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See where we stand on 12 critical site selection factors
- Affordable Real Estate
New Mexico is the fifth largest state in land area; 121,589 square miles.
You would expect land to be plentiful, and it is. It is also quite reasonably
priced. New Mexicans enjoy some of the lowest property tax rates in the nation.
Property is assessed at 33 percent of the market value. To find land or a
building to suit your needs, visit our interactive Real
Estate Database.
- Competitive Labor
"It would be difficult--maybe impossible--to find the
concentration of expertise that we need anywhere else in the world."
Mark Benak, Rio Grande Medical Technologies, Albuquerque
Indeed, New Mexico enjoys a highly-educated and motivated workforce. The National
Science Foundation ranks New Mexico first in PhD scientists and engineers
as a percentage of the labor force. It is also an affordable labor force.
In 2003, the Bureau of Economic Analysis ranked New Mexico ranked 15th (lowest)
in the nation for average wage per job. New Mexico's worker's compensation
index is also one of the lowest in the country. Additionally, an American
City Business Journals survey ranked the Albuquerque metro area 27th among
the top 100 labor markets in the United States.
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Low Operating Costs
"We have found that Albuquerque and New Mexico rated best among the various
factors we studied, including quality of labor, operating costs, electric
reliability, transportation, and leadership support."
Robert Trussell, CEO, Tempur World, Lexington, Kentucky
In 2004, Forbes ranked Albuquerque #1
on its "Best Places" list for Metro Areas with the Lowest Business Costs.
According to Forbes, the cost of doing business in Albuquerque is 26 percent
below the national average-and this may be why Tempur World chose Albuquerque
for its new mattress facility. Las Cruces and Santa Fe also won national
accolades in 2004. The Milken Institute, an independent economic think tank,
ranked Las Cruces and Santa Fe in the top three on their Best Performing
Cities Index among cities with less than 200,000 people. Las Cruces came
in second and Santa Fe, third. The rankings are based on economic performance,
job growth, and salary levels.
To compare tax rates, wages, utility costs
and other factors, visit the State Profile Comparison.
- Efficient Market Access
The West is home to the nation's fastest growing states, and New Mexico's location and network of highways and railroads provides quick access to this population. Three interstate highways connect New Mexico to both coasts (east & west via Interstates 10 and 40) and both international borders (north & south via Interstate 25). More than 1,300 motor freight carriers serve New Mexico. The state is a net importer of goods, making low back-haul rates a benefit to companies shipping goods out of the state.
Burlington Northern Santa Fe Railroad hauls 90 percent of the freight originating in New Mexico. Union Pacific also serves the state. Both railroads provide service to the Mexican border and the Port of Long Beach.
More than 60 airports serve New Mexico, the largest being the Albuquerque Sunport with more than 30 non-stop flights to cities throughout the country each day. El Paso International (near the Texas-New Mexico state line) serves southern New Mexico with more than 15 non-stop daily flights. Eight regional airports offer commercial service to Albuquerque and other regional destinations. Most of New Mexico's airports have fixed base operators.
- Sophisticated Supplier/Vendor Network
"New Mexico's supercomputing capability is almost as great as the entire nation of Japan."
- University of Tennessee and University of Mannheim
"Sandia National Labs has absolutely the best robotics facility in the world."
- Steve Charles, eye surgeon and President, MicroDexterity Systems, Albuquerque
- Low-cost, Abundant Energy
New Mexico produces enough energy for its own needs and exports roughly 50 percent of the electricity generated. Therefore, New Mexicans enjoy the pricing benefits of this enormous capacity (New Mexico's power plants have a total capacity of more than 6,000 megawatts). Public Service Company of New Mexico (PNM) is the largest provider, serving over 400,000 customers in the state. In 2004 the U. S. Department of Energy released data indicating that PNM's rates are nearly 5 percent below the national average and more than 19 percent below the regional average.
- Warm Business Climate
"In Texas or California, the friction of making connections and establishing credibility is much higher than it is here in New Mexico. I've found the caliber and prestige of part-time and some-time residents of New Mexico equal to that in any other area of the country, and once I've sought them out, it becomes much easier to leverage their skills and networks of connections to the benefit of my business."
- Trevor Loy, Flywheel Ventures
Governor Richardson's commitment and enthusiasm for economic development has launched a new momentum around the state. Both state and local economic development professionals work hand-in-hand to expedite permitting and licensing processes to ensure that each project meets its deadlines and achieves success in New Mexico. Contact us for more information on our commitment to customer service.
- Investment in Education
New Mexico's Lottery Scholarship Program and Job Training Incentive Program virtually assure companies and residents of access to their training needs. Post-secondary institutions have locations throughout the state and provide on-line distance education programs where there is no facility.
In 2003 more than 80 percent of the state's population (25 years and over) had graduated from high school or higher; nearly 25 percent had a Bachelor's degree or higher (Source: U.S. Census Bureau).
There is also a very strong commitment to K12 education:
- New Mexico is one of the top 15 states in the country for its standards and accountability.
- New Mexico is the tenth state to be awarded Reading First funding after meeting the rigorous criteria set forth by the U. S. Department of Education in 2002.
- For equitable access and opportunity to education, Quality Counts 2003 placed New Mexico among the top five states in the country.
(Source: New Mexico Public Education Department: http://www.sde.state.nm.us/)
- A Great Place to Live
New Mexicans enjoy an unsurpassed quality of life, be it an urban or rural lifestyle. Thousands of tourists visit the state annually to partake of the culture, arts, history, and outdoor activities that residents savor every day. Persons per square mile (in the 2000 Census) was 15, compared to 79.6 nationally. Also, housing is generally affordable in New Mexico. In a survey of 99 real estate markets, Richard DeKaser, chief economist for National City Corp., ranked Albuquerque's home prices as 14 percent below fair market value.
Our Community Profile Database provides specific details on the city or village you might like to call home.
- Fiscally Responsible Tax Environment
In 2003, when Governor Richardson took office, most states were experiencing huge budget deficits. New Mexico has no such deficit and remains fiscally strong. The Governor's first legislative priority was to lower the personal income tax rates in a phased-in plan that will lower the maximum rate from 8.2 to 4.9 percent. To compare state tax rates visit our State Profile Comparison. Or, learn more about Governor Richardson's vision for business in New Mexico www.governor.state.nm.us.
- Financing Infrastructure
New Mexico has a variety of financing avenues available to businesses at the state level, the local level, and within the private sector. Local governmental entities are enacting the Local Economic Development Act and associated local gross receipts tax to fund infrastructure, including industrial parks and buildings for new business.
- Competitive Incentives
New Mexico offers over 40 business development incentives from tax abatements, to refundable tax credits, to an employment training reimbursement program.
More on incentives and programs.
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