New Mexico set a new tourism record with $8.8 billion in direct visitor spending in 2024, marking the state’s third consecutive year of record-breaking tourism revenue, according to a report by Tourism Economics.
The 2024 figures represent a 2.7% increase from the previous year’s $8.6 billion, continuing a growth trend that has seen visitor spending rise $1.4 billion since 2019. When including indirect and induced economic impacts, tourism generated a total economic impact of $12 billion in 2024.
“Three consecutive record-breaking years show that New Mexico’s strategy is working,” said Acting Secretary Lancing Adams of the New Mexico Tourism Department in a press release. “When international travel visitors spend nearly five times as much per trip as domestic travelers, it’s clear we need to double down on our tourism investments.”
The state welcomed 42.6 million visitors in 2024, the first time New Mexico has exceeded 42 million annual visits, representing an increase of approximately 800,000 visitors compared to 2023.
International Tourism Drives Growth
International visitation surged 10.4% in 2024, building on 34% growth in 2023. While international visitors comprised just 750,000 trips — a small fraction of total volume — they generated an outsized economic impact with average spending of $925 per visit compared to $194 for domestic travelers. International visitors contributed $691 million in total spending.
The tourism industry’s economic benefits extended across multiple sectors. Visitors spent $2.8 billion on lodging, $2.1 billion on food and beverage, $1.4 billion on retail, and $1.1 billion on recreation and entertainment, according to the Tourism Economics analysis.
Economic Impact on Communities
The tourism boom delivered substantial benefits to New Mexico residents and communities. Visitor spending generated $839 million in state and local taxes in 2024, effectively reducing the average tax burden on each New Mexico household by $980.
The industry supported an estimated 95,219 jobs — representing 8.1% of all employment in the state. Direct tourism employment reached 73,626 jobs, accounting for 6.2% of New Mexico’s total workforce.
The study found that lodging captured the largest share of visitor spending at 32%, followed by food and beverage at 24%. Nearly all lodging employment in the state is supported by visitor activity, along with 64% of recreation jobs and 34% of food service positions.
Tourism Economics, part of Oxford Economics, conducted the comprehensive economic impact analysis using visitor survey data, government statistics and industry performance metrics.
