New Mexico vs. United States
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1958-2023
Introduction
New Mexico vs. United States
New Mexico:
2023 PCI = $54,428
U.S.:
2023 PCI = $68,531
Per Capita Income (PCI) is one of the most widely used indicators for gauging the economic performance and changing fortunes of local economies. It is used as a yardstick to assess the economic well being of a region's residents and the quality of consumer markets. It serves as a barometer for calibrating the economic performance of a region over time and to judge differences in relative economic prosperity between regions. Shifting trends in local per capita income growth have important social and political ramifications and significant implications in formulating local economic development strategies and initiatives.
Data Definition:
Personal income is the income that is received by persons from all sources. It is calculated as the sum of wage and salary disbursements, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current tranfer receipts, less contributions for government social insurance. This measure of income is calculated as the personal income of the residents of a given area divided by the resident population of the area. In computing per capita personal income, BEA uses the Census Bureau's annual midyear population estimates.
Personal income is measured as a flow throughout the year, while the measurement of population is at one point in mid-year. Therefore, per capita income is distorted if a significant change in population occurs during the year.
For smaller states in particular, per capita income in any given year may be exceptionally high or low for the short run because of unusual local conditions, such as a bumper crop, a catastrophe, or a major construction project as the building of a dam or nuclear power plant.
Farm incomes are notorious for being especially volatile year-to-year, owing to changing weather, commodity market conditions, and alterations in government programs. Therefore, the per capita income of farm-dependent states may exhibit sharp fluctuations over time.
The presence of large institutional populations--such as residents attending a local college or the residents of a local prison or state mental institution--can significantly lower the per capita income estimates of an area. Such results may not reflect the relative economic well being of the non-institutional population and may mislead if care is not given to their interpretation.
New Mexico Per Capita Personal Income, 1959-2023
Current vs. Constant Dollars
New Mexico Per Capita Personal Income, 1959-2023
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts New Mexico's annual per capita personal income over 1959-2023 in current and constant (2017) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of New Mexico over time.
When measured in current dollars, New Mexico's per capita personal income increased 2,591.22%, from $2,022 in 1959 to $54,428 in 2023. When measured in constant 2017 dollars to adjust for inflation, it advanced 241.82%, from $13,227 in 1959 to $45,214 in 2023.
Real Per Capita Personal Income Indices (1958=100): 1958-2023
Real Per Capita Personal Income Indices (1958=100): 1958-2023
Figure 2.
Figure 2 shows New Mexico's real per capita personal income growth in a broader context by offering direct comparisons across time with the United States. The growth indices shown here express each region's real per capita personal income in 1958 as a base figure of 100, and the real per capita personal incomes in later years as a percentage of the 1958 base figure. This method allows for more direct comparison of differences in real per capita personal income growth between regions that may differ vastly in size.
New Mexico's overall real per capita personal income growth was 248.97% over 1958-2023 trailed the United States' increase of 297.10%.
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2023
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2023
Figure 3.
Figure 3 portrays the trends for per capita personal income relative to the national average by tracing New Mexico per capita personal income as a percent of the national average over 1958-2023.
In 1958, New Mexico's per capita personal income amounted to 90.38% of the national average; in 2023, it approximated 79.42%.
New Mexico Real Per Capita Personal Income:
Annual Percent Change, 1959-2023
New Mexico Real Per Capita Personal Income:
Annual Percent Change, 1959-2023
Figure 4.
Figure 4 shows the short-run pattern of New Mexico's real per capita personal income growth by tracking the year-to-year percent change over 1959-2023. The average annual percent change for the entire 65-year period is also illustrated on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average.
On average, New Mexico's real per capita personal income grew at an annual rate of 1.96% over 1959-2023. The state recorded its highest growth in 2020 (6.80%) and posted its lowest growth in 2022 (-4.13%). In 2023, New Mexico's real per capita personal income grew by 0.53%
New Mexico Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2023
New Mexico Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2023
Figure 5.
Over the past six decades some states have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 5 again depicts the annual percent change in New Mexico's real per capita personal income since 1959, but this time they are overlayed with average growth rates for the decade of the 1960s, 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2023.
During the 1960s, New Mexico's annual real per capita personal income growth rate averaged 2.23%. It averaged 3.15% throughout the 1970s, 1.25% during the 1980s, 1.67% throughout the 1990s, 2.17% in the 2000s, 1.23% throughout the 2010s, 2.12% thus far this decade (2020-2023).
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Figure 6.
Figure 6 compares the decade average growth rates for New Mexico noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real per capita personal income growth trends, New Mexico fell below the nation during the 1960s (2.23% vs. 3.49%), outgained the nation in the 1970s (3.15% vs. 2.37%), recorded underneath the nation over the 1980s (1.25% vs. 2.19%), recorded underneath the nation in the 1990s (1.67% vs. 2.01%), topped the nation over the 2000s (2.17% vs. 1.10%), lagged the nation throughout the 2010s (1.23% vs. 1.97%), and led the nation over 2020-2023 (2.12% vs. 1.56%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
1.96
2.23
3.15
1.25
1.67
2.17
1.23
2.12
0.53
 
