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New Hampshire Maintains Fastest Growing Economy in New England

November 22nd, 2017

National data released this week confirmed New Hampshire’s economy has surged ahead of the rest of New England.

With the third-largest economy in the region, New Hampshire’s economic activity expanded by 2.9 percent between Q1 and Q2, ahead of the other five New England states, according to data from the U.S. Commerce Department’s Bureau of Economic Analysis. In comparison, Massachusetts, the region’s largest economy, grew by 2.0 percent.

New Hampshire’s economic growth even surpassed other Northeastern states, like New York and Connecticut, which experienced a 1.2 and 1.4 percent change in real GDP respectively.


The Granite State’s economy expanded by 2.9 percent from Q1 to Q2 of 2017


“Through a combination of deliberate strategies around workforce development, corporate tax rate reductions, infrastructure investments, regulatory reform, and deeper statewide collaboration, this data shows our efforts are paying off,” said Taylor Caswell, commissioner of the New Hampshire Department of Business and Economic Affairs. “This most recent data from the Commerce Department, combined with New Hampshire maintaining the highest median income and lowest poverty rate of any state in the U.S., confirms New Hampshire as a major national competitor for business development and expansion.”

The latest data this quarter is consistent with the upward trend since 2011, which shows that through 2016, the New Hampshire economy grew in real terms by 8.10 percent, at a compound annual growth rate of 1.57 percent per year.

The largest real GDP growth in 2016 came from finance, insurance, real estate and leasing, accounting for 24.2 percent of the GDP and 2.5 percent real growth. Professional and business services accounted for 11.9 percent of the GDP, with 1.6 percent real growth.

Located within the Boston metro, southern New Hampshire is 10 minutes from Manchester Boston Regional Airport; 50 minutes from Boston Logan International Airport, and within 30 miles of 1.7 million people.

The Department of Business and Economic Affairs is dedicated to enhancing the economic vitality of the State of New Hampshire and promoting it as a destination for domestic and international visitors.

 

 

 

New Hampshire Business Matters with John Duff, NH School of Mechanical Trades

November 16th, 2017

Chris Way, Division of Economic Development and John Duff, NH School of Mechanical Trades

With high demand for quality and education programs for tradesmen, the New Hampshire School of Mechanical Trades is preparing to open its second location next spring on the Seacoast.


Tune in to this month’s edition of New Hampshire Business Matters and learn more about the New Hampshire School of Mechanical Trades.


The first school opened five years ago in Manchester and between 2015 and 2016, enrollment jumped from 607 to 956.

On this month’s New Hampshire Business Matters radio show (airs every third Wednesday of the month on WTPL-FM107.7), John Huff talks about the school, its growth and the demand there is for tradesmen.

New Hampshire Winter Forecast: Blizzard of Visitors, Spending

November 14th, 2017

New Hampshire’s Limitless Winter gets started at the Boston.com Ski & Snowboard Expo.

The New Hampshire Division of Travel and Tourism Development expects 8.5 million people to spend an estimated $1.25 billion in the Granite State this winter, projecting 4 percent increases in both visitation and spending over last winter.


Stay connected with New Hampshire tourism on Facebook, Twitter, Instagram, Pinterest and YouTube, and follow the #LiveFreeNH tag to see what other people are saying about a Limitless Winter in New Hampshire.


At a media reception Nov. 10, prior to the Boston.com Ski & Snowboard Expo, DTTD unveiled its winter marketing campaign,position  New Hampshire as the premier wintertime destination in the Northeast.

“Offering limitless opportunities within close proximity, New Hampshire is the leading destination for wintertime outdoor recreation in the Northeast,” said Victoria Cimino, director of DTTD. “With the division’s strategic and nationally-recognized innovative marketing initiatives, paired with favorable economic factors, we are confident New Hampshire’s tourism-focused businesses and attractions will experience a strong winter season this year.”

 

Executive Council Confirms Will Arvelo as Director of Economic Development

November 9th, 2017

Will Arvelo

The Executive Council on Wednesday unanimously confirmed Will Arvelo as the next director of the Division of Economic Development.

“Will Arvelo’s unanimous confirmation today to lead the Division of Economic Development is great news for New Hampshire,” said Governor Chris Sununu. “From his steadfast leadership at Great Bay Community College to his impressive community resume, there is no better choice to lead New Hampshire’s Division of Economic Development than Will Arvelo. Will’s enthusiasm and passion for the Granite State is evident, and I am confident that he will continue to ensure that New Hampshire remains the best place to live, work, and raise a family.”

Arvelo is president of Great Bay Community College, a position he has held for 11 years. He is credited with guiding the college through a period of growth, which included moving the college from Stratham to the Pease International Tradeport and development of the Advanced Technology & Academic Center in Rochester.

