New Hampshire is a US state that is situated on the northeastern side of the country. Nicknamed the Granite State, it has an area of around 9,349 square miles and a population of around 1.4 million people as of 2018. According to the Bureau of Economic Analysis, New Hampshire had a total state product of about $86 billion in 2018. Compared to the other 50 states, this valuation places it in the 40th position. Interestingly, in the previous year, it had the fourth-highest median household income in the country of around $74,801.
The Major Industries Of New Hampshire
From a historical perspective, the state relied on traditional manufacturers of New England such as paper and grain mills, textiles, shoemakers, low-wage labor, and small machining shops. However, the trends have shifted immensely in recent centuries that these sectors contribute less than a quarter of the economy of New Hampshire. The following are the current major industries of the state.
Since historical times, the state has always relied on its natural attractions to attract people from all over the world throughout the year. Some of the primary tourist attractions include features like the Lakes Region, the White Mountains, the Seacoast, and many others. There are also plenty of activities for tourists such as water sports and winter adventures. It does not matter about the weather because summer and winter come with their own activities.
For those who love history, New Hampshire also bears several attractions to that end. For example, there is the Mountain View Grand Hotel situated in Whiteview. This hotel has been visited by notable individuals in the past including the nation’s presidents. Peterborough is home to America’s first library, which has been in operation since it was opened on April 9, 1833.
Away from that, there is data to show that most of the vacation homes in New Hampshire are actually owned by people who are not residents of the state. This means that there is a peak season for tourism where the workforce has plenty of employment. Conversely, employment goes down during the off-peak seasons.
High Technology Manufacturing Industries
In a world that is heavily reliant on technology, it is not a surprise that this is a major industry. In 2009, a study conducted by the New Hampshire Center for Public Policy showed that about 19% of the state’s wages are accounted for by this sector. Most of the industries are located in areas like the Upper Valley, the Seacoast, the Monadnock Region and the Merrimack Valley. All projections state that this sector is bound for even more growth to replace past industries.
New Hampshire has a major healthcare industry in several forms such as the highly lucrative biomedical research. The state has several medical facilities that employ plenty of people aside from the ten major hospitals. The industry keeps on growing as newer operations pop up. For example, the Upper Valley is also a major hub for medical research after the Dartmouth-Hitchcock Medical Center was established.
Just like Europe, New Hampshire is faced with an ageing population, which makes the healthcare industry all the more important. This population has also supported this sector with award-winning research facilities.
Unfortunately, the Great Recession hit the sector hard and the state has been forced to reduce budget allocations and hundreds of people laid off. Despite all this, the sector has done quite well compared to others.
Energy is another industry that is quite substantial that may be explained by the fact that the state’s energy consumption is among the lowest in the country. The Seabrook Station Nuclear Power Plant, which is situated close to Portsmouth is New England’s largest nuclear reactor and gives the state about 57% of its total energy. This converts to about 27% of the entire state’s energy consumption. A significant amount of the state’s total energy comes from renewable resources such as the aforementioned nuclear power, wind, hydropower, and others.
Agriculture is not advanced that much because of several reasons. Key among those is the fact that the mountainous landscape of the state has never been favourable. In addition, extensive areas are stony and have infertile soil although the sector has received some help from cooperative marketing. Income comes mainly from dairy goods, poultry, greenhouse products, and others.