New Mexico Business Opportunities

Shiprock, NM
Shiprock, NM[1]

A Quick Glance at New Mexico

New Mexico, whose nickname is The Land of Enchantment, first obtained its statehood in 1912. With a population of 2,085,287 people, New Mexico is the thirty-sixth most populated state in the United States.

If you are considering starting your new business in New Mexico, you might want to look into one of New Mexico's top three most populous cities - Albuquerque, Las Cruces or Rio Rancho and also in the state's capital of Santa Fe.

Top Industry

The largest industry in the state of New Mexico is oil and gas extraction.

  • The gross domestic product (GDP), of this industry, is roughly $6.1 billion and accounts for 6.7% of New Mexico's GDP.
  • Oil and gas extraction also employs 0.6% of New Mexico's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 336,684 small businesses, in the state, of New Mexico.
  • Small businesses in New Mexico, make up 36% of the state's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the state of New Mexico, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
5.13% 2.43% 7.55% 15 3.56%
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in New Mexico, their official state page might be a good place to start. If you are looking to own your own established franchise in New Mexico, we have collected a comprehensive list of companies that are actively looking to expand in New Mexico, for you to explore.

References

  1. By Bowie Snodgrass - Shiprock, CC BY 2.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  6. State and Local Sales Tax Rates in 2017 from the Tax Foundation

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