mexico-touted-as-tax-friendly-state-in-latest.html|access-date=April 21, 2018|website=Albuquerque Business First|archive-date=December 3, 2020|archive-url=https://web.archive.org/web/20201203142445/https://www.bizjournals.com/albuquerque/blog/morning-edition/2015/09/new-mexico-touted-as-tax-friendly-state-in-latest.html|url-status=live}}</ref> It does not levy taxes on [[inheritance tax|inheritance]], [[Estate tax in the United States|estate]], or [[sales tax|sal]]es.<ref name="Bell-2016">{{Cite news|last=Bell|first=Kay|title=State taxes: New Mexico|work=Bankrate|url=https://www.bankrate.com/finance/taxes/state-taxes-new-mexico.aspx|url-status=live|access-date=April 21, 2018|archive-url=https://web.archive.org/web/20180422062839/https://www.bankrate.com/finance/taxes/state-taxes-new-mexico.aspx|archive-date=April 22, 2018}}</ref><ref>{{cite web|title=New Mexico Retirement Tax Friendliness |url=https://smartasset.com/retirement/new-mexico-retirement-taxes|url-status=live|archive-url=https://web.archive.org/web/20180621093353/https://smartasset.com/retirement/new-mexico-retirement-taxes|archive-date=June 21, 2018|access-date=April 21, 2018|website=SmartAsset}}</ref> Personal [[income tax]] rates range from 1.7% to 5.9% within five income brackets;<ref>{{Cite web|last=Loughead|first=Katherine|title=State Individual Income Tax Rates and Brackets|url=https://taxfoundation.org/publications/state-individual-income-tax-rates-and-brackets/|access-date=2021-08-05|website=Tax Foundation|language=en-US|archive-date=January 18, 2022|archive-url=https://web.archive.org/web/20220118042724/https://taxfoundation.org/publications/state-individual-income-tax-rates-and-brackets/|url-status=live}}</ref> the top marginal rate was increased from 4.9% in 2021 per a 2019 law.<ref>{{Cite web|last=Loughead|first=Katherine|date=January 5, 2021|title=State Tax Changes Effective January 1, 2021|url=https://taxfoundation.org/2021-state-tax-changes/|access-date=2021-08-05|website=Tax Foundation|language=en-US|archive-date=August 3, 2021|archive-url=https://web.archive.org/web/20210803214729/https://taxfoundation.org/2021-state-tax-changes/|url-status=live}}</ref> [[Active duty|Active-duty military]] salaries are exempt from state income tax, as is income earned by Native American members of federally recognized tribes on tribal land.<ref>{{Cite web|title=Wage Withholding Taxes|url=https://www.tax.newmexico.gov/governments/wage-withholding-taxes/|access-date=2021-08-05|website=Governments|language=en-US|archive-date=August 5, 2021|archive-url=https://web.archive.org/web/20210805224232/https://www.tax.newmexico.gov/governments/wage-withholding-taxes/|url-status=live}}</ref>

New Mexico imposes a [[Gross Receipts Tax]] (GRT) on many transactions, which may even include some governmental receipts. This resembles a [[sales tax]] but, unlike the sales taxes in many states, it applies to services as well as tangible goods. Normally, the provider or seller passes the tax on to the purchaser; however, legal incidence and burden apply to the business, as an [[excise tax]]. GRT is imposed by [[New Mexico Taxation and Revenue Department|the state]] and by some counties and municipalities.<ref>{{cite web |url=http://www.tax.state.nm.us/oos/GrossReceiptsTaxFAQ.pdf |title=Gross Receipts Taxes FAQ |access-date=October 9, 2008 |publisher=State of New Mexico, Taxation and Revenue Department |date=August 6, 2006 |archive-url=https://web.archive.org/web/20070331014708/http://www.tax.state.nm.us/oos/GrossReceiptsTaxFAQ.pdf |archive-date=March 31, 2007 |url-status=dead }}</ref> As of 2021, the combined tax rate ranged from 5.125% to 9.063%.<ref>[http://www.tax.newmexico.gov/Forms-and-Publications/Forms/Gross-Receipts/Pages/Home.aspx#Rates.aspx] {{webarchive|url=https://web.archive.org/web/20131024210432/http://www.tax.newmexico.gov/Forms-and-Publications/Forms/Gross-Receipts/Pages/Home.aspx#Rates.aspx|date=October 24, 2013}}</ref>

