2014 IBCNHEconomic Policy Report Final REV

2014 IBC
ECONOMIC POLICY
BENCHMARK REPORT:
SETTING THE STAGE FOR
NEW HAMPSHIRES NEXT
ECONOMIC BOOM
5 December 2014
2014 IBC REPORT: New Hampshires Next Economic Boom
TABLE OF CONTENTS
I:
EXECUTIVE SUMMARY 2
II:
INTRODUCTION BY THE HONORABLE FRANK GUINTA 4
III: OVERVIEW 5
IV: ISSUE ANALYSIS 12
V:
PUBLIC POLICY RECOMMENDATIONS 16

a. Rebuilding the New Hampshire Advantage 16
b. Implementing Regulatory Reform and Stability 19
c. Promoting Access to Capital 22
d. Reducing Health Care Costs 24
e. Strengthening Business and Education Collaboration 25
f. Upgrading Broadband, Transportation, Energy and
other Critical Infrastructure Factors 27
g. Increase Support for Innovation 32
VI: VISION 34
VII: ACKNOWLEDGMENTS 35
Setting the Stage for the New Hampshires Next Economic Boom | 1
I: EXECUTIVE SUMMARY
This report, commissioned by the Independent Business Council of New Hampshire (IBC),
is about helping New Hampshire recover its historic business-friendly culture for its existing business base, and to position it to capitalize on the emergent new economy driven by
technology, entrepreneurship, education, and connectivity.
This report is designed to provide a framework for action. It lays out the top goals articulated by IBC members and important stakeholders, benchmarks what other states have
done to practically and successfully achieve desired results, and makes summary policy
recommendations about how these might fit into the New Hampshire context. As the first
report that IBC has produced, it is not meant to be comprehensive. Rather, it is a starting
point for developing a policy agenda for the state to have competitive success for the next
generation.
The catalyst for the report is a sense that the states competitive position has been eroding
since 2010. The following rankings help paint the picture of what has been happening:
30th CNBC Business Competitiveness Overall Ranking
32nd Cost of Doing Business
35th Portion of inaccessible or rough roads
36th Top Marginal Corporate Income Tax Rate: 8.50%
37th Debt Service as a Share of Tax Revenue: 9.5%
42nd Average Workers Compensation Costs: $2.40 per $100 of payroll
43rd Cost of Living
46th Industrial electric prices
46th Capital investment projects per 100,000 population
48th Infrastructure
49th Property Tax Burden: $54.32 per $1,000 of personal income
50th Right-to-Work State: Not
50th Average student debt
The state is under-investing in its infrastructure and workforce pipeline while increasing
costs on young families and youth. The result is that of the nine states with the lowest
marginal personal income tax rates, New Hampshire had only 0.2% net domestic migration compared to an average of 3.7%.
To turn this situation around this report lays out an intentional, strategic vision that builds
on New Hampshires small business roots and positions it for competitive success for the
next generation. To guide this process, IBC members identified four principles they believe
should underpin the states economic policy:
1. A Commitment to Being Competitive. For New Hampshire this means setting the
objective to be New Englands most hospitable state for business, and one of the top 10
most competitive states in the United States. This principle has been part of the states
DNA for a long time, and should continue to be a hallmark going forward.
2 | 2014 IBC Economic Policy Benchmark Report
2. A Commitment to Investing in People. For New Hampshire to have a qualified

workforce and broad middle class, it has to have education and workforce development systems, plus housing and tax policies that make the state an affordable and
dynamic place for a young person and family to live and work.
3. A Commitment to Continuously Improving Infrastructure and Reducing Business
Factor Costs. For New Hampshire businesses to have stable recruitment, retention,
and investment, they need reduced health care, energy, transportation and other factor costs.
4. A Commitment to Strengthening an Enterprising Culture. Other states may develop
strategies for identifying and recruiting successful, established businesses, but IBC
members believe that New Hampshire is best served by growing its own economic
base.
