GDP
New Mexico's GDP reached about $120 billion in 2023, ranking 38th among U.S. states, driven largely by oil and gas extraction in the Permian Basin.
Real GDP (chained 2017 dollars)
1997–2025BEA, chained 2017 dollars (FRED NMRGSP).
| Indicator | New Mexico | U.S. |
|---|---|---|
| GDP (USD B) | 120 | 27700 |
- •New Mexico is the 2nd-largest oil-producing state in the country, behind only Texas.
GDP Growth
New Mexico's real GDP grew about 2.8% in 2023, propelled by record oil production in the Permian Basin.
Real GDP growth
1998–2025Annual % change in BEA real GDP (NMRGSP).
| Indicator | New Mexico | U.S. |
|---|---|---|
| GDP growth (%) | 2.8 | 2.5 |
Personal Income
Per capita personal income in New Mexico is about $53,900, below the national figure, reflecting lower wages outside the oil and federal sectors.
Per capita personal income
1970–2025BEA, current dollars (FRED NMPCPI).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Per capita income (USD) | 53900 | 65470 |
Median Household Income
New Mexico's median household income is about $58,722, one of the lowest in the country, ranking 47th among states.
Median household income (CPS)
1984–2025Census CPS ASEC, current dollars (FRED MEHOINUSNMA646N).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Median household income (USD) | 58722 | 77719 |
Poverty Rate
New Mexico's poverty rate is about 18.2%, the second-highest in the nation, concentrated in rural counties and tribal lands.
Poverty rate, all ages (SAIPE)
1989–2024Census Small Area Income and Poverty Estimates (FRED PPAANM35000A156NCEN).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Poverty rate (%) | 18.2 | 12.4 |
Inflation
Inflation in the Albuquerque metro area tracked close to the national CPI, running about 3.2% year-over-year in 2023.
CPI inflation, U.S.
2007–2024BLS CPI-U U.S. city average, annual average change (CPIAUCNS).
CPI inflation, West region
2007–2025BLS CPI-U all items, West region, annual average change (CUUR0400SA0).
| Indicator | New Mexico | U.S. |
|---|---|---|
| CPI change (%) | 3.2 | 3.4 |
Economic Output
New Mexico's total economic output is dominated by oil and gas, with the Permian Basin (Lea and Eddy counties) generating a large share of state tax revenue.
Nominal GDP (current dollars)
1997–2025BEA, current dollars (FRED NMNGSP).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Oil production (M barrels/yr) | 690 | 4700 |
Industry Breakdown
New Mexico's economy is led by mining and oil & gas extraction, federal government spending on national laboratories, and a growing film production sector.
Government jobs
1990–2025BLS Current Employment Statistics, annual average (FRED NMGOVT).
Manufacturing jobs
1990–2025BLS Current Employment Statistics, annual average (FRED NMMFG).
Construction jobs
1990–2025BLS Current Employment Statistics, annual average (FRED NMCONS).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Mining share of GDP (%) | 24 | 1.7 |