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New Mexico

A guide to help you understand the ins and outs of business in New Mexico

Overview

New Mexico is the fifth largest state by area in the US, located in the Southwest. It shares borders with Texas and Oklahoma to the east, Colorado to the north, and Arizona to the west. The capital is Santa Fe, but the largest city is Albuquerque. It is the 36th most populous state with approximately 2.12 million residents. Its GDP reached $123.4 billion.

New Mexico's key industries include aerospace and defense, bioscience, cybersecurity, film and TV, global trade, advanced manufacturing, renewable energy, and agriculture. The state hosts major US production hubs for Netflix and NBCUniversal, with the film and media industry driving over $1 billion in annual economic impact. New Mexico is also a major clean energy leader, with wind and solar providing roughly 50% of the state's total electricity generation.

New Mexico exports to Qatar with its top exports being: Optic, photo, medical/surgical instruments, Aircraft, spacecraft, and parts thereof, Tools, cutlery, etc.

New Mexico applies a flat corporate income tax rate of 5.9% on all corporate net income, shifting away from its previous two-tiered structure. The state features two active Foreign Trade Zones (in Albuquerque and Santa Teresa) and offers dozens of business incentive programs. Examples of these programs include the Job Training Incentive Program (JTIP) and the Science & Technology Business Startup Grant.

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