How well do you know the New Mexico economy?
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How well do you know the New Mexico economy?

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As an apartment landlord, we all know who our competition is — but do we know what is driving our market? Jobs drive demand for housing, which raises occupancy rates. Rising occupancy rents lead to increased rents and property values. As a result knowing how our economic standing can be important to all members of the real estate community. The facts below highlight our strengths and weaknesses.

What are New Mexico’s top three growing industries?

As of April 2007, the NM Department of Labor reported that: “The information industry is the fastest growing industry in the state, adding 13.3 percent to last year’s employment levels, creating 2,000 additional jobs.”

The state’s second fastest growing industry is natural resources and mining, which has enjoyed four years of job growth due to sustained higher prices for oil and natural gas. Job growth currently stands at 8.7 percent over the year, adding 1,600 jobs.

Up until a few months ago, the construction industry was also adding jobs at a rapid pace. Slowing conditions have been seen nationally for a while and have finally caught up with New Mexico. The industry is now down by 200 jobs from a year ago, a 0.3 percent decrease.

What is New Mexico’s largest private state industry?

According to the NM DOL: Educational and health services are the state’s largest private industry, and grew 3.1 percent in 2006.

How does New Mexico compare with other states for overall business taxes?

New Mexico ranks 23rd in the Tax Foundation’s State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes; individual income taxes; sales taxes; unemployment insurance taxes; and taxes on property, including residential and commercial property. Neighboring states ranked as follows: Utah (16th), Arizona (28th), Texas (6th), Oklahoma (21st) and Colorado (14th).

How much does New Mexico get back for every dollar paid in federal taxes?

New Mexico taxpayers receive more federal funding per dollar of federal taxes paid than any other state, according to www.taxfoundation.org/research/topic/45.html. For each dollar of Federal tax collected in 2004, New Mexico citizens received approximately $2.00 in the way of federal spending. However, this represents a slight fall from 1992, when New Mexico received $2.08 per dollar of taxes in federal spending (also ranked highest). Neighboring states and the amount of federal spending received per dollar of federal taxes collected were: Utah ($1.14), Arizona ($1.30), Texas ($0.94), Oklahoma ($1.48), and Colorado ($0.79).

What is our total state and local government tax burden per capita?

According to www.taxfoundation.org/research/topic/45.html, New Mexico’s state and local tax burden is among the lowest in the nation, estimated at 9.8 percent of income. New Mexico’s state/local tax burden percentage ranks 40th nationally, below the national average of 11.0 percent. New Mexico taxpayers pay $3,251 per-capita for state and local taxes.

What is our property tax ranking among the 50 states?

Even though New Mexico is one of 37 states that collect property taxes at both the state and local levels, we have the lowest nationwide on a per-capita basis.

As in most states, local governments collect far more. New Mexico’s localities collected $786,994,000 in property taxes in fiscal year 2004, which is the latest year the Census Bureau published state-by-state property tax collections. At the state level, New Mexico collected $52,779,000 in property taxes during FY 2002, making its combined state/local property taxes $840,068,000. That brings its per capita collection to $441, ranking 3rd lowest nationally.

What is New Mexico’s average employee wage as percent of the US average?

The average employee wage is $32,879 versus the U.S. average of $40,148.

What is New Mexico’s rank in the 50 states for per capita income?

According to www.unm.edu/~bber/econ/sttpipci.htm, as of the end of 2005, our rank was 45th with just five states with a lower per capita income.

What is New Mexico’s rank among states for educational attainment?

We rank 31st on college participation by age 19 and 49th for college participation for students from low income families despite being 2nd among 50 states in tax support for higher education according to a 2001 study www.postsecondary.org/Presentations/NMReport92501.pdf.

By 2005 we look better, up to 28th.

What is New Mexico’s rank for H1-B visas among the 50 states?

Note: These visas are for highly skilled immigrants and allow temporary immigration into the United States contingent on an existing job offer. The applicant must possess skills in a specialty occupation, theoretical and practical application of a body of specialized knowledge, and at least a bachelor’s degree or its equivalent.

New Mexico is in 43rd out of 50 states in terms of the ratio of H1B Applications to Employment according to www.globalinsight.com/Perspective/PerspectiveDetail9056.htm

Las Cruces Sun-News 

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