Small businesses play a vital role in the economy of New Mexico. According to the SBA, there are over 154,000 businesses that are operating in the state and these businesses employ over 336,000 people. It's easy to see that these businesses are thriving and it has helped the economy flourish over the recent years.
In comparison to other states, though, surviving as a small business in New Mexico is rough. The odds are not good for many businesses to survive even the first year; the rates go down further for businesses past their fifth year. It's ironic for a state known as the Land of Enchantment.
While it isn't the worst state to open a business, it isn't what you would refer to as a business hub either. WalletHub ranked it 43 out of 50 states in terms of the business environment. The state's ranking is much better, though, in terms of the cost of operating a business and access to resources.
Part of the reason why it isn't a favorable choice as a home for new businesses is the low growth average for existing businesses. The government is trying to reverse this by pushing hard to support and grow the startup scene in New Mexico, particularly in the city of Albuquerque. For business insurance related info please refer to our more in depth article.
At the request of our visitors we've included the below local insurance contacts for most cities in New Mexico. The Land of Enchantment has one of the highest accident rates in the United States, so it's necessary to have auto insurance in the state. Not only that, but the mountainous and snowy roads of northern New Mexico can be dangerous for inexperienced drivers. Working with local agents is the first step to finding a low cost policy that will not only protect you from financial obligations, but also give you extra room in your budget. Whether you're looking to switch to a more affordable policy or purchase auto insurance for the first time, you've come to the right place. These local New Mexican insurance companies can help you compare quotes and see the rates available to you, making it much easier for you to find cheap car insurance coverage in the state. For additional information on traffic laws or driving schools please navigate to your respective state using the map. And for manufactured home insurance, please refer to the respective article.
New Mexico is located in the Southwestern United States region. Its capital city, Santa Fe, was founded in 1610 and was also the capital of Nuevo Mexico (established as the province of New Spain in 1598). However, its largest city Albuquerque has the biggest metropolitan area.
This state is one of the Mountain States, meaning it shares the Four Corners region with Arizona, Colorado, and Utah. Thanks to its geographical location, New Mexico boasts diverse and incredibly scenic landscapes. Hispanic culture and Native America co-exists in this state.
Compared to other states, New Mexico is a poor state, as it ranks among the lowest per capita income in the country. Half of its economy is in the service sector, while the other remaining belongs to the mining and oil production. The tourism industry, however, is on the rise as the state is slowly being recognized for its distinctive cuisine, incredible nature experiences, and vibrant fine arts scene.
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