New Mexico’s position as a major production hub has shifted significantly following industry disruptions. The state benefited substantially during the Peak TV and Streaming Wars eras, hosting major projects including Breaking Bad, Better Call Saul, Stranger Things, and Christopher Nolan’s Oppenheimer. Production spending peaked in 2022 at $874 million as streaming services competed aggressively for subscriber growth and networks expanded their scripted content slates.
Following the 2023 actors’ and writers’ strikes, studios across the industry reduced production spending and episode counts. New Mexico experienced a particularly notable pullback, with spending declining to $327 million in the most recent year tracked. However, Steve Graham, who leads the New Mexico Film Office, reports that production activity is growing despite the overall spending decline. The state is increasingly attracting mid-tier feature productions with budgets between $10 million and $20 million, compared to earlier high-budget tentpole series that cost hundreds of millions of dollars and spanned multiple years.
Graham attributes New Mexico’s competitiveness to infrastructure developed during boom years, including established crews and production facilities. He notes that while the state faces intensified competition from other locations—including California, which doubled its annual tax credit program to $750 million in 2025—New Mexico remains competitive domestically. Internationally, the state competes against higher incentives and lower labor costs in other countries. Graham suggests that some productions are returning to domestic locations due to budget constraints and creators’ preferences to work closer to home, indicating a potential shift in the competitive landscape.
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