The New Hampshire Economy and Fiscal Structure Carsey Policy Leadership Initiative Fellows Ross Gittell James R Carter Professor Whittemore School of Business and Economics, UNH The NH Economy The fastest growing economy in New England region A leader in employment and population growth
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The New Hampshire Economy and Fiscal Structure
Carsey Policy Leadership Initiative Fellows
James R Carter Professor
Whittemore School of Business and Economics, UNH
Gross State Product: New England Economic Partnership (NEEP) forecasted average annual growth in US and New England states. NH relatively “slowed” growth over next 5 years expected.
Total Employment Forecasted average annual growth in US and New England states. NH expected to again lead region in employment growth, near US average. NH leading employment growth in slow growing region.
Unemployment in the region is expected to remain below US average because of slow labor force growth. VT and NH lowest unemployment in the region and among the lowest in the US.
Demographics related to economic future
-- Aging population
-- Slow growth in labor force and the population
Income distribution in New Hampshire and the Region
From low inequality to rising disparity over the last business cycle, 1990-2004...
The ten states with the lowest HH income inequality in 2004 and their change in rank 1989-2004. NH low disparity, 1989-04 experienced greatest increased disparity of low ranking
NH Fiscal Structure Overview
-- One of only 2 states w/o broad based personal income or sales tax. (Thought of as part of the “NH Advantage”)
-- Increasing reliance on business taxes
-- Increased dependence on highly variable real estate transfer tax
-- Budget, spending and state policies determined/limited by fiscal structure and “the pledge”
-- School funding crisis/case. Is there going to be change?