Searching for storage units for rent in New Mexico? Have a look at the listings above and use our custom search features to find the best unit for you.New Mexico is a state in the southwestern region of the United States. It is known for its diverse terrain, which ranges from desert and mountain regions to grasslands and forests. The state has a rich history, and a strong economy largely based on natural resources, including mining, agriculture, and petroleum. New Mexico is home to a variety of industries, and its economic output is closely linked to the strength of its labor force.
The primary industries in New Mexico include energy, manufacturing, tourism, agricultural, and government services. Energy production and extraction is the largest sector of the New Mexico economy, and petroleum, natural gas, and uranium are some of the state's most important resources. Manufacturing is another important industry, with electronics, food products, and aerospace components among the most important products. The tourism industry is also strong, particularly in the southern part of the state. Agriculture is still an important part of the economy, with livestock and dairy products leading the way. Finally, government services are a major source of employment, with military bases, federal research labs, and national parks among the biggest employers.
In terms of labor, New Mexico has a workforce of over one million people, with a majority of the population employed in service-related jobs. The state has a relatively low unemployment rate, and wages are competitive for many of the industries. The GDP of the state is estimated to be around $114.5 billion (https://balancingeverything.com/gdp-by-state/)
and the state ranks in the top 43th for gross domestic product per capita. (https://www.statista.com/statistics/248063/per-capita-us-real-gross-domestic-product-gdp-by-state/)
As for economic trends, New Mexico has seen steady growth in recent years, with the state's GDP increasing by an average of 1.63% between 2016 and 2021. (https://www.deptofnumbers.com/gdp/new-mexico/)
The energy sector has been a major driver of growth, with the state's oil and gas sector experiencing a boom in production in the last few years. Manufacturing, agriculture, and tourism have also seen growth, and the state's government services sector has been relatively stable.
Overall, New Mexico's economy is diverse and diversely linked, with energy, manufacturing, tourism, agriculture, and government services all making important contributions to the state's economic output. The state's labor force is strong, and wages are competitive, while the state's GDP has seen steady growth in recent years. New Mexico is a great place to invest and do business, making it an attractive option for companies looking to expand.