Market Snapshot: New Hampshire

Market Snapshot: New Hampshire

50 states in 50 weeks – This series leverages our market intelligence database to bring you powerful AE industry insights. Each week, we highlight a new state in green while previously featured states fade to a lighter green. Next, let’s look at New Hampshire.

New Hampshire Economic Performance and Outlook Grade*: A-

• Economy: B
• Population: C-
• Workforce: A-
• Financial/Fiscal Health: B

* Overall grade is assigned based on a curve (relative to all states’ performances).

Boasting one of the strongest economies in the Northeast, New Hampshire sported the country’s eighth-lowest unemployment rate as of March 2025, according to the U.S. Bureau of Labor Statistics. Lower housing prices, available land, and the lack of a sales or income tax (the Tax Foundation ranks New Hampshire sixth in tax competitiveness) has fueled development projects as the Boston suburbs have expanded into southern New Hampshire. The U.S. Census Bureau reports that the Granite State ranked seventh in the U.S. in compound annual growth rate (CAGR) of state and local construction put in place between 2019 and 2023, and ConstructConnect forecasts that it will rank sixth in CAGR of construction starts between 2025 and 2029. The New Hampshire Department of Transportation’s Ten-Year Plan contains almost $5 billion of work across all modes of transportation. A shortage of affordable rental housing and starter homes threatens to cool the state’s recent growth, and sagging business tax collections resulted in reduced funding to municipalities in 2024. See below for regional highlights in New Hampshire:

•  Manchester: The Queen City has ranked among the top three hottest housing markets nationwide each month for more than three years, according to Realtor.com. Multifamily housing is a priority along with technological and biomanufacturing facility expansions.
• Southern New Hampshire: There is a need for more educational facilities, a diverse mix of affordable housing, and infrastructure development to support the growing regional economy. 
• Seacoast: Portsmouth and surrounding towns are demonstrating strong job growth. After recent storms that caused widespread flooding, coastal resilience is a priority.

For sector-specific data and insights for New Hampshire or questions about our market intelligence and research services, call/text Rafael Barbosa at 972-266-4955 or email [email protected].

For a comprehensive outlook for 2025, you can access the 2025 AE Market Intelligence Webinar (recorded on January 28). Click here for details.