WalletHub ranks NM economy 40th

High-tech jobs, ‘innovation potential’ allay jobless rate

New Mexico’s overall economy ranks 40th in the nation despite its high unemployment rate, according to a study by the financial website WalletHub.

At 6.7 percent, New Mexico has had the highest unemployment rate in the nation for several months, and it ranked 51st in the WalletHub study, which included Washington D.C.

But the state also had the second-highest percentage of high-tech jobs, behind Massachusetts and just ahead of New Hampshire.

The state ranked 51st in what WalletHub described as economic health; 44th in economic activity; and 16th in “innovation potential.”

The economic health category included such factors as the unemployment and underemployment rates, median household income and state fiscal health. Economic activity included GDP growth, exports and startup activity. Innovation potential included the share of jobs in high-tech industries and STEM professions, research and development investment and entrepreneurial activity.

The top three state economies, according to WalletHub were Washington (1), California (2) and Utah (3). The bottom three were West Virginia (51), Louisiana (50) and Mississippi (49).