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New Hampshire Economic Outlook October 2014

Executive Summary

Date: October 15th, 2014

“New Hampshire and Vermont are in a foot race to see which state has the second fastest job recovery in New England.  Massachusetts has already recovered all of the jobs lost in the Great Recession,” said Delay, an economist at the New Hampshire Center for Public Policy Studies and NEEP’s New Hampshire Forecast Chair.

 While New Hampshire still has a relatively low unemployment rate (4.4 percent in July 2014 compared to the U.S. 6.2 percent), state job growth has been slow and disappointing,” Delay noted. “About two thirds of the jobs added in the last few years pay a below state average wage.” 

Addressing the conference theme of  “The Road Ahead: Economic Development Challenges and Opportunities for New England,” Delay noted that the importance of the past migration into New Hampshire cannot be overstressed.  “New Hampshire in the past has relied on high levels of in migration into the state to fuel economic growth,” said Delay.  “The flow of migrants across the New Hampshire border fueled a boom in the housing industry.  Another benefit from in-migration was that the people moving into the Granite State were better educated, and had higher incomes, than New Hampshire’s native born residents.  Even today the data suggests that the more education a state resident has, the more likely they were born in a state other than New Hampshire.”

 

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