What does our economy look like? The forecast is good. Our youthful, diverse and largely bilingual population, 47% Hispanic and 10% American Indian, continues to grow-at an estimated 12.8% from 2012-2020. As a result of reasonable utility rates, low property taxes, and attainable home and land prices, nearly all communities in New Mexico enjoy a Cost of Living composite score lower than the national average.
This low cost of living, as well as the widely inclusive State Lottery funded scholarship program, keeps many young people in the State for their education: New Mexico is home to many research universities and comprehensive four-year institutions as well as an extended network of community colleges and specialized learning facilities. Distance learning is on the rise, and already available in most areas statewide.
New Mexico continues to have a strong government presence, but has been strategically diversifying the employment base in recent years. Exports are expected to grow exponentially with Union Pacific’s recent intermodal investment at the Mexican Border-one of our key export destinations along with Canada, Israel, China and Germany. Among our top exports are processors and controllers, petroleum products, civilian aircraft components, and dairy products.Sources: Bureau of Business and Economic Research, University of New Mexico; United States Census Bureau; ACCRA Cost of Living Index; NMHED Data Editing and Reporting System Fall 2012.