New Mexico Economy
In terms of revenue generated New Mexico's top five agricultural products are dairy products, cattle and calves, hay, pecans, and greenhouse and nursery products.
Dairy and cattle ranching are the most important agricultural activities in New Mexico. About 39% of the state's total agricultural reciepts are generated by dairy products. About 37% by beef cattle and calves. Beef cattle are shipped to other states for fattening and slaughter.
Sheep and lambs and hogs are also important.
Water is scarce in New Mexico and most croplands must be irrigated. Not surprisingly, the leading crop is hay used to feed cattle.
Pecans rank second behind hay and account for about 3 or 4% of the state's total agricultural receipts.
Greenhouse and nursery products generate about 2% of New Mexico's total cash receipts.
Other crops are grown as well and New Mexico is a leading producer of chili peppers and onions. Some cotton, grain sorghum and wheat is also grown in the state.
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Manufacturers add value to raw products by creating manufactured items. For example, cotton cloth becomes more valuable than a boll of cotton through manufacturing processes.
The leading products of New Mexico's manufacturing industries are computer and electronic equipment. Silicon computer chips are produced in the state making this sector worth about 80% of the manufacturing industry. Another important product in this sector is telephone equipment.
Chemicals, clothing, concrete, food products, petroleum products and printed materials are also produced in New Mexico.
A leading state in the value of its mined products, petroleum and natural gas account for over 80% of the value in mining.
Coal is also important.
Copper, potash, molybdenum, uranium are also mined in the state. Gold and silver are produced as by-products of copper processing activities.
New Mexico is a leading state in the production of molybdenum.
The most important services industry group in New Mexico is the community, business and personal services group. This group includes private health care, motels and ski resorts, engineering companies, private research laboratories and repair shops. Tourism brings billions of dollars into the economy each year.
Government services (federal government research laboratories, military bases, bureau of Indian affairs, public schools and hospitals) rank second.
Ranking third is the wholesale (groceries, motor vehicles, petroleum products) and retail (automobile dealerships, discount stores, food stores) sector and the finance, insurance and real estate (most important, new home development) sector.
U.S. Department of Agriculture: National Agricultural Statistics Service, "New Mexico State Agriculture Overview, 2004", 3 January 2006, <http://www.nass.usda.gov/Statistics_by_State/Ag_Overview/AgOverview_NM.pdf> (12 January 2006)