undefined Agriculture Overview

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Agriculture has been a staple of New Mexico’s economy and way of life from the beginning. Despite its arid climate, with the help of crop irrigation, New Mexico produces a diverse mix of commodities and has an agriculture industry valued at more than $2.5 billion. The top commodities in New Mexico are: Milk, Cattle, Fruits, Tree nuts, Berries, Grains, Oilseeds, Dry Beans and Dry Peas. More than 50% of the state’s total land area is farmland covering 40.6 million acres and there are a total of 25,044 farms with an average size of 1,624 acres, some of the largest in the country.

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Farmland Rental Rates

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new mexico Farmland Rental Rates

Over the last 20 years, farmland rental rates per acre in the new mexico have risen from an average of $50 per acre in 2008 to $80 per acre in 2019. This represents an increase of $30 over this time period with an average implied capitalization rate of 4.9%.

$80

Current Rental Rate Per Acre

Cash Rent per Acre

Source: USDA

Created with Highcharts 7.2.020082009201020112012201320142015201620172019$ 0$ 25$ 50$ 75$ 100$ 125Highcharts.com

4.9%

Average Annual Cap Rate

Implied Annual Capitalization Rate

Source: USDA

Created with Highcharts 7.2.0200820092010201120122013201420152016201720190 %2 %4 %6 %8 %10 %Highcharts.com

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