November 30th, 2023 – The New Mexico Economic Development Department announced today that two more companies have been awarded
Manufacturing companies from around the world are realizing the potential New Mexico has to offer. Advanced manufacturing in New Mexico is diverse and includes everything from bioscience and medical manufacturing, food production and value-added agriculture products, to cutting-edge aerospace and space manufacturing.
New Mexico has a talent pool of over 180,000 experienced advanced manufacturing employees.
in high tech jobs according to the 2017 state new economy index.
New Mexico is proximate to 75% of the U.S. population within 2-days via truck.
New Mexico has a skilled workforce that is essential to the advanced manufacturing industry. The talent pipeline in the state spans a broad range of industries and skills, including 180,000 workers employed in relevant manufacturing, production, logistics, and construction roles. And, when companies need research and development, engineering, or scientific expertise New Mexico provides one of the highest concentrations of talent in the U.S. This is thanks to our long history of innovation and R&D and presence of two national labs, Sandia and Los Alamos.
New Mexico’s strategic location grants quick access to key consumer markets both nationally and internationally. The state is equidistant to the ports of Southern California and the ports of Texas and has an international border with Mexico. Additionally, manufacturers in New Mexico are proximate to 75% of the U.S. population within 2-days via truck.
New Mexico has no inventory tax and the lowest effective tax rate for manufacturers in the nine-state Western region. The state has proactively worked to maintain a business-friendly environment with some of the strongest incentive programs in the U.S.
New Mexico also enacted a single sales factor for manufacturers without an investment threshold. This abates the state corporate tax liability for most manufacturers and eliminates obstacles for new investment.