In order to achieve these goals, IBC members zeroed in on a state policy agenda that:

Reduces New Hampshires corporate tax disadvantage compared to the rest of the
country. IBC calls for reducing the states marginal tax rate by at least 300 basis
points so that the states business taxes are set below the national average of 6%.
Streamlines New Hampshires approach to regulations, particularly by reinstituting

sunset provisions and reviewing old and obsolete regulations,
Promotes entrepreneurship and investment in young businesses so that New Hampshire grows its own economy by developing venture capital investment incentives
and by working with educators to promote youth awareness of business and skills
development
Fosters incentives that encourage capital investments for health care, technology,
freight transport, and energy modernization and capacity building
Supports innovation Yankee ingenuity is an essential part of New Hampshires

DNA and industries like robotics, advanced manufacturing, medical technology, aerospace and maritime controls, are increasingly making their home in the state. These
new economy industries thrive on a culture that embraces innovation, creativity, and
new ideas. New Hampshire should embrace tort reform, right to work legislation,
strong intellectual property rights, and be open to new forms of work arrangements
and compensation.
This report is not just about the immediate, urgent priorities required to restore the
New Hampshire Advantage, it is also about laying out a vision for the future. The policy
elements that made New Hampshire competitive in the past: low taxes and a businessfriendly regulatory environment are still necessary today, but they are not sufficient. The
state needs to invest in the Es and the Is: education, entrepreneurship and energy
security plus investment, infrastructure and innovation.
We believe that, by following the recommendations laid out in this report, New Hampshire can become known as a haven for small businesses; where educators and business
leaders collaborate to provide students with the skills they need to stay in-state and
flourish, and where job seekers and job creators, entrepreneurs and business builders,
venture capitalists and investors feel welcomed and sustained.
II: INTRODUCTION: CHARTING A NEW VISION FOR NEW

HAMPSHIRES ECONOMY
The vision for this economic development report came from the members of the Independent
Business Council of NH. These hard-working and successful companies all share the desire to
grow their business and to see the state that they call home prosper again.
THE
HONORABLE
FRANK GUINTA
What the members told me was that year after year it was getting harder to grow and
expand each of their businesses. They told me of the time it took to fulfill regulatory
obligations and how it was getting harder to find employees to fit their business needs.
They shared concerns about rising health care and energy costs. The question they each
ask is are we seeing an end of the New Hampshire Advantage? While the lifestyle in
NH remains unimpeachable, burdens on business continue to grow with more business
taxes and greater costs. And this trajectory is not helping to turnaround the flight of our
young people from our state. The current path is just not sustainable.
While serving as Mayor of the city of Manchester, I worked with many small business
owners to make the business climate more competitive. I cut the municipal budget to
keep property taxes low for all businesses and insisted that city departments streamline
the development process so that those trying to conduct business in the city would find
the process easy to follow. In Manchester, we proved that government can work on behalf
of small businesses and city residents alike.
As a Congressman, I held job fairs, conducted businesses tours and worked with
businesses of all sizes to adopt policies that promote growth. I listened to your concerns
and addressed them as the Congress was able to. I stood up against regulators at the EPA
trying to force through regulations that will double waste water rates in the Seacoast
region, placing the region at a competitive disadvantage. And I worked to get a greater
share of the national transportation budget to address our infrastructure challenges.
The challenges we face in NH will not be solved overnight. My vision is that this report will
kick start some new thinking and a new agenda to make pro-growth decisions that are in
both the short and long term interest of the state. This report provides examples of what
other states have done to address challenges to their economies with tremendous success. It
looks at NH as part of a regional hub that can serve as the basis of new businesses. It provides
examples for discussion among policymakers, our state government and local officials.
Whether it is creating a Start Up City in the North Country, adjusting our corporate
taxes to be more competitive nationally, or updating our energy and transportation
infrastructure, this report is just a beginning to a new policy roadmap for NH. Its ideas
will be built upon by IBC members in 2015.