[[Property tax]] is imposed on [[real property]] by the state, by counties, and by school districts. In general, personal use [[personal property]] is not subject to property taxation. On the other hand, property tax is levied on most business-use personal property. The taxable value of property is one-third the assessed value. A tax rate of about 30 [[mill (currency)|mills]] is applied to the taxable value, resulting in an effective tax rate of about 1%. In the 2005 tax year, the average millage was about 26.47 for residential property, and 29.80 for non-residential property. Assessed values of residences cannot be increased by more than 3% per year unless the residence is remodeled or sold. Property tax deductions are available for military veterans and heads of household.<ref>{{cite web |url=http://www.tax.state.nm.us/oos/PropertyTaxFAQ.pdf |title=Property Tax FAQ |access-date=October 9, 2008 |publisher=State of New Mexico, Taxation and Revenue Department |date=August 7, 2007 |archive-url=https://web.archive.org/web/20070331014658/http://www.tax.state.nm.us/oos/PropertyTaxFAQ.pdf |archive-date=March 31, 2007 |url-status=dead }}</ref>

A 2021 analysis by the nonprofit Tax Foundation placed New Mexico 23rd in business tax climate; its property taxes were found to be the least burdensome in the U.S., while taxation for unemployment insurance and on corporations each ranked as the ninth least burdensome.<ref>{{Cite web|title=New Mexico Tax Rates & Rankings {{!}} NM State Taxes|url=https://taxfoundation.org/state/new-mexico/|access-date=2021-07-26|website=Tax Foundation|language=en-US|archive-date=July 26, 2021|archive-url=https://web.archive.org/web/20210726175331/https://taxfoundation.org/state/new-mexico/|url-status=live}}</ref>

=== Wealth and poverty ===
New Mexico is one of the [[List of U.S. states and territories by poverty rate|poorest states in the U.S.]] and has long struggled with [[Poverty in the United States|poverty]].<ref name="Chief-2021"/> Its poverty rate of roughly 18% is among the highest in the country, exceeded only by Louisiana and Mississippi. In 2017, nearly 30% of New Mexico's children were in poverty, which is 40% higher than the national average.<ref name="usnews.com"/> The majority of births (54%) were financed by [[Medicaid]], a federal healthcare program for the poor, the third highest of any state.<ref>{{Cite web|date=October 17, 2019|title=Births Financed by Medicaid|url=https://www.kff.org/medicaid/state-indicator/births-financed-by-medicaid/|access-date=2021-08-18|website=KFF|language=en-US|archive-date=August 13, 2021|archive-url=https://web.archive.org/web/20210813095515/https://www.kff.org/medicaid/state-indicator/births-financed-by-medicaid/|url-status=live}}</ref> As of May 2021, around 44% of residents were enrolled in Medicaid.

New Mexico ranks 39th in the [[List of U.S. states by the number of millionaire households|share of households]] with more than $1&nbsp;million in wealth (5%), and among fourteen states without a [[Fortune 500]] company.<ref>{{Cite web|title=U.S. Fortune 500 companies 2020, by state|url=https://www.statista.com/statistics/303696/us-fortune-500-companies-by-state/|access-date=2021-08-10|website=Statista|language=en|archive-date=February 6, 2021|archive-url=https://web.archive.org/web/20210206201517/https://www.statista.com/statistics/303696/us-fortune-500-companies-by-state/|url-status=live}}</ref> The state has a relatively high level of [[List of U.S. states by Gini coefficient|income disparity]], with a [[Gini coefficient]] of 0.4769, albeit below the national average of 0.486. Household income is slightly less than $47,000, which is the fourth lowest in the U.S. The unemployment rate for June 2021 is 7.9%, tied with Connecticut as the highest in the country, and close to the peak of 8.0% for June–October 2010, following the [[2008 financial crisis]].<ref>{{cite web|title=Local Area Unemployment Statistics|url=http://data.bls.gov/timeseries/LASST35000003?data_tool=XGtable|url-status=live|archive-url=https://web.archive.org/web/20121029150330/http://data.bls.gov/timeseries/LASST35000003?data_tool=XGtable|archive-date=October 29, 2012|access-date=May 11, 2012}}</ref>

