10-07-2024 11:39am

New Mexico Leads Nation in Wage Growth in 2024

Chris Edwards Editor

The state of New Mexico is leading the nation and leading all states in salary growth in 2024 via a review of data from the US Labor Department.

Average salaries and wages in the United States have been increasing year after year, but the landscape looks different depending on a range of factors, from where you live to how old you are. For example, on average, Mississippi is the lowest-earning state with an average income of around $48,000, according to the U.S. Bureau of Labor Statistics. New Mexico average earnings now stand at $57,564

According to statistics released by the U.S. Bureau of Labor Statistics weekly wages between March 2023 and March 2024 to determine the states that experienced the highest wage increases.

U.S. Bureau of Labor Statistics data reveals which U.S. states experienced the best wage growth in 2024. New Mexico saw the biggest increase in earnings compared to the previous year, with average salaries rising by 6.5%. The state is followed by:

West Virginia (6.1%).

Washington (4.9%).

The average weekly wage in Bernalillo County increased by 4.5% from the fourth quarter of 2022 to the fourth quarter of 2023.

The average hourly wage in Las Cruces in May 2023 was $24.85, compared to the national average of $31.48.

31% of the state's population worke for minimum wage.

The study examined data from the U.S. Bureau of Labor Statistics on average weekly wages in each U.S. state as of March 2024.

New Mexico's diversity mix impacts its rankings of income averages due to the fact that when looking at average income by race and ethnicity in the U.S., figures from the U.S. Bureau of Labor Statistics show significant racial inequality.

Hispanics and Latinos have the lowest wages in the U.S., earning, on average, $45,968 per year.

The highest earners were Asians, with average annual wages of $79,456. Asian men earned an average of $90,012.

U.S. Bureau of Labor Statistics data on average income by race highlights wage disparity across the country in data compiled by Statista it shows that in 2022, there were fewer Black and Hispanic people holding bachelor’s degrees than any other racial or ethnic group, further depressing wages.

U.S. Bureau of Labor Statistics figures show the lowest earnings in the country are Hispanics and Latinos, earning on average $45,968 annually, followed by Black and African American people, earning $50,284.

New Mexico's unemployment rate is 4.1%.
Los Alamos, continues to have the lowest unemployment rate at 2.4%; that's a decrease from 3.1% in July.

In New Mexico, the largest gains came in the private sector, which added 9,700 jobs year over year. The public sector — think government jobs — added 2,800 jobs, according to DWS.

Large gains in the private sector include professional and business services industries, which added some 3,000 jobs, and education and health services, which added 2,300 jobs. Leisure and hospitality added 1,300 jobs.