It has been an honor and pleasure to work with our member companies who represent
sectors ranging from manufacturing and banking to real estate and tourism who have
come together to share their experiences in this report. I also want to thank them for
talking to their legislators, testifying in Concord and for sharing their experiences.
Thank you for coming here today and exploring ways we can work together to make NH
a top ten destination in the United States for business.
III: OVERVIEW
This report is designed to provide a framework for action. It lays out the top goals
articulated by IBC members and important stakeholders, benchmarks what other states
have done to practically and successfully to achieve desired results, and makes summary
policy recommendations about how these might fit into the New Hampshire context. As
the first report that IBC has produced, it is not meant to be comprehensive. Rather, it is
a starting point for developing a policy agenda for the state to have competitive success
for the next generation.
The business community of New Hampshire is hopeful and optimistic, but also
concerned about the current policy drift. The general feeling is that New Hampshire
lost its focus over the last few years, and has surrendered some of its New Hampshire
Advantage, but that the building blocks are there to build up the states next economy.
The state is poised

to be great. Someone
just has to say we
want to be better
than average. If you
do that, people will
move here.
DAVID GREER
CEO, WIRE BELT
Small and mid-sized business owners represent the backbone of America in general, and
the backbone of New Hampshire in particular. Over 96% of all businesses employ 500
or fewer employees, and there are 30,000 of these small businesses in New Hampshire.
Various studies over the past few years have validated the fact that small businesses are
the principal job creators of the American economy. They are the engines of the middle
class, the core of the states economy, and one of its most valuable assets. They also
make up the core of the Independent Business Councils membership, and this report
originated from discussions with many of them about the states current economic
climate and policy environment.
Small business owners and operators are risk takers. Talk to a small business owner
and she will tell you how she got started with a $15,000 loan from her family, or how
he mortgaged his house to buy a certain piece of machinery from Austria. They are
motivated to create, build, invest, and grow. They worry and stress about payroll
and health care costs. They worry about getting customers walking in the door and
getting qualified employees. Small business owners and operators are experts in their
specialties, and generalists in terms of all of the things they need to do to keep their
businesses running.
The small business flywheel is based on building products and services that meet the
needs of their customers every day. Taxes, regulations, insurance, health care costs,
skilled workers, access to capital, and intellectual property protections are just some of
the factors that economic policy makers can influence that either empower the small
business owner, or make their lives more difficult. Like all types of human beings, they
go where they are wanted, and historically, New Hampshire has wanted them.
From an economic policy perspective, New Hampshire has been an exceptional state
compared to the rest of New England for quite some time. With no sales tax or income
tax, it is very different from its surrounding neighbors. Maine, Vermont, Massachusetts,
Connecticut and Rhode Island have pursued high tax, high regulation policies for many
years. The result is that only Massachusetts ranks ahead of New Hampshire in the CNBC
business competitiveness rankings, and that is because of its educational resources and
access to capital, not due to its tax and regulatory policies.
