Best Industrial spaces for rent in New Mexico? We got them. Look at the listings above and see all the excellent places we have for you.New Mexico is known for its diverse and abundant industries, ranging from energy, natural resources, and manufacturing to business services, technology, and healthcare. The state's economy is largely driven by its abundant natural resources, including oil and gas, minerals, and renewable sources such as wind and solar. As of 2019, the state's total labor force was estimated at 1,142,800.
In terms of Gross Domestic Product (GDP), New Mexico ranks 37th in the nation, with a GDP of $114.5 billion in 2021. (https://balancingeverything.com/gdp-by-state/)
The state is home to a diverse and robust manufacturing sector, which contributes substantially to the state's GDP and accounts for more than 11 percent of total employment. This sector includes the production of electronic and electrical equipment, transportation equipment, chemicals, and metal products.
The energy sector is another key contributor to the state's economy. Oil and gas production in New Mexico accounts for a quarter of the state's GDP and employs nearly 20,000 people. In addition, the state is home to a growing renewable energy industry, with over 1,000 megawatts of wind and solar energy installed and more than 3,000 employees involved in this sector.
The state also has a thriving business services sector, which includes financial services, professional services, and information technology. This sector accounts for around 8 percent of the state's total employment, and the industry is projected to continue to grow in the coming years.
The health and social services sector is another major source of employment in New Mexico, accounting for more than 15 percent of total employment in the state. This sector includes hospitals, nursing homes, home health services, and ambulance services, among others.
Overall, the New Mexico economy has shown steady growth in recent years, with the state's GDP increasing by 1.63% between 2016 and 2021. (https://www.deptofnumbers.com/gdp/new-mexico/)
. Despite the state's current economic challenges, its diverse and robust industries are helping to drive growth and create jobs. The state's future economic prospects are promising, and it is well poised to continue its strong performance in the years to come.