Valuable Insights into the Future of NH’s Economy
n September 13th, the Greater Manchester Chamber hosted Brian Gottlob, economic expert and Director of the NH Economic and Labor Market Information Bureau. Gottlob presented Chamber members and non-members with valuable insights into the future of our economy in New Hampshire. The full presentation can be viewed at the link below, but here are few quick highlights.
1.) Businesses counting on a recession will miss opportunities
One of the first points Brian Gottlob made in his presentation was about how fear of success, due to a possibility of a recession, can cause businesses to lose future opportunities.
“Businesses that count on a recession or are expecting a recession may miss some opportunities and where we’re seeing that right now is in the labor market. Businesses are going to be facing difficulties in hiring for a long time. Those who are shedding workers, and very few businesses are at the moment… but also are not willing to take opportunities to hire talent when they can. I think will miss opportunities just because they’re concerned about a possibility of recession”
2.) NH has the 5th largest population attraction in the 25 – 29 year old age in the country between 2015 and 2022.
Gottlob also touched on a few positive data points when it comes to the population in New Hampshire. Including the one above about 25 to 29 year olds.
“We are attracting younger people. The younger demographic tends to be concentrated in certain areas, but if we can spread that further around the state we’ll be in a good position”
3.) NH is a hub of entrepreneurial activity!
New Hampshire has always had a strong level on entrepreneurial activity and the pandemic has not stopped that.
“You see post pandemic the difference between openings and closings (of businesses) is as high as it’s ever been. A lot of entrepreneurial activity, I see it in the administrative data that we collect here, the number of businesses that have started or opened employer accounts with the unemployment system is it has increased sharply so we’re seeing a lot of positive entrepreneurial activity… And these are businesses with a high propensity to hire. it’s not sole proprietors it’s businesses that are in industries that always hire employees.”