“At a time when workforce development and talent attraction are the most crucial needs of our expanding economy, having someone with Will’s experience will be a game changer,” said Commissioner Taylor Caswell of the Department of Business and Economic Affairs. “This new department now has a leadership team in place to dramatically enhance our ability to work with New Hampshire’s communities and businesses to meet their needs and continue to advance a sustainable economy that is accessible for all Granite Staters.”

The Division of Economic Development and the Division of Travel and Tourism Development are part of the Department of Business and Economic Affairs, established by the Legislature July 1.

Proposed Whitewater Park Poised to Transform Franklin Economy

November 8th, 2017

The old adage says that “a rising tide floats all boats.”

In the City of Franklin, it is more apt to say “whitewater floats a new economy.”

This week, community members gathered alongside the Winnipesaukee River downtown to celebrate a project described as “transformative” for this former mill city, as two significant grants push the Mill City Park closer to reality.

The project received a $180,000 grant from the U.S. Economic Development Administration and Franklin Savings Bank is donating $250,000.

There are about 280 whitewater parks across the country, but this one will be the first in New England. More than that, says developer Marty Parichand, it is a catalyst that for boosting the city’s economy, generating $6.8 million of direct spending in the region.

The river runs through the heart of downtown, which once fed mills turning out wool cloth, hacksaws and hosiery. Thrill seekers will head to the city to run the Class II, III and IV whitewater and entrepreneurs can catch the wave of the new economy on the rise.

Projects like Mill City Park, Commissioner Taylor Caswell, of the Department of Business and Economic Affairs, told those gathered in Trestle View Park, will draw more than visitors; it will draw visitors who turn into residents, drawn by the lifestyle and the opportunities in the Granite State.

“One of the biggest things for me is to be able to emphasize the fact that in New Hampshire, we have a community; we have recreation and we have quality of life for everybody,” he said. “In the big picture, it is absolutely crucial what you’re doing, not just for your community, but for the state as a whole, because that is what we are doing every day — telling the story of New Hampshire; telling the story of the quality of life and telling everyone how great it is here. This is one more piece we can put in our toolbox.”

Lorna Colquhoun
Communications Director
NH Division of Economic Development

Trends Present Opportunity for New Hampshire’s Aero/Defense Sectors

November 1st, 2017

Through a federal grant from the State Trade Expansion Program, the Office of International Commerce and its partner at the U.S. Department of Commerce/U.S. Commercial Service sponsored a booth at the Defense and Security Equipment International trade show in September. Michael Polizzotti, an intern with OIC this semester, offers a perspective on the importance of international trade shows.

New Hampshire’s aerospace and defense sector had great visibility at a recent international trade show.

When we went to London to showcase New Hampshire’s capabilities and prowess in the world of aerospace and defense, we expected our conversations to be two-fold: Describing where, exactly, we are located in the world and what we have to offer a growing industry around the world.

Over the course of our participation in the Defense and Security Equipment International trade show, we were pleasantly surprised by people drawn to our booth to reminisce about their visits to New Hampshire, as they were surprised to learn that our state is such a hub of innovation.

At DSEI, we were joined by our partners from US Commercial Service and the New Hampshire Aerospace and Defense Export Consortium, as well as four companies – AQYR of Hollis; Corfin Industries of Salem; Brazonics of Hampton, and Crusade Group of Manchester. We were among 1,500 vendors at the show, which drew more than 18,000 people, giving us high visibility.

Having a presence at this show is important for these sectors. With aerospace and defense spending increasing in the United States and around the world, New Hampshire is poised to meet the demands of the global marketplace and OIC, and its partner, the New Hampshire Aerospace and Defense Export Consortium, is at the forefront to represent the state and regional businesses as innovative manufacturers and exporters.

NHADEC, a consortium of state and regionally-based aerospace and defense businesses, focuses on fostering opportune foreign markets for its members, through collaboration and global brand messaging. Members range from large scale manufactures, like BAE Systems and GE Aviation, to smaller tier companies.

There are many reasons for the global spending increases. NATO nations, including Poland, Portugal, Greece and others, are increasing their defense budgets. Defense spending is also on the rise in the Middle East and Asia, where military expenditures are projected between 4 percent and 6 percent. The Middle East and Asia-Pacific are driving commercial aerospace  growth.

These trends present a great opportunity for New Hampshire.

Here’s why: About 60,000 aerospace and defense related jobs, at over 350 companies across the state, are filled by highly skilled workers. Many of these companies are NHADEC members working to increase the efficiency and competitiveness of the growing aerospace and defense industry.

We can already see that growth. About 9 percent of New Hampshire’s manufacturing GDP is from aerospace and defense. Projections by the Aerospace Industries Association are for 3.8 percent, five-year employment growth in the sector. It also notes that New Hampshire has seen one of the largest percentage increases in dollar growth in the United States’ aerospace and defense industry.

The hard work of the state, NHADEC and its members over the past few years has heightened the Granite State as an aerospace and defense hub of innovation. We look forward to further solidifying the state as a place where innovation and manufacturing technology help to explore the depths of the sea and far reaches of space.