The New Mexico government has enacted several policies to address chronic poverty, including approving a [[Minimum wage in the United States|minimum wage]] increase in January 2021 and requiring paid sick leave.<ref name="Chief-2021">{{Cite news|last=Chief|first=Dan Boyd|title=NM considering statewide guaranteed basic income program|url=https://www.abqjournal.com/2418234/nm-considering-statewide-guaranteed-basic-income-program-ex-policy-would-provide-lowincome-residents-with-regular-aid-payments.html|access-date=2021-08-10|newspaper=Albuquerque Journal|date=August 9, 2021|language=en-US|archive-date=August 10, 2021|archive-url=https://web.archive.org/web/20210810231725/https://www.abqjournal.com/2418234/nm-considering-statewide-guaranteed-basic-income-program-ex-policy-would-provide-lowincome-residents-with-regular-aid-payments.html|url-status=live}}</ref> The state's minimum wage of $10.50 is [[Minimum wage in the United States#State laws|higher than]] that of the federal government and 34 other states;<ref>{{Cite web|title=Consolidated Minimum Wage Table|website=U.S. Department of Labor|url=https://www.dol.gov/agencies/whd/mw-consolidated|access-date=2021-08-10|archive-date=January 1, 2022|archive-url=https://web.archive.org/web/20220101180619/https://www.dol.gov/agencies/whd/mw-consolidated|url-status=live}}</ref> it is set to increase to $11.50 on January 1, 2022, and $12.00 on January 1, 2023.<ref>{{Cite web|title=New Mexico Department of Workforce Solutions > Labor Relations > Resources > Minimum Wage Information|url=https://www.dws.state.nm.us/Minimum-Wage-Information|access-date=2021-08-10|website=www.dws.state.nm.us|archive-date=August 10, 2021|archive-url=https://web.archive.org/web/20210810231731/https://www.dws.state.nm.us/Minimum-Wage-Information|url-status=live}}</ref> Additionally, counties and municipalities have set their own minimum wages; Santa Fe County enacted a "Living Wage Ordinance" on March 1, 2021, mandating $12.32.<ref>{{Cite web|title=Santa Fe County: Living Wage Ordinance|url=https://www.santafecountynm.gov/livingwage|access-date=2021-08-10|website=www.santafecountynm.gov|archive-date=August 10, 2021|archive-url=https://web.archive.org/web/20210810231731/https://www.santafecountynm.gov/livingwage|url-status=live}}</ref>

The New Mexico Legislature is considering implementing a statewide [[Universal basic income|guaranteed basic income]] program targeting poorer residents; if enacted, it would be only the second U.S. state after California with such a policy.<ref>{{Cite web|title=Santa Fe just agreed to send some parents $400 per month – and New Mexico could take it statewide|url=https://www.msn.com/en-us/money/markets/santa-fe-just-agreed-to-send-some-parents-24400-per-month-and-new-mexico-could-take-it-statewide/ar-AANhHec?ocid=uxbndlbing|access-date=2021-08-16|website=www.msn.com|archive-date=August 16, 2021|archive-url=https://web.archive.org/web/20210816140816/https://www.msn.com/en-us/money/markets/santa-fe-just-agreed-to-send-some-parents-24400-per-month-and-new-mexico-could-take-it-statewide/ar-AANhHec?ocid=uxbndlbing|url-status=live}}</ref> In August 2021, Santa Fe announced a one-year pilot program that would provide a "stability stipend" of $400 monthly to 100 parents under the age of 30 who attend [[Santa Fe Community College]];<ref>{{Cite news|author=T. S. Last|title=Santa Fe signs on to guaranteed income program|url=https://www.abqjournal.com/2400456/santa-fe-signs-on-to-guaranteed-income-program.html|access-date=2021-08-16|newspaper=Albuquerque Journal|date=June 16, 2021|language=en-US|archive-date=August 16, 2021|archive-url=https://web.archive.org/web/20210816140817/https://www.abqjournal.com/2400456/santa-fe-signs-on-to-guaranteed-income-program.html|url-status=live}}</ref> the results of the program will determine whether the state government follows suit with its own basic income proposals.<ref name="McDevitt">{{Cite web|last=McDevitt|first=Michael|title=Las Cruces will open bids for economic relief programs. One could be guaranteed basic income|url=https://www.lcsun-news.com/story/news/2021/08/11/las-cruces-covid-federal-relief-funds-basic-income-pilot-program/5555531001/|access-date=2021-08-16|website=Las Cruces Sun-News|language=en-US|archive-date=August 16, 2021|archive-url=https://web.archive.org/web/20210816140817/https://www.lcsun-news.com/story/news/2021/08/11/las-cruces-covid-federal-relief-funds-basic-income-pilot-program/5555531001/|url-status=live}}</ref><ref name="Chief-2021" /> Las Cruces, the state's second largest city, is officially discussing the enactment of a similar program.<ref name="McDevitt"/>