Personal Income by Major Component

Personal income is the before-tax income received by people from all sources and is calculated as the sum of net earnings by place of residence, property income, and personal current transfer receipts (transfer payments). Net earnings is earnings by place of work - the sum of wages and salaries, supplements to wages and salaries, and proprietors’ income - less contributions for government social insurance, plus an adjustment to convert earnings by place of work to a place-of-residence basis.

The amount of goods and services an individual can purchase is dependent on their personal income. Per capita personal income is thus a measure of individual economic well-being and can be derived by dividing total personal income by total population. 

per capita income growth in new mexico
Source: U.S. Bureau of Economic Analysis, 2017

The line chart above shows the growth in per capita income in New Mexico and the U.S. from 2000 to 2017. New Mexico’s per capita personal income in 2000 grew by about 7% and the growth decelerated till 2009 where it declined to a negative growth rate of 1.9%. It has peaked since then reaching a growth rate of 2.3% in 2017, a growth rate slower than the national average growth rate of 3.6%.

In 2017 New Mexico’s per capita income of $39,811 grew by 2.3% compared to 2016. The U.S. average per capita personal income grew by 3.6% in 2017. New Mexico’s per capita personal income was 77.09% of the national average. 

Personal Income data is found below at the state, county and MSA levels for download. To view and download data on other states, MSAs, counties, and other areas, please go to the U.S. Bureau of Economic Analysis website

Personal Income by major Component for New Mexico, MSAs, and Counties, 2001-2016