In 2024, one of the nation’s largest moving companies, U-Haul, reported a significant decline in the number of people relocating to New Mexico, indicating a slowdown in the state’s growth. This mirrors projections made by population experts who anticipate a gradual deceleration in New Mexico’s population growth.
Jacquelin Miller, a research scientist at the University of New Mexico who specializes in population studies, explains that the state’s population is aging, with fewer births and more deaths, contributing to slower growth. Miller, who published a study last year, forecasts minimal population growth through 2035, followed by a potential decline. “Growth is becoming more reliant on migration than it has in the past,” she noted.
U-Haul’s latest numbers reveal that New Mexico has dropped 21 spots to 37th for the number of one-way trips into the state in 2024. This aligns with recent trends observed by UNM researchers, who have tracked more residents leaving the state than moving in.
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Reilly White, a finance professor, attributes the outflow primarily to young adults pursuing long-term careers elsewhere. “We’re seeing a decline in our working-age population, as many young people are moving to other states for better job opportunities,” said White.
While New Mexico produces a high number of college graduates, White highlights the challenge of retaining them due to a lack of high-paying jobs and a limited range of private sector opportunities. “We don’t have as many private sector opportunities as other states that could attract people here,” he added.
In response to these trends, Albuquerque has expanded its programs to retain both residents and businesses. The city recently launched a new business center to support small startups with resources and contracts. Gabriela Marquez, Director of Minority Business Development, explained, “Our business retention and expansion program involves collaboration between the city, state, and county to create incentive programs that help businesses stay and grow here.”