2.16
3.49
2.37
2.19
2.01
1.10
1.97
1.56
0.90
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
New Mexico:
Per Capita Personal Income, 1958-2023
 
1958
 
1,952
0.151
12,956
100.0
N
90.38
1959
 
2,022
0.153
13,227
102.1
2.09
89.49
1960
 
2,004
0.155
12,893
99.5
-2.53
86.33
1961
 
2,073
0.157
13,201
101.9
2.39
86.98
1962
 
2,124
0.159
13,368
103.2
1.26
85.01
1963
 
2,174
0.161
13,524
104.4
1.17
83.99
1964
 
2,260
0.163
13,856
106.9
2.45
82.62
1965
 
2,383
0.165
14,407
111.2
3.98
81.69
1966
 
2,517
0.170
14,839
114.5
3.00
80.31
1967
 
2,620
0.174
15,067
116.3
1.53
78.73
1968
 
2,854
0.181
15,795
121.9
4.83
78.91
1969
 
3,109
0.189
16,467
127.1
4.25
79.11
1970
 
3,420
0.198
17,304
133.6
5.09
81.48
1971
 
3,677
0.206
17,843
137.7
3.11
82.24
1972
 
4,039
0.213
18,956
146.3
6.23
83.16
1973
 
4,421
0.225
19,688
152.0
3.87
82.44
1974
 
4,858
0.248
19,594
151.2
-0.48
83.25
1975
 
5,391
0.269
20,070
154.9
2.43
85.25
1976
 
5,846
0.283
20,635
159.3
2.81
85.04
1977
 
6,382
0.302
21,150
163.2
2.50
84.92
1978
 
7,148
0.323
22,145
170.9
4.71
85.54
1979
 
7,877
0.351
22,415
173.0
1.22
85.32
1980
 
8,649
0.389
22,217
171.5
-0.88
84.93
1981
 
9,597
0.424
22,625
174.6
1.84
84.99
1982
 
10,273
0.448
22,946
177.1
1.42
85.68
1983
 
10,820
0.467
23,181
178.9
1.02
85.19
1984
 
11,612
0.484
23,973
185.0
3.42
83.61
1985
 
12,384
0.501
24,704
190.7
3.05
83.98
1986
 
12,656
0.512
24,709
190.7
0.02
81.75
1987
 
13,010
0.528
24,640
190.2
-0.28
80.17
1988
 
13,675
0.549
24,924
192.4
1.16
78.40
1989
 
14,514
0.573
25,347
195.6
1.69
77.79
1990
 
15,308
0.598
25,609
197.7
1.04
78.03
1991
 
16,044
0.618
25,972
200.5
1.42
80.02
1992
 
16,784
0.634
26,465
204.3
1.90
79.63
1993
 
17,595
0.650
27,069
208.9
2.28
81.03
1994
 
18,265
0.664
27,525
212.4
1.68
80.99
1995
 
19,191
0.678
28,325
218.6
2.91
81.40
1996
 
19,782
0.692
28,586
220.6
0.92
80.01
1997
 
20,509
0.704
29,129
224.8
1.90
79.11
1998
 
21,318
0.710
30,039
231.8
3.13
77.54
1999
 
21,523
0.720
29,892
230.7
-0.49
75.27
2000
 
23,019
0.738
31,182
240.7
4.31
75.35
2001
 
24,545
0.753
32,595
251.6
4.53
77.80
2002
 
25,237
0.763
33,079
255.3
1.48
79.36
2003
 
26,108
0.779
33,517
258.7
1.32
79.94
2004
 
27,366
0.798
34,282
264.6
2.28
80.06
2005
 
28,744
0.821
34,999
270.1
2.09
80.58
2006
 
30,433
0.844
36,041
278.2
2.98
80.42
2007
 
31,780
0.866
36,694
283.2
1.81
80.28
2008
 
33,552
0.892
37,627
290.4
2.54
82.13
2009
 
32,901
0.889
37,000
285.6
-1.67
83.70
2010
 
33,658
0.905
37,185
287.0
0.50
82.99
2011
 
35,069
0.928
37,788
291.7
1.62
82.23
2012
 
35,695
0.945
37,758
291.4
-0.08
80.69
2013
 
34,858
0.958
36,393
280.9
-3.62
78.51
2014
 
36,880
0.971
37,974
293.1
4.34
79.68
2015
 
37,753
0.973
38,801
299.5
2.18
78.55
2016
 
38,475
0.983
39,146
302.1
0.89
78.57
2017
 
39,197
1.000
39,197
302.5
0.13
76.85
2018
 
40,977
1.020
40,155
309.9
2.45
76.87
2019
 
43,191
1.035
41,725
322.0
3.91
77.76
2020
 
46,629
1.046
44,564
344.0
6.80
78.83
2021
 
51,134
1.090
46,912
362.1
5.27
79.37
2022
 
52,190
1.160
44,975
347.1
-4.13
79.71
2023
 
54,428
1.204
45,214
349.0
0.53
79.42
Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
April 2024
REAP_PI_SA1400_700_PN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
United States:
Per Capita Personal Income, 1958-2023
 
