Moving to a new area comes with risks. One requirement is that you will need to understand the customs of your new home. However, these risks are smaller for many Americans that want to live in warmer climates that are better for them healthwise. Historically, they packed up their bags and moved to Florida and California.
While the climate is warm in these areas the cost of living has skyrocketed. Many seniors that move for retirement reasons are on a fixed income and can’t afford the high living costs. This has caused them to search for a new retirement area. New Mexico has surfaced as a great place for retirees.
Prior to uprooting your life and moving to a new situation, you are going to want to know everything you can about the economic situation of that new environment. Even if you are retired and not looking to enter into the work force, you still do not want to enter into a tax system that is strained and struggling to maintain basic social services. So if you are thinking about relocating to New Mexico, here is some useful information about the economy.
The unemployment rate of New Mexico for 2004 was 5.7%. This is slightly higher than the national average, but it really is nothing to be terribly concerned about especially since the trend has been toward lower unemployment.
The government remained the largest employer in 2004 with over 25% of all jobs coming from this source. The large abundance of military installations including several air bases accounts for a lot of this. The second largest source of employment for people living in New Mexico were education services. Construction remains strong which is always a good sign that a place is growing. This is true because during the 1990’s, New Mexico’s population swelled by 20%.
What environmental attributes does New Mexico have New Mexico is rich in minerals and has earned a great deal of wealth from this. New Mexico has great salt deposits, potash, manganese, copper ore, and natural gas in great supply. These elements benefit the economny greatly. New Mexico also produces the greatest amount of uranium ore.
New Mexico remains a powerful force in the high tech industry. Ever since the creation of Los Alamos, New Mexico has been a large draw for high tech jobs. The other high tech sector positions are mostly concentrated in the defense industry. There are an increasing number of manufacturing jobs concentrated up in the Albuquerque region as well.
New Mexico has historically not been a popular tourism destination, however it does have tourists. Great attractions include the Carlsbad Caverns National Park and the Aztec Ruins National Monument. Visitors flock to these areas.
If New Mexico is a possibility for a new place to live then you can rest easy knowing the economy of New Mexico is just fine. The goverment provides a great number of jobs and the manufacturing sector is strong. The economy is gaining strength. Plus, the scenery is spectacular, not to mention a wonderful climate. These factors make New Mexico a new home to many.