Likewise, New Hampshire follows the old adage of John Templeton the master investor:
it is impossible to achieve superior performance unless you do something different
from the majority.iv For example, as Connecticut became a terrible state for trusts
and trust companies, New Hampshire was charting a different course with the Trust
Modernization and Competitiveness Act of 2006. v As a result, New Hampshire has
become a premiere destination for trusts, while Connecticut has become the worst state
to die in. vi
Clearly, the state has the will to implement economic policy changes that enhance its
competitive position. That being said, the states competitive position has been eroding
since 2010. vii The following rankings help paint the picture of what has been happening:
30th CNBC Business Competitiveness Overall Ranking
32nd Cost of Doing Business
35th Portion of Inaccessible or Rough Roads
36th Top Marginal Corporate Income Tax Rate: 8.50%
37th Debt Service as a Share of Tax Revenue: 9.5%
42nd Average Workers Compensation Costs: $2.40 per $100 of payroll
43rd Cost of Living
46th Industrial Electric Prices
46th Capital investment Projects per 100,000 Population
48th Infrastructure
49th Property Tax Burden: $54.32 per $1,000 of personal income
50th Right-to-Work State: Not
50th Average student debt viii
The state is under-investing in its infrastructure and workforce pipeline while increasing
costs on young families and youth. The result is that of the nine states with the lowest
marginal personal income tax rates, New Hampshire had only 0.2% net domestic
migration compared to an average of 3.7%.ix Over the past decade, New Hampshire
gained over 140,000 new residents aged 45 and older, at the same time that it lost 57,000
residents aged 25-44.x
This data indicates that New Hampshires economic policies have made the state more
of a bedroom community supporting the economy of Massachusetts, and eroded it as a
base for small business growth and development. The policies in place are shaping the
states demographics to skew older. No income tax is great for folks on fixed income, but
younger people in the state are saddled with one of the highest student debt burdens in
the country, businesses face high energy costs and logistics reliability challenges due to
poor infrastructure, and low access to risk capital.
Not only are the days when the old paper and textile mills that
dominated the states economy long gone, the much more
recent boom of the 1980s and 1990s has faded into memory as
well. Manchester Airports air traffic is a little more than 60%
of its peak, and business leaders worry about keeping young
people in the state. It is easy to see how New Hampshire has
slipped in the business competitiveness rankings as corporate
taxes, changes in regulation, and crumbling infrastructure
have taken their toll.
The nation as a whole is watching its economic center of
gravity move west and south. Whereas it used to be the South that
lagged the nation in development, now Georgia, Texas, and North Carolina all place in
the top 5 in competitiveness.xi Now it is New England where 4 states (CT, RI, VT, and
ME) rank in the Bottom 10 in competitiveness. Beyond our borders, the rest of the OECD
countries are becoming much more competitive. In fact, the United States ranks 31st
among them in terms of its corporate tax rates. A business operating in New Hampshire
has a combined Federal/State tax burden of 40.5% compared to just 12.5% in Ireland.
Even France has a lower corporate tax burden at 34.4% xii
Manchester grew up
around the Amoskeag Mill,
once the largest cotton
textile mill in the world
Different states are configured differently, and over time establish methods for enabling
and empowering different forms of business and industry. New York revolves around
Wall Street. Detroit is a mecca for the automobile industry. Silicon Valley is the
epicenter of the tech revolution. Texas is built to support the energy sector.
New Hampshire has significant assets to build on. It has one of the best Quality of Life
ratings in the country. It has a highly educated workforce, no income tax or sales tax,
a favorable geographic location, a rich base of academic institutions anchored by the
University of New Hampshire and Dartmouth, and close proximity to the major financial
and logistics hubs of the United States.
What New Hampshire has historically been built on is small business and Yankee
ingenuity. It has never had corporate giants dominate its economy, even in the heyday of
the Amoskeag Mill (which at one point was the largest cotton textile mill in the world),
and yet it has always had one of the higher per capita incomes in the country. It is less
urbanized than many other states, and it has a much more distributed economic base.
Given the states history as the Live Free or Die state, and culture of Yankee Ingenuity,
personal responsibility and rugged independence, there is no doubt that an economic
climate that promotes small business and economic liberty should come naturally.
New Hampshire is in an enviable position where it can learn from the most competitive
economies in the country and the globe, and it has the demonstrated will to enact
economic policies that will help it succeed. IBC members asked the authors of this
report to study states like California, Texas, North Carolina, and Utah which all have
policies in place that allow them to attract certain kinds of business investment.
Take venture capital funding for example. California accounts for 14% of U.S. GDP,
but attracts close to 50% of the entire countrys VC investments. Texas has enjoyed
disproportionate growth levels compared to the rest of the country by implementing
specifically pro-business public policies for more than a decade. North Carolina has
significantly reduced its regulatory burden and overhead by implementing new policy
tools originating from both the Governors office and the legislature. Utah has created a
civic culture that has broken down some of the parochial boundaries of the past in order
for public, private, academic, and civic institutions to collaborate effectively to promote
small business creation and development.
