New England is comprised of six states and the beautiful state of New Hampshire is one of them. Quintessentially one of the most “New England” of the six, it also happens to be one of the slowest growing states in the country. This is something you should be aware of if you were considering a move to New Hampshire this year.
Why is New Hampshire growing so slowly right now? Experts say that it is mostly due to the slump in the real estate sector. New Hampshire’s real estate market took a big hit when the housing bubble burst and it hasn’t quite recovered. Real estate is the state’s largest industry and is has been declining for the past couple of years. No one is moving into new homes right now.
New Hampshire’s other moneymaking industries are manufacturing and healthcare and they also took a hit in past years but in 2010 started picking back up. In fact, some people in those sectors are moving to the state and actually finding work. However, moving to a new state, especially during uncertain financial times, is a big risk. We suggest you weigh all your options first or try not to relocate without a job already in place.
Because real estate is New Hampshire’s bread and butter, the state’s growth is still super slow – at just 1.3% for 2010. Additionally, government budget cuts didn’t help either. The state’s GDP right now is at about $55 billion.