Rob Black, Cabinet Secretary-Designate | New Mexico Economic Development Department
New Mexico has experienced the fastest family income growth in the United States over the past year, according to new data from the U.S. Census Bureau’s American Community Survey (ACS). The survey found that New Mexico ranked first in both year-over-year median family income growth from 2023 to 2024 and for long-term gains spanning 2021 to 2024.
The ACS data also shows that median household income in New Mexico increased by 8.9 percent, placing it third nationwide. Only Alaska, with a 10.4 percent increase, and Mississippi, at 9.1 percent, reported higher rates of household income growth during this period. By comparison, neighboring states Arizona and Texas saw smaller increases of 5.4 percent and 5.2 percent respectively.
Household income is defined as the combined earnings of all individuals aged 15 or older living under one roof, while family income measures only related household members.
Rob Black, cabinet secretary for the New Mexico Economic Development Department, said: “This recognition proves what we’ve been saying all along: the bold investments made by Governor Michelle Lujan Grisham and the New Mexico State Legislature are delivering results for families and communities. We’re building momentum, and now is the time to double down. New Mexico is the kind of place where hard work truly pays off and where opportunity is growing for everyone.”
The ACS has been conducted annually since 2005 by the U.S. Census Bureau and is regarded as a leading source of detailed information on population and housing across the country.
