New Hampshire Unemployment
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New Hampshire Unemployment Stats and News
New Hampshire Unemployment Stats
Current and Historical New Hampshire Stats Analysis
As of July 2016, the unadjusted unemployment rate for New Hampshire was at 2.9 percent as reported by the New Hampshire Employment Security and the Bureau of Labor Statistics. This is lower than the national unemployment rate which is 5.0 percent. The number of employed New Hampshire residents rose from 717,137 in August 2015 to 734,585 in August 2016. This is a total increase of 17,448.
Since July 2015, the total number of nonfarm employers increased by 8,400 from 658,700 to 667,100. The total number of private employers increased by 11,300 from 567,700 to 579,000. New Hampshire expects total employment to have an annual growth of 0.68 percent, increasing from 677,951 employment opportunities in 2014 to 725,244 by 2024. This would amount to a 7.0 percent change from 2014 to 2024.
Based on a study done by the Economic and Labor Market Information Bureau, the following three sectors are expected to account for half of new jobs in New Hampshire by 2022:
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- Administrative support and waste management services
- Healthcare and social assistance
- Professional, scientific, and technical services
Healthcare and social assistance jobs are expected to account for nearly 30 percent of all new jobs created by 2022. This projected growth is due to a large aging population that requires more healthcare services than a younger population.
Construction jobs are projected to grow by 17.7 percent over a period of 10 years to provide a total of about 3,900 new employment opportunities. Retail jobs are also expected to rise significantly in the next ten years to provide approximately 5,700 new jobs. This is an increase of 6.1 percent.
All sectors are expected to grow by an average of 10.3 percent. Manufacturing and utilities are the only sectors that are expected to decline from now until 2022.
Why Unemployment Stats Are Valuable
Researching unemployment data in your region and your occupation is a great way to prepare yourself to find a new job. Unemployment stats will provide you insight into which industries are active and growing, and which industries are stagnant or in decline. This can help you make important decisions about your career, your training, and your job search. It can also provide you with helpful salary information. When you’re speaking with potential employers, knowing the median salary for someone in your field can help you negotiate pay.
Unemployment data is also used to determine if certain federal extensions and emergency financial assistance is provided. In addition, the data can be used to determine how to best motivate the local economy.
New Hampshire Unemployment Stats Resources
To access additional unemployment stats for New Hampshire, visit the NHES website. You can also access more information at the Bureau of Labor Statistics. Both websites offer detailed unemployment and employment information based on county, city, and job sector. The Bureau of Labor Statistics includes information on nonfarm, private, and public sector jobs. This information includes average salary for each occupation listed.
New Hampshire Unemployment News
New Hampshire is a great place to start a business or look for employment. The tax burden for New Hampshire residents and businesses is very low. There is no use tax, sales tax, internet tax, state tax, inventory tax, or capital gains tax. The state also provides a low corporate income tax, making it easy for businesses to expand and hire new employees.
This is reflected in New Hampshire’s low employment rate, which is far below the national rate. New Hampshire has the second lowest unemployment rate in the United States at 2.9 percent, which is only 0.1 percent higher than South Dakota.
The strong economy is often attributed to the state’s thriving industries, including manufacturing, healthcare, and tourism. But to strengthen the state’s economy, government officials are seeking ways to attract young workers. Proposed initiatives include building a commuter rail and raising the minimum wage without increasing taxes on residents. The money to complete these projects would come from federal grants, as well as from the private sector. Current commuter rail initiatives include the Plaistow Commuter Rail Extension and the Knowledge Corridor improvement project. The New Hampshire Department of Transportation is currently conducting a study to determine the various impacts of the Plaistow Commuter Rail Extension, which would extend the passenger rail from Boston to Havervill, Massachusetts to Plaistow, New Hampshire.
The Knowledge Corridor improvement project is a multi-faceted initiative to improve the existing commuter rail throughout the Knowledge Corridor, the rail traveling between New Hampshire, Vermont, and Western Massachusetts. The project also seeks to increase train speeds, move the Vermonter back to the original route, and add stops in Massachusetts.
These rail initiatives will provide residents with an opportunity to work in major metropolitan areas, including those out of state, without having to leave New Hampshire.