The New Hampshire Economy and Monetary Structure.


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The New Hampshire Economy and Monetary Structure Carsey Approach Administration Activity Colleagues Ross Gittell James R Carter Teacher Whittemore Institute of Business and Financial matters, UNH The NH Economy The quickest developing economy in New Britain district A pioneer in job and populace development
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Slide 1

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

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The NH Economy The quickest developing economy in New England area A pioneer in occupation and populace development Transformation in the economy in the course of the last quarter century In-movement of school instructed gen X-ers Per capita salary development High innovation industry fixation and development Current Positioning: Broad-based, flexible economy Looking Forward: Issues of Concern Rising disparity in the district and state Demographic patterns which will emphatically impact the state’s financial future

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NH Economic Highlights Rising per capita wage … enhancing in rank among 50 states…from 25 th to 6 th in last quarter century Lowest neediness rate in the country Leading New England locale and the Northeast in populace and work development in the course of the last quarter century and again in the 2000’s Consistently one of the ten most reduced unemployment rates in the country. Solid high innovation industry situating …ranked 9 th in livelihood focus in high innovation commercial ventures The last quarter century monetary change identified with: Rising profitability with expanded fixation in higher quality included exercises, for example, high innovation items and administrations, new item improvement, expert and business administrations and training and wellbeing administrations Rise in instructive achievement of grown-up populace In-relocation of children of post war America and the between relationship among these three

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NH Employment: Totals, Industry Shares, Relative Concentration

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Gross State Product: New England Economic Partnership (NEEP) determined normal yearly development in US and New England states. NH moderately “slowed” development over next 5 years anticipated.

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Total Employment Forecasted normal yearly development in US and New England states. NH anticipated that would again lead locale in vocation development, close US normal. NH driving job development in moderate developing district.

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Unemployment in the area is relied upon to stay beneath US normal in view of moderate work power development. V T and NH least unemployment in the district and among the most minimal in the US.

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Demographics identified with monetary future - Aging populace - Slow development in labor power and the populace

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NH has high rate of gen X-ers

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Income appropriation in New Hampshire and the Region From low imbalance to rising uniqueness throughout the last business cycle, 1990-2004...

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The ten states with the most reduced HH pay disparity in 2004 and their adjustment in rank 1989-2004. NH low divergence, 1989-04 experienced most noteworthy expanded dissimilarity of low positioning

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Why low difference in NH? In New England, NH has most astounding rates of aggregate salary in least pay quintiles, well above US normal.

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Some of the purposes behind the sharp increment in divergence …in NH and New England Technology based economies and the “take off at the top” of the pay dispersion. Emptying out of the white collar class with loss of assembling employments and worldwide outsourcing.

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NH Fiscal Structure Overview - One of just 2 states w/o wide based individual wage or deals charge. (Considered as a component of the “NH Advantage”) - Increasing dependence on business charges - Increased reliance on very variable land exchange charge - Budget, spending and state strategies decided/restricted by monetary structure and “the pledge” - School financing emergency/case. Arrives going to be change?

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NH’s Leading Tax Sources and Economic “Drivers” Business Taxes US Corp Profits with an one-year slack Other (S&P 500, Exports) Rooms and Meals Employment changes in NH Employment changes in New England Other (Per Capita Income, Labor Force, Unemployment) Real Estate Transfer Median Housing Price Housing Sales/Permits Interest Rate Other (Population)

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NH State Government Spending: Expenditures by Category Health and Social Services, 38% Education, 31% Justice and Public Protection, 8% General Government, 7% Other, 16%

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NH Fiscal “Highlights” Per Capita State and Local Tax Burden ($3,040 in 2005), 38 th of 50 states rank State and Local Tax Burden as a Percentage of Income (7.4%), 49 th rank Per Capita State and Local Government Property Tax Revenue ($1,701 in 2002), positioned 3 rd of 50 states

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State Expenditures Per Capita Spending State and Local Spending on Primary and Secondary Education ($1,418 in 2002), 21 st rank of 50 states Per Capita State and Local Spending on Higher Education ($440 in 2004), 45 th Per Capita State and Local Spending on Public Welfare Programs ($807 in 2002), positioned 34 th Per Capita State and Local Spending for Housing and Community Development ($121 in 2002), positioned 17 th of 50 states While NH position

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