New Mexico offers companies more than a pipeline of world-class talent and innovation. The state also offers a strong-value proposition to companies that choose New Mexico. By offering reasonable labor costs – many times below the national average, a lack of intense competition, and a pro-business environment, New Mexico makes it easy to succeed.
Even with high competition for tech talent, compensation costs in New Mexico are almost 15% below the national average.
Cost of living in New Mexico’s largest metro, Albuquerque, is 95% of the national average.
A low cost of living and high quality of life has kept rates for new graduating talent in New Mexico at nearly 10% less than the national average.
A lack of intense competition, low cost of living, and a high-quality of life helps to keep compensation costs at or significantly below the national average for top-quality, diverse, talent in New Mexico.
These factors have even helped to keep compensation costs low in New Mexico when compared to regional competing states.
Source: Analyses performed using Occupational Employment Survey data from the U.S. Bureau of Labor Statistics
New Mexico’s low cost of living and high quality of place have also gave companies access to the next generation of talent for less.
An affordable cost of living plays an important part in keeping employment costs low in New Mexico. For example, New Mexico’s largest metro, Albuquerque, is one of the most affordable major metro areas in the United States. Cost of living in Albuquerque is 95% of the national average and the median price of a single-family home is 46% less than in the Western U.S. overall. This lower-than-average cost of living is similarly low throughout the majority of the state.
Source: ACCRA Cost of Living Survey | Click to enlarge
