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NM spending a bit better than national rate

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nmspendingConsumer spending in New Mexico has grown slightly better than the national rate since the Great Recession ended five years ago.

Per capita spending has soared in some U.S. states with oil and gas drilling booms and has lagged in states hit especially hard by the housing bust, according to an Associated Press analysis of a new annual report the government issued Thursday that for the first time reveals consumer spending on a state-by-state basis.

Per capita spending in New Mexico grew 10.9 percent, from $29,254 in 2009 to $32,446 in 2012, the last year for which data are available. Nationally, per capita spending grew 10.7 percent, from $32,064 to $35,498.

Per capita spending jumped 28 percent in North Dakota, the largest gain nationwide, during that same period. It surged nearly 16 percent in Oklahoma.

By contrast, per capita spending eked out a scant 3.5 percent increase in Nevada, the weakest for any state. Arizona’s 6.2 percent rise was next weakest. Home values plummeted in both states once the housing bust hit in 2006.

Spending grew by 14.2 percent in Texas, 10.2 percent in Colorado and 7.9 percent in Utah.

In 2012, 18.6 percent of New Mexicans’ spending was for housing and utilities, 15.7 percent for health care, 8.5 percent for groceries and 5.4 percent for gasoline and other fuels.

The report points to wide spending disparities around the country. Per-person spending in 2012 was highest in Washington, D.C., at $59,423, followed by Massachusetts at $47,308. Spending was lowest that year in Mississippi at $27,406. Arkansas was the second-lowest at $28,366.

The size of the disparities has changed little in the past decade.

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