1958
 
2,160
0.151
14,336
100.0
N
1959
 
2,260
0.153
14,781
103.1
3.10
1960
 
2,321
0.155
14,934
104.2
1.04
1961
 
2,383
0.157
15,177
105.9
1.63
1962
 
2,498
0.159
15,725
109.7
3.61
1963
 
2,589
0.161
16,101
112.3
2.39
1964
 
2,735
0.163
16,770
117.0
4.16
1965
 
2,918
0.165
17,636
123.0
5.16
1966
 
3,134
0.170
18,477
128.9
4.77
1967
 
3,328
0.174
19,137
133.5
3.57
1968
 
3,617
0.181
20,017
139.6
4.59
1969
 
3,931
0.189
20,816
145.2
3.99
1970
 
4,198
0.198
21,238
148.1
2.03
1971
 
4,471
0.206
21,697
151.3
2.16
1972
 
4,857
0.213
22,793
159.0
5.05
1973
 
5,363
0.225
23,883
166.6
4.78
1974
 
5,836
0.248
23,537
164.2
-1.45
1975
 
6,324
0.269
23,544
164.2
0.03
1976
 
6,875
0.283
24,265
169.3
3.07
1977
 
7,516
0.302
24,906
173.7
2.64
1978
 
8,356
0.323
25,889
180.6
3.95
1979
 
9,232
0.351
26,271
183.2
1.47
1980
 
10,184
0.389
26,160
182.5
-0.42
1981
 
11,291
0.424
26,621
185.7
1.76
1982
 
11,990
0.448
26,781
186.8
0.60
1983
 
12,701
0.467
27,210
189.8
1.61
1984
 
13,889
0.484
28,674
200.0
5.38
1985
 
14,746
0.501
29,417
205.2
2.59
1986
 
15,482
0.512
30,227
210.8
2.75
1987
 
16,228
0.528
30,733
214.4
1.67
1988
 
17,442
0.549
31,790
221.7
3.44
1989
 
18,658
0.573
32,584
227.3
2.50
1990
 
19,619
0.598
32,821
228.9
0.73
1991
 
20,050
0.618
32,457
226.4
-1.11
1992
 
21,077
0.634
33,234
231.8
2.39
1993
 
21,713
0.650
33,405
233.0
0.51
1994
 
22,552
0.664
33,986
237.1
1.74
1995
 
23,577
0.678
34,798
242.7
2.39
1996
 
24,725
0.692
35,729
249.2
2.67
1997
 
25,925
0.704
36,822
256.8
3.06
1998
 
27,493
0.710
38,740
270.2
5.21
1999
 
28,592
0.720
39,711
277.0
2.51
2000
 
30,551
0.738
41,384
288.7
4.21
2001
 
31,548
0.753
41,895
292.2
1.23
2002
 
31,801
0.763
41,684
290.8
-0.50
2003
 
32,659
0.779
41,928
292.5
0.59
2004
 
34,183
0.798
42,821
298.7
2.13
2005
 
35,669
0.821
43,432
303.0
1.43
2006
 
37,843
0.844
44,816
312.6
3.19
2007
 
39,588
0.866
45,710
318.8
1.99
2008
 
40,854
0.892
45,816
319.6
0.23
2009
 
39,307
0.889
44,204
308.3
-3.52
2010
 
40,557
0.905
44,808
312.5
1.36
2011
 
42,649
0.928
45,956
320.6
2.56
2012
 
44,237
0.945
46,795
326.4
1.83
2013
 
44,401
0.958
46,357
323.4
-0.94
2014
 
46,287
0.971
47,659
332.4
2.81
2015
 
48,060
0.973
49,394
344.5
3.64
2016
 
48,971
0.983
49,826
347.6
0.88
2017
 
51,004
1.000
51,004
355.8
2.36
2018
 
53,309
1.020
52,240
364.4
2.42
2019
 
55,547
1.035
53,662
374.3
2.72
2020
 
59,151
1.046
56,530
394.3
5.34
2021
 
64,427
1.090
59,107
412.3
4.56
2022
 
65,473
1.160
56,421
393.6
-4.54
2023
 
68,531
1.204
56,929
397.1
0.90
Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
April 2024
REAP_PI_SA1400_700_PN
 
   
Copyright © 2024. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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