Small businesses have always been the backbone of the nations’ incredibly strong economy, with the majority of them starting up with a dream, a lifetime ambition of an aspiring entrepreneur who wants to turn their passion and love into a profitable business, typically a small business.
When it comes to business, New Mexico is certainly an experienced state, whether that be on a large or small scale, with many considering the state to be one of the most pro-business states in the nation.
The Land of Enchantment has been a massively consistent contributor to the United States’ incredibly powerful economy. Over the past several years New Mexico has been a business-friendly state that is known for its low-regulation environment, affordable business licenses, and a reasonable business tax environment.
Number of Small Businesses in New Mexico
So, how many small businesses are there in New Mexico? There are 156,996 small businesses in New Mexico, according to the latest figures (2020) from the SBA.
It is not just Americans and locals starting small businesses in New Mexico. The state is a huge attraction for international entrepreneurs and foreign-born people, with a significant number of immigrant entrepreneurs that have decided to call New Mexico their place of business.
There are 18,935 immigrant entrepreneurs in New Mexico that account for 17% of all self-employed New Mexico residents.
The following graph shows the number of small businesses in New Mexico in 2016, 2017, 2018, 2019, and 2020, and includes percentage increases or decreases per year on the number of small businesses.
Of the 156,996 small businesses in New Mexico in 2020, there is a wide array of different enterprises from small, one-person sole proprietorships or LLCs to much larger businesses with several hundred employees. If you want to join the 156,000-plus small businesses in New Mexico, it is fairly easy to register a business in New Mexico.
Let’s take a deeper dive into the number of small businesses in New Mexico by looking at the top industries, small business owners, employees, and more!
Latest Small Businesses Statistics in New Mexico
- Small businesses equate to over 99% of all businesses in the state.
- There are 339,731 small business employees in New Mexico, which is 54.2% of the states’ employees.
- In 2019, Small Businesses in New Mexico added 7,058 new jobs!
- Small businesses employing 20 or less employees created the most job gains!
- There are 51,090 self-employed minorities in the state demonstrating the diversity in New Mexico.
- International trade in New Mexico is quite strong and there are 1,159 small business exporters.
- There are more professional, scientific, and technical service firm small businesses in New Mexico than any other type – 20,772.
- Construction firms make up the 2nd largest number of small businesses in New Mexico – 15,254.
So, How Many Small Businesses are in New Mexico Compared With the US?
Over 156,996 is a lot of small businesses to be registered in a state that isn’t exactly well known for having a large population size. Compared to the rest of the U.S., the total number of small businesses in New Mexico is 0.49% of all U.S. businesses. There are 31.7 million small businesses in the U.S.
The number of small businesses in New Mexico has been growing fairly impressively over the past several years (with the exception of 2018).
- In 2017 there were 154,489 small businesses, which decreased to 154,257 in 2018 (-0.15% decrease).
- In 2019 there were 154,804 small businesses which were 547 more than the state had in 2018 (+0.35% increase).
- In 2020 small businesses in New Mexico hit 156,996, as the number increased from the previous year by 2,192 (1.41% increase).
With various benefits offered to small businesses in New Mexico, it is no wonder why so many decide to call the state their new home of business. Despite New Mexico not being the most popular state in the country that people move to, it is still a wonderful and unique place to live.
New Mexico offers a lot to small businesses and aspiring small business owners from all over the world, this is due to many different factors, with the more notable being low corporate income tax, easy access to massive consumer markets, and a low cost of living and low business registration costs..
If you would like to download the latest 2020 Small Business Profile on New Mexico from the U.S. Small Business Administration, Office of Advocacy, the Profile can be downloaded here.