A chart from the New Hampshire Fiscal Policy Institute showing the employment and labor force rates in the state
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New Hampshire’s job market is experiencing a rebound, with employment rates recovering quickly and nearly back to pre-pandemic levels. However, the state’s labor force has not kept pace, raising concerns about the overall recovery.
In 2019, New Hampshire had 758,463 employed residents. Today, that number is 745,032 according to the New Hampshire Fiscal Policy Institute (NHFPI).
Nicole Heller, a senior policy analyst at NHFPI, noted that although it’s encouraging to see New Hampshire’s employment numbers nearly return to 2019 levels, the state’s employment could have potentially grown more if the pandemic had not taken place.
“We may have surpassed where we are now, had we not had that dip in employment and dip in the labor force,” she said. “Seeing our labor force smaller than it was pre-pandemic is not ideal.”
Heller noted that the current labor market is such that for every two available jobs, there is only one person to fill them.
New Hampshire faces several workforce challenges. Surveys from April 2023 to April 2024 show that over 56,500 people were sidelined due to illness or disability, around 15,215 are unable to work because of childcare responsibilities, and 14,567 have opted not to work.
Heller explained that workforce constraints due to caring for a child are due to either the high cost of care or a shortage of facilities, leading many parents to face long waiting lists.
A recent estimate shows that a family with two young children in New Hampshire might spend at least $32,000 annually on childcare, making it their most substantial annual expense, exceeding the cost of even housing, food and healthcare.
The availability of workforce housing and the aging population is also an issue affecting New Hampshire’s labor force.
The state’s unique position, bordered by Maine, Massachusetts and Vermont, combined with its small size, makes it easy for residents to commute out of state for work.
According to the U.S. Census Bureau’s American Community Survey, 12.5% of New Hampshire residents work outside the state, a difference from the 3.1% national average.
This trend is particularly noticeable in the southern part of the state, where proximity to the Boston metro area leads many to seek better wages and benefits across the border in Massachusetts.
“Because we don’t have income tax, it’s not going to affect us in the same way that it may affect other states, but it does limit the pool of workers,” explained Heller.
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Publish date : 2024-08-11 06:59:00
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