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Cost of Labor

New Mexico has one of the lowest cost of labor rates in the country. In July 2005, Business Facilities Magazine named New Mexico 3rd Best State for Cost of Labor and in May 2006 Forbes Magazine ranked Albuquerque as having the lowest cost of doing business of 200 metropolitan areas.

New Mexico is also a national leader in other low costs borne by employers:

New Mexico's unemployment insurance tax rate is 1% or less. (Virginia leads with 0.2%.)
New Mexico workers' compensation rate is less than $3.00 per $100 of payroll. (By comparison, California's rate is $12.45.)
Wages are lower than 36 other states and the District of Columbia.

Source: Business Facilities July 2005 Survey

Best Cities for Cost of Doing Business
Rank	Metro Area	Cost of Doing Business	Job Growth	Educational Attainment	Population
1	Albuquerque NM	1	60	54	793,100
2	Raleigh NC	43	52	11	934,200
3	Houston TX	21	77	70	5,257,100
4	Boise ID	51	22	91	534,100
5	Knoxville TN	26	35	93	654,200
6	Phoenix AZ	55	16	88	3,813,000
7	Nashville TN	28	64	79	1,414,000
8	Durham NC	24	117	6	457,600
9	Fayetteville AR	23	7	141	399,700
10	Indianapolis IN	47	80	64	1,637,300

Source: Forbes Magazine, 2006

Source: US Department of Commerce, Bureau of Economic Analysis

This site last updated Jun 18, 2010