New Mexico Personal Income — good news and bad news

The BEA has just released per capita personal income statistics for 2004. The bad news: New Mexico still ranks 47th among all states and the District of Columbia. The good news is that we are growing faster than in the past. Our growth of per capita personal income over 10 years ranks 32nd (no longer at or near last).
Why the improvement? Some of it is just plain luck. Our energy sector is enjoying high prices. We have a large government component that is resistant to the national downturn over the past four years.
Former Governor Gary Johnson probably deserves some credit. He mananged to hold the line on taxing and spending for 8 of the 10 years while most other states were not so fortunate. They are coming down to meet us. Unfortunately, that will probably not last because of our current spending binge.

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