The different states have different objectives, contexts, assets, histories, and cultures, but
one success factor that unites all of them is that they have a strong sense of identity and
clarity about the goals they want to achieve. Business leaders across New Hampshire,
frequently note that the state just needs to put a stake in the ground around a few
achievable goals. Clarity of goals focuses everything else as one leader put it.
From our interviews, the following goals were the most frequently cited for New
Hampshire to have:
1. A Commitment to Being Competitive. For New Hampshire to be New Englands most
hospitable state for business, and one of the top 10 most competitive states in the
United States this has been part of its DNA for a long time, and should continue to be
a hallmark going forward.
2. A Commitment to Investing in People. For New Hampshire to have a qualified workforce
and broad middle class, it has to have education and workforce development systems, plus
housing and tax policies that build up the capacity of its young people, and make the state
an affordable and dynamic place for a young person or a young family to live and work.
3. A Commitment to Continuously Improving Infrastructure and Reducing Business
Factor Costs. For New Hampshire businesses to have reduced health care, energy,
transportation and other factor costs, and increased access to capital is important for
recruitment, retention, stability, and future investment plans.
4. A Commitment to Strengthening an Enterprising Culture. For New Hampshire to be

a haven for entrepreneurs, innovators, small businesses, and independent investors.
Other states may develop strategies for identifying and recruiting successful,
established businesses, but IBC members believe that New Hampshire is best served by
growing its own economic base.
Other goals cited by some business leaders include: assuring the economic vitality of
the North Country, attracting venture capital investment, becoming a hub for advanced
manufacturing, medical devices, aerospace, and maritime equipment, and attracting
more businesses from out of state.
Fortunately, these goals are mostly complementary and mutually reinforcing. More
businesses will make New Hampshire more attractive to young professionals. A strong
education base and qualified workforce will improve incomes and attract investors. This
makes it easier to craft a set of strategies than if they were highly divergent.
That being said, there are some constraints that may affect the short-term realization
of this vision. For example, to be truly competitive, New Hampshires corporate taxes
should not be higher than the national average, and ideally, should be much lower.
However, because the state does not have income tax or sales tax, changes to the
corporate tax need to be looked at in the context of the states over-all budget and tax
code. This is not an easy fix. Likewise, New Hampshires energy challenges are not solely
under its own control, but bound up in agreements with the other New England states.
The policies recommended in this paper are designed to achieve the vision of the leading
members of the Independent Business Council of New Hampshire. Nothing can be
achieved overnight. However, each one of the objectives identified in this paper has been
vetted and achieved by other states. Therefore none of them are impossible. We have no
doubt that significant progress toward the vision can be achieved in the next few years.
Finally, it should be noted that the philosophy of the Independent Business Council is not
focused solely on what government can do, but on what the people of New Hampshire
can do. Some of our recommendations involve bringing academia and business together.
Others involve marketing and communication. Still others will be achieved through
business investment. The point is that the New Hampshire Advantage and culture of
small business needs to be protected and strengthened for the states competitiveness
and future success.
A Note on Methodology
The research team at IO Sustainability conducted extensive desk research, and relied on
established economic data from recognized sources. The team supplemented this desk
research with in-person and phone interviews with a wide range of stakeholders in New
Hampshire, and with policy experts in states with leading economic indicators or policies
that led to dramatic turn-arounds.
In order to help simplify and organize what needs to be done, the report team
benchmarked a number of state and metro areas across the United States to come up
with options that help New Hampshire achieve policy goals that support a vibrant and
sustainable economy.
If no boxes are marked, the
state was mentioned in the
general text only.
Other comparisons in the
paper are made with:
United States, Ireland,
France, OECD, Stanford,
MIT, Ivy League universities
This analysis has been useful on a number of fronts. For example, Washington State
has a very similar profile to New Hampshires. Just as New Hampshire sits north of
Massachusetts, Washington sits north of California. Just as New Hampshire has an
enormous back country and quality of life, so does Washington, but leaders in that state
have diversified and expanded their economy significantly over the past thirty years. A
state that used to be dependent on timber interests and the aerospace company Boeing,
is now home to Nordstrom, Costco, Amazon, Starbucks, Microsoft, and huge VC and
small business eco-systems.
Iowa is similar. Again, a small state, it used to be dependent on agricultural interests,
but now a diversified financial services economy centered around Des Moines and a
knowledge economy based manufacturing sector centered on the Cedar Rapids Iowa
City corridor have emerged. This study will also analyze what Colorado did to attract
young entrepreneurs and professionals around the Boulder epicenter and revamp its
energy policy, what North Carolina did to streamline its regulatory overhead, how Utah
broke down parochial interests to improve collaboration between business, academic,
and other leaders, and mine lessons from other states as well.
Rather than having to start from whole cloth, New Hampshire is in the enviable position
of being able to observe what has worked in other states, and apply these lessons
learned. One of the key assets that many business commentators cite about New
Hampshire is the accessibility and responsiveness of elected leaders. This is a great
place to get things done. Where else can you be one or two degrees connected from
anyone you need to talk to? Our recommendations for action take advantage of this
important asset in New Hampshire.
IV: ISSUE ANALYSIS

Its encouraging
to see some of the
buildings in the
old mill towns get
converted, and to see
young people in the
market, but we need
to do more, and have
a plan for building the
future of the state.
Its a great place to
live. We need it to be
even more of a great
place to work too.
JENN MADDEN
MADDEN REALTORS
As noted in the last section, the four goals that New Hampshires small business owners
are calling for to shape public policy are all inter-connected. Competitiveness, economic
opportunity, workforce empowerment, and the cultivation of an enterprising culture are
all vital ingredients for a system of broad economic success.
In designing an economic policy framework that works toward these key commitments,
there are several undergirding facts and data points that need to be analyzed. Four key
issues need to be addressed:
1. New Hampshire must prepare now for the next economy.
2. Small and medium-sized enterprises comprise 3 distinct economies co-existing in
the state
3. Entrepreneurial dynamics require technical assistance and connectivity to develop
and thrive.
4. Demographic shifts will exacerbate discontinuities in New Hampshires diverse
economic geography.
New Hampshire, has to prepare for the next economy. The United States has undergone
three socio-economic transformations over the last 150 years agricultural, industrial
and services and is in the early stages of a fourth, the knowledge economy. 150 years
ago, New Hampshire, like the rest of America, was predominantly rural and geared
toward harvesting natural resources like paper and pulp. it was one of the first states
in the U.S. to grasp the power of mechanization, industrialization, and mass assembly.
After World War II, these two economies co-existed with the services economy that
rapidly grew to encompass 60% of employment in the state. Now, as the information
technology revolution continues to unfold, all of these economies co-exist, but their
traditional supply chains, operations, and customer bases are significantly changing.
The U.S. is still in the early stages of the development of the Knowledge Economy, so the
policy architecture, infrastructure, systems, and processes undergirding it have not been
fully worked out, but it is clear that the policies that mattered when New Hampshire
was primarily a manufacturing-based economy may be necessary, but they wont be
sufficient to assure its competitiveness in this emerging new era.
This developmental picture means that economic policy makers cannot view the small
and medium-sized business community as monolithic. There are several economies coexisting within the state. These include:
(1) Legacy and traditional resource and manufacturing businesses,
(2) Lifestyle or Main Street small businesses,
(3) Finance, utilities, infrastructure, housing, construction, and their supporting
infrastructure, and
(4) Entrepreneurial, high growth gazelle businesses.
And on top of them all, are the franchises and national companies domiciled in other
states.
Legacy and traditional resource and manufacturing businesses that are connected to
markets outside of the state, benefit significantly from traditional free market economic
policies. Because their competitive environments are so robust in other states and
around the world, regulatory and tax burdens and labor, energy, transportation, and
other factor costs can affect them very quickly. As Area Development reports, these are
the top 10 criteria for site selection:
1. Labor costs (understood as productivity, not wages)
2. Highway accessibility
3. Availability of skilled labor
4. Availability of advanced ICT services
5. Occupancy or construction costs
6. Energy availability and costs
7. Corporate tax rate
8. Available buildings
Novocure is a global
oncology company
specializing in the
development of Tumor
Treating Fields. Why
did they choose New
Hampshire? Mike
Ambrogi says We
love it here. Its hard
to beat the quality
of life, but we need
to stop keeping
this a secret and
attract other medical
companies so that
we can grow our
pool of talent and
capabilities.
MIKE AMBROGI
COO, NOVOCURE
9. Tax exemptions
10. Low union profile
xiii
Lifestyle businesses, which we think of as the typical small business, are those whose
market radius is their local neighborhood or community. They tend to do most of their
business within a five mile radius of their store fronts. For them, tax, regulatory and
factor costs are also very important. Because their customer bases are relatively fixed,
keeping costs lean is usually the way they are able to maintain healthy bottom lines and
make ends meet. The higher the property and business tax and regulatory burden, the
more they get squeezed, and the cost/benefit analysis of other locations becomes more
attractive.
What New Hampshire business leaders would like to do is to maintain and promote
these business segments, but also create economic policies that foster entrepreneurs,
gazelles and emergent businesses and industries. The researcher David Birch coined
the term gazelle for the high growth, high entrepreneurial companies who account for
4% of all of the companies in the U.S., but 70% of the new jobs that are created. A gazelle
has to grow 20% for four years straight, from a base of at least $100,000 a feat that
roughly 350,000 companies across the U.S. and 1,200 companies in New Hampshire do on
annual basis.xiv
Not all gazelles are in the IT sector, or are start-ups, but they often originate in states
with the following characteristics:
A culture of entrepreneurship, enterprise, and innovation
A dense matrix of educational and academic support
Cross-fertilization of science, technology, engineering, arts,
and math (STEAM) competencies
Highly connected communications and transportation hubs
Strong intellectual property values and protections
Highly liquid angel investor, VC, and capital marketsxv
Whereas the traditional three legs of the economic development stool used to be
(1) provide incentives for large companies to bring lots of jobs to your community,
(2) encourage the physical clusters of the same kinds of business, and (3) subsidize
the creation of places that house a large number of jobsxvi some states are moving
toward a new triumvirate of key ingredients: entrepreneurs, knowledge and technical
assistance, and connectivity. Dr. Maury Forman, Senior Manager for Rural Initiatives and
Innovations at the Washington State Department of Commerce says that this is akin to
a sports team growing its own farm team and winning for the long-term, rather than
trying to win now with some high priced free agents.
As examples of promoting this home grown culture and talent base, Forman says that by
the time Washington state18 year olds move into college, they have been deeply exposed
to what it takes to start and run a business through classes, competitions, mentoring,
and apprentice programs.
New Hampshire, like many other states in New England, has to fight against
demographic trends that will reduce the active workforce base relative to the populations
that depend on it. As mentioned in the last section, New Hampshire has added 140,000
residents age 45 or older, and lost 57,000 residents between the ages of 25 and 44 over
the last decade. Over the next 25 years, aging and retiring Baby Boomers will combine to
double the population of New Hampshire residents aged 65 or older if the state continues
to follow national trends. xvii Investing in gazelles and an entrepreneurial culture will
help New Hampshire to address this demographic shift by sending the signal to its young
people that it wants to invest in them and their future.
This issue is also related to the economic geography challenges of the state. Regionally,
the Sea Coast, Manchester, and the Upper Valley have seen most of the economic growth,
while the North Country and western New Hampshire have seen their populations
age and