Bright spots and challenges
Michael Skelton is the president & CEO of the Business Industry Association, New Hampshire’s statewide Chamber of Commerce. He spoke with the Hippo about business in the Granite State. Visit biaofnh.com for more information.
What has been the biggest challenge for businesses in New Hampshire in 2024?
The workforce shortage continues to be the biggest challenge, and the insufficient supply of housing at all levels is one of the most significant causes. Virtually all industries are affected, but we are particularly concerned about the impact on vital economic sectors experiencing strong job growth such as manufacturing, life sciences and high-tech.
What do you see as the biggest challenges in 2025?
BIA’s priority for 2025 is supporting legislation and policies to spur new housing development, increase affordability and help build our future workforce. Over 27 percent of our workforce is age 55 or older, highest among the states, and New Hampshire faces the retirement of an estimated 200,000 workers in coming years. It’s essential to allow more higher-density housing of all types, but particularly starter homes, while streamlining municipal and state approval processes for new housing developments. Recruiting and retaining the next generation of workers depends on significant action this legislative session as it will take years for housing spurred by new policies to be built.
What are the brightest spots of the economy?
The Granite State has incredible opportunities with the burgeoning biofabrication and life sciences sector and growing advanced manufacturing sector. A strong manufacturing sector is critical to economic success. Manufacturing’s impact ripples throughout the economy from local jobs to research and development that drives innovation and increases productivity. The life sciences and manufacturing sectors will create additional opportunities in our high-tech industry and educational system and growth will spread throughout our economy, creating thousands of high-paying careers.
What are specific advantages in New Hampshire?
U.S. News & World Report named New Hampshire as the second-best state to live in for 2024, citing our safety, fiscal stability and economy. New Hampshire continues to see economic growth and has one of the lowest state unemployment rates in the nation. We also benefit from New Hampshire’s business and political leaders who are dedicated to working together to solve the challenges and make our state an even better place to live and do business.
Which businesses are on the rise or do you expect to do well in the state in 2025?
As the New Hampshire affiliate of the National Association of Manufacturers, BIA is proud to promote a strong manufacturing sector. More than 1,100 businesses employ over 42,000 people, 5.6 percent of the state’s total employment, and the sector is growing, adding over 1,000 jobs from 2017 to 2022. These are well-paying careers. Average annual earnings for an advanced manufacturing worker in New Hampshire are $111,728, far exceeding the $82,673 average for all industries.
Is there anything else about New Hampshire’s economy you would like to speak on?
The state must continue efforts to lower the cost of electricity. New Hampshire’s industrial electricity rates last fall were 84 percent higher than the U.S. average, and commercial rates were nearly 50 percent higher. These uncompetitive prices raise the cost of doing business and increase the risk of losing companies to less expensive regions. — Zachary Lewis
The SEE Science Center
Where: 200 Bedford St., Manchester
Hours: Tuesday through Friday, 10 a.m. to 4 p.m. with last admission 3 p.m.; Saturday and Sunday, 10 a.m. to 5 p.m with last admission at 4 p.m.
Tickets: $14 per person ages 3 and up
More info: see-sciencecenter.org or call 669-0400.
Featured image: Michael Skelton. Courtesy photo.
