Overview of the New Hampshire Economy New Hampshire’s gross state product (GSP) in 2019 reached $77.9bn, with growth of 2.3% over the 5-years to 2019. Businesses in New Hampshire employed a total of 24.2 million in 2018, with average annual employment growth of 2.6%.
What drives the economy in New Hampshire?
It is notable how much of what makes up the New Hampshire economy, as with most economies, is simply the buying goods and services by residents and visitors. The Retail industry provided 14 percent of the employment in the state in 2019. The Accommodations and Food Service industry made up 9 percent.
What is New Hampshire’s GDP?
81.93 billion U.S. dollars
In 2021, the Gross Domestic Product (GDP) of New Hampshire was 81.93 billion U.S. dollars. This is a significant increase from the previous year, when the state’s GDP stood at 75.54 billion U.S. dollars.
How did New Hampshire make money?
The New Hampshire revenue system draws primarily from federal transfers, State taxation, enterprise funds, and fees for services. Federal transfers account for just over 30 percent of the State Budget, and remain similarly important when considering the broader universe of revenues beyond State Budget funding.
Is New Hampshire economy growing?
The New Hampshire economy is strong and growing, yet there are challenges to economic growth and to improving livelihoods for all the state’s residents.
What is New Hampshire’s largest industry?
In New Hampshire, insurance carriers and related activities is the largest industry, accounting for 4.9% of the state’s total GDP of $87.6 billion. The industry’s annual economic output totals $4.3 billion, a 1.8% decrease over the last five years.
What is New Hampshire known for producing?
Greenhouse and nursery products and milk and dairy products are New Hampshire’s most important commodities. These categories add up to almost 2/3 of the state’s total agricultural production, in cash receipts. Apples, vegetables and sweet corn, and maple products round out New Hampshire’s top crops.
What is NH state?
New Hampshire, constituent state of the United States of America. One of the 13 original U.S. states, it is located in New England at the extreme northeastern corner of the country.
Is NH a poor state?
One of the chief drivers of New Hampshire’s high median income is its poverty rate, which is the lowest in the nation. Only 6.9 percent of the state’s residents live below the poverty line, compared with a national average of 13.7 percent (in Mississippi nearly 21 percent of people live in poverty).
Why does New Hampshire have no income tax?
The answer was, “New Hampshire has such an antiquated tax system with the property tax, that there is no money to meet needs in communities that have to be funded through the state.” All of which raises the issue of why New Hampshire has no income or other broad-based tax.
Is New Hampshire in debt?
In the fiscal year of 2019, the state of New Hampshire had state debt totaling 7.79 billion U.S. dollars. However, the local government debt was much lower at 2.69 billion U.S. dollars.
How does New Hampshire make money with no income tax?
While New Hampshire doesn’t collect levies on wages, it does still tax income earned from dividends and interest payments.
Is New Hampshire’s economy good?
New Hampshire Gross State Product
New Hampshire’s GSP in 2019 reached $77.9bn, with growth of 2.3% over the five years to 2019. New Hampshire’s GSP growth ranks 16 out of all 50 US states. GSP is a measurement of a state’s output, or the sum of value added from all industries in the state.
What is so special about New Hampshire?
New Hampshire was home to more firsts: the world’s first free, tax-supported library, in Peterborough, in 1833; the first state to declare its independence from England in 1775; the first alarm clock, invented in Concord in 1787; and the nation’s first women’s strike, at the Dover Cotton Factory in 1828.
Why is NH the best state to live?
New Hampshire was ranked as one of America’s safest and healthiest states. The job market is strong, and New Hampshire has one of the lowest unemployment rates in the country at 2.4%.
What is the average household income in New Hampshire?
The following data are the most current income statistics for New Hampshire from the US Census Bureau, are in 2020 inflation adjusted dollars and are from the American Community Survey 2020 5-year estimates. Median Household Income: $77,923. Average Household Income: $101,292. Per Capita Income: $41,234.
What industries were developed in New Hampshire?
The Major Industries Of New Hampshire
From a historical perspective, the state relied on traditional manufacturers of New England such as paper and grain mills, textiles, shoemakers, low-wage labor, and small machining shops.
How wealthy is New Hampshire?
New Hampshire is the eighth wealthiest state in the United States, having a median household income of $76,768 as of 2019. The most affluent parts of the state are in the Seacoast Region, in the outer Boston suburbs and around Dartmouth College.
What are the most common jobs in New Hampshire?
Detailed List Of The Most Common Jobs In Manchester, NH
| Rank | Job Title | Count |
|---|---|---|
| 1 | Sales Associate | 876 |
| 2 | Cashier | 839 |
| 3 | Licensed Nursing Assistant | 709 |
| 4 | Customer Service Representative | 697 |
Is there slavery in New Hampshire?
New Hampshire, a state with relatively few slaves and a weak antislavery movement, ended slavery legally in 1783, though the practice was not fully extinguished until about 1853. Rhode Island officially ended slavery in 1784, with the actual end of slavery coming in 1842.
What is the best place to live in New Hampshire?
The Top 15 Best Towns to Live Throughout New Hampshire [2022]
- 15 Communities to Call Home. The Granite State is filled with great places to call home.
- Portsmouth. (pop.
- Londonderry. (pop.
- Amherst. (pop.
- Exeter. (pop.
- Wolfeboro. (pop.
- Hanover. (pop.
- Dover. (pop.