Michael Polizzotti
Office of International Commerce

 

New Hampshire Pitches Amazon for HQ2

November 1st, 2017

Governor Chris Sununu joined Business and Economic Affairs Commissioner Taylor Caswell, Londonderry Town Manager Kevin Smith and Londonderry Town Council Chairman Tom Dolan on Oct. 18 to release New Hampshire’s response to Amazon’s Request for Proposal to locate its second North American headquarters in Londonderry.


Read New Hampshire’s pitch for Amazon’s HQ2 here.


The announcement comes after a rigorous effort by state officials and business leaders to grow New Hampshire’s economy and workforce by recruiting Amazon’s HQ2.

New Hampshire Gov. Chris Sununu pitches for Amazon HQ2 this morning.

“As part of the regional metro-Boston area, southern New Hampshire offers all the benefits typically associated with major metro areas yet maintains the advantages of being in a truly enterprise-friendly state: access to a world-class workforce, a pro-business, low-tax environment, and a streamlined regulatory environment,” said Governor Sununu. “By embracing a joint venture with the State of New Hampshire, Amazon stands to gain a partner that believes the customer comes first.”

“New Hampshire’s proposal to Amazon uses all the existing advantages that all employers already enjoy – no sales or income tax, a paid-for interstate highway expansion and a dedicated exit, unmatched quality of life, and a site on that highway that is ready to go today.  It’s all already here,” said Commissioner Caswell. “Our response provides detail on all the benefits that come with being a part of the vibrant New Hampshire business community. We look forward to Amazon becoming part of that community.”

Kevin Smith, Londonderry Town Manager added, “As we like to say in Londonderry, ‘Business is Good. Life is Better.’ Should Amazon decide to locate its second headquarters in Londonderry, you will discover as many others have, that our saying is not merely a slogan, it’s a way of life. We value the business community we have in town and we’ve worked hard to foster an atmosphere that welcomes development and encourages entrepreneurship.”

 

Calling Middle School Students to Compete in the 4th Annual What’s So Cool About Manufacturing? Video Contest

October 31st, 2017

The competition is heating up for the fourth annual What’s So Cool About Manufacturing? video contest and judging by the entries we have already, we think this may just be the most exciting season ever.


Show us what’s so cool about manufacturing and your middle school could win up to $1,000! Enter the What’s So Cool About Manufacturing? video contest today!


The contest is open to teams of middle school students, who are matched with local manufacturers. The end result is a 3-minute video that looks at advanced manufacturing in New Hampshire and the very cool stuff that’s made here. The goal of the contest is to introduce students to advanced manufacturing at a time when a new generation of workers is needed to answer the increasing demand for high tech, innovative jobs.

It’s not too late to enter! We’ll work with middle schools interested in participating to connect them with a local manufacturer. The deadline for entries is Feb. 10, 2018.

More information about the contest is available here.

Happy 20th Anniversary to NH Made!

October 24th, 2017

NH Made celebrates its 20th anniversary and on this month’s New Hampshire Business Matters segment on WTPL-FM107.7, our guest was Alice Pearce, executive director of the organization.

NH Made celebrates 20th anniversary

With hundreds of members, both large and small, NH Made makes it easy to support local businesses, local artisans and farmers, which contribute to the personality and identity of our communities and to the state’s economic diversity.


Tune in to this month’s New Hampshire Business Matters for its conversation with Alice Pearce, executive director of NH Made.


These businesses are part of the backbone of our economy, as local businesses contribute to locally, with those dollars circulated within their communities.

Catch up with NH Made!

New Hampshire – Canada Trade Council Hosting Business Development Forum 10/27

October 17th, 2017

A day-long business forum aimed at strengthening ties between New Hampshire and Canada and encouraging companies there to expand over the border is planned for Oct. 27 at the Mountain View Grand.

The New Hampshire – Canada Business Development Forum is organized by the New Hampshire-Canada Trade Council and the New Hampshire Department of Business and Economic Affairs. With 2016 exports valued at over $500 million, Canada is the state’s largest trading partner.

The forum will include a discussion about North American Free Trade Agreement negotiation, with speakers David Alward, Canadian Consul General to New England, and former representative Mary Estelle Ryckman of the Office of US Trade; US Sen. Jeanne Shaheen, member of the Foreign Relations Committee, has also been invited to speak.

Victoria Cimino, director of the New Hampshire Division of Travel and Tourism Development; Dr. Katherine Harrington of Plymouth State University’s Bienvenue project and University System of New Hampshire Chancellor Todd Leach head a panel discussion about promoting the state’s cultural and natural resources.

The economic opportunities the state offers to Canadians will be discussed by panelists Taylor Caswell, commissioner of the BEA; Marie-Josee Vaillant of Kheops International, Colebrook, and Michel Pariseau of the Department of Homeland Security.

The event, which is being held at the Mountain View Grand in Whitefield, is free, but space is limited. Register here before Oct. 23.