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New Hampshire Maintains Fastest Growing Economy in New England

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.

 

 

 

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