Why do companies come to New Mexico? The reasons are vast and varied, including a 3.3% effective tax rate for manufacturers, a rich defense history and related labor force, multiple national laboratories and aerospace test facilities, and massive investment in the country’s newest intermodal facility at the border in Santa Teresa. Goods can reach California in two days, and in one day can reach Texas, Arizona, Colorado, Kansas, Utah and Oklahoma. These goods could be most anything with New Mexico’s diverse geography and assets-from crude oil transport out of the Permian or San Juan basins, to nuts or dairy products from around the state.

New Mexico boasts a low cost of living as a result of reasonable utility rates, low property taxes and attainable home and land prices. This cost of living is reflected in the state’s competitive wage rates, and means we have a young and available workforce ideal for back office/technical support or agricultural operations. Conversely, we also have the nation’s highest percentage of PhD’s per capita, which provides labor for our digital media and information technology industries and burgeoning unmanned aerial systems cluster. Of course, having favorable aerospace tax incentives as well as the only restricted airspace in the U.S. outside of the White House also contributes to that growth!

The one thing all industries have in common is that they have employees. Among the draws to New Mexico is our Jobs Training Incentive Program, one of the most lucrative in the nation. This program provides for up to 75% wage reimbursement for up to 6 months of training, helping lower the initial operating costs for a new employer. We also have industry specific incentives in energy and natural resources, aerospace and defense, value-added agriculture, digital media and IT, and border area logistics. Whether you are in the gas and oil supply chain, contact center, or manufacturing business, New Mexico is a favorable place to do business.


Utilities

Electricity: Average industrial retail price of electricity to ultimate customers = 7.32 cents per kilowatt hour
Source: U.S. Energy Information Administration, June 2014

Water: Average industrial monthly cost: $37,110 per 1M CF
Source: Raftelis Financial Consulting, 2012; Local utility providers, 2013

Natural Gas: Average industrial monthly cost $6.44 per thousand cubic feet
Source: U.S. Energy Information Administration, June 2014

Sewer: Average industrial monthly cost: $23,297 per 1M CF
Source: Raftelis Financial Consulting, 2012; Local utility providers, 2013