Lackluster Job Growth Could Hold Back New Hampshire Economy
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Although unemployment figures are down from their peak, one economist says the prospects for near-term job growth in New Hampshire aren't great
Just a little bit ago, when we announced our plans to live-blog the New England Economic Partnership’s regional conference tomorrow. Economists, demographers, and sundry analysts will provide their best predictions–based on the numbers–of what the near future holds for the six New England states.
We also noted that the press has been treated to some event teases. Today, economist Dennis Delay of the New Hampshire Center for Public Policy Studies previewed his presentation for tomorrow. Reporter Norma Love of the Associated Press noted that although the Granite State’s economy is outpacing the New England average, job growth could continue to be lackluster:
“Delay projects that at the current growth rate, New Hampshire will have regained all the jobs lost in the recession by the second quarter of 2013. He said problems for the state’s economy include government job cuts acting as a drag on the economy and poor real estate sales.
Before the recession, New Hampshire was on track to have 680,000 jobs now, but only has 630,000, said Delay.
“We’ve lost a potential for 50,000 jobs in the New Hampshire economy. We don’t expect to get back to that level of jobs in the state until well beyond 2015.”
Delay estimated 2,000 government jobs would be lost from 2010 to 2012. He said the weakest sector is construction, hurt largely by a weak real estate market.”