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STATE ECONOMIC PROFILE

North Dakota Economic Overview

$107.9b

GROSS STATE PRODUCT

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Growth Rate 2019-24

State Growth Rank

1.5%

30

2,115,145

POPULATION

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Growth Rate 2019-24

State Growth Rank

0.1%

41

174,809

BUSINESSES

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Growth Rate 2019-24

State Growth Rank

1.7%

44

Overview of the New Mexico Economy

In 2024, the state of New Mexico has a population of 2,115,145, having grown an annualized 0.1% over the five years to 2024, which ranks it 41st out of all 50 US states by growth rate. New Mexico's gross state product (GSP) in 2024 reached $107.9b, with growth of 1.5% over the 5 years to 2024. Businesses in New Mexico employed a total of 773,354 people in 2024, with average annual employment growth over the past five years of 0.7%. The top three sectors by total employment are Real Estate and Rental and Leasing, Mining, Professional, Scientific and Technical Services, while the unemployment rate across the state in 2024 was 4.1%.

What is North Dakota's Gross Domestic Product (GDP)?

In 2024, New Mexico's GDP reached $107.9b, representing an increase of 1.5% from 2023. New Mexico's GDP has grown at an annualized rate of 2.4% over the five years to 2024. Moreover, New Mexico's trailing five-year GDP growth ranks it 30th out of all 50 US states.

State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.

You can track trends in New Mexico's GDP, and compare them to the national average, using the chart below.

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STATE ECONOMIC PROFILE

North Dakota Industry Trends

Learn about current trends affecting the most significant industries for New Mexico's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 635 industries in New Mexico.

What are North Dakota's Largest Industries by Revenue?

The largest industries by revenue in New Mexico are Oil Drilling & Gas Extraction, Scientific Research & Development and Health & Medical Insurance, which generated $28.3b, $8.4b and $8.2b in 2024.

See all industries in New Mexico >

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STATE ECONOMIC PROFILE

Top Companies in North Dakota

Learn about current trends affecting the top companies in New Mexico. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.

Top 10 Companies Headquartered in North Dakota by Employment

The largest companies by employment in New Mexico are State Of New Mexico, Honeywell International Inc. and Walmart Inc., which employed 31,100, 15,100 and 14,636 people in 2024.

Company
2024 Employment
2024 Employment %
1.
State Of New Mexico
31,100
4.0%
3.
14,636
1.9%
4.
University Of New Mexico
11,875
1.5%
5.
Presbyterian Healthcare Services
11,575
1.5%
6.
Albuquerque Public Schools
10,150
1.3%
7.
City of Alburquerque
5,800
0.7%
9.
New Mexico State University
3,800
0.5%
10.
Lovelace Health System
3,650
0.5%

View all companies >

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STATE ECONOMIC PROFILE

North Dakota Sector Statistics

In New Mexico, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.

What is North Dakota's GDP by Sector?

The Real Estate and Rental and Leasing, Mining and Professional, Scientific and Technical Services sectors contributed the most to New Mexico's GDP in 2024, representing a combined 42.0% of state GDP.

GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.

Sector
GDP
Growth 2024 (%)
Annualized Growth 2019-24
11,135,596,380
10.8%
3.6%
5,812,498,723
0.5%
-1.6%
3,985,177,509
1.2%
-0.7%
3,935,544,870
4.3%
1.4%
3,547,809,607
-1.9%
-3.4%
3,471,734,460
-1.3%
1.3%
3,213,293,515
4.4%
4.4%
3,013,434,683
2.8%
1.7%
2,733,957,462
-3.0%
-3.5%
1,437,390,716
-2.9%
-2.4%
659,757,181
4.9%
2.8%

What is North Dakota's Employment by Sector?

The Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services sectors contributed the most to employment in New Mexico in 2024, representing a combined 45.6% of state employment.

Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.

Sector
Employment
Growth 2024 (%)
Annualized Growth 2019-24
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STATE ECONOMIC PROFILE

North Dakota Employment Trends

773.4k

EMPLOYMENT

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Growth Rate 2019-24

State Growth Rank

0.3%

5

4.1%

UNEMPLOYMENT

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Growth Rate 2019-24

State Growth Rank

-3.9%

16

What Employment Trends are Impacting North Dakota?

The state of New Mexico employs 773,354 people in 2024, which ranks it 40th out of all 50 US states. Employment in New Mexico has grown at an annualized rate of 0.3% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in New Mexico include Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services, which employed 143,970, 115,703 and 92,778 people in 2024, respectively. New Mexico's unemployment rate is 4.1% in 2024, which ranks it 33rd out of 50 states. New Mexico's unemployment rate has trended downwards at a rate of -3.9% over the five years to 2024, overperforming the US economy as a whole.

Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.

You can track unemployment trends in New Mexico, and compare them to the US economy, using the chart below.

$96.3k

PER CAPITA DISPOSABLE INCOME

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Growth Rate 2019-24

State Growth Rank

6.0

28

What is North Dakota's Per Capita Disposable Income?

Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. New Mexico's DPI in 2024 was $96.3k, compared to the US average of $129.8k, which places it 28th out of all 50 US states.

Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.

You can track trends in New Mexico's per capita disposable income, and compare it to the US average, using the chart below.

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STATE ECONOMIC PROFILE

North Dakota Construction & Building Trends

$4,367.3tn

NONRESIDENTIAL CONSTRUCTION

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Growth Rate 2019-24

State Growth Rank

22.7%

48

$1.7tn

RESIDENTIAL CONSTRUCTION

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Growth Rate 2019-24

State Growth Rank

9.0%

32

8,335

BUILDING PERMITS

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Growth Rate 2019-24

State Growth Rank

9.5%

49

What can construction trends tell you about a state’s economy?

In New Mexico, non-residential construction was $4,367.3tn in 2024, which ranks it 48th out of all US states. Residential construction was $1.7tn in 2024, which places New Mexico 32nd in the United States. The number of building permits issued in New Mexico in 2024 was 8,335, representing a 9.5% annualized growth rate between 2019 and 2024.

Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.

You can track trends in the number of building permits issued in New Mexico, and compare it to trends in the number issued in the United States as a whole, using the chart below.

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STATE ECONOMIC PROFILE

North Dakota Population Statistics

Which Counties in North Dakota have the Largest Populations?

The counties with the highest populations in New Mexico are Bernalillo County, Dona Ana County and Sandoval County, which had populations of 669,667, 226,440 and 157,685 people in 2024.

Region
2024 Population
Annual Growth 2019-24 (%)
Population Growth 2024 (%)
Bernalillo
669.7k
-0.2%
31.7%
Dona Ana
226.4k
0.7%
10.7%
Sandoval
157.7k
1.3%
7.5%
Santa Fe
156.7k
0.3%
7.4%
San Juan
119.2k
-0.5%
5.6%
Valencia
79.6k
1.0%
3.8%
Lea
71.6k
-0.6%
3.4%
Otero
69.7k
0.6%
3.3%
Mckinley
67.5k
-1.7%
3.2%
Chaves
62.9k
-0.8%
3.0%
Eddy
59.5k
-0.7%
2.8%
Curry
46.7k
-0.8%
2.2%
Rio Arriba
39.8k
-0.3%
1.9%
Taos
34.6k
0.1%
1.6%
Grant
27.3k
-0.7%
1.3%
San Miguel
26.7k
-0.5%
1.3%
Cibola
26.7k
-0.5%
1.3%
Luna
26.1k
0.7%
1.2%
Lincoln
20.6k
0.3%
1.0%
Los Alamos
19.1k
-0.3%
0.9%
Roosevelt
18.7k
-0.5%
0.9%
Socorro
15.8k
-1.1%
0.8%
Torrance
15.7k
0.8%
0.7%
Colfax
12.1k
-0.5%
0.6%
Sierra
11.4k
-0.3%
0.5%
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STATE ECONOMIC PROFILE

North Dakota Demographics

In New Mexico, 31.6% of the population has a Bachelors or higher. The largest ethnic group in New Mexico is Hispanic, accounting for 50.6% of the state's population.

Education Level New Mexico

Education Level
New Mexico (%)
Bachelors or higher
31.6
Other
68.4

Race in New Mexico

Race
New Mexico (%)
Hispanic
50.6
White
35.1
Other
10.6
Black
2.0
Asian
1.8
North Dakota State Industry Reports

IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:

  • Discover key local industry trends
  • Identify threats and opportunities at the subnational level
  • Inform your business strategies and planning

See our list of 635 New Mexico Industry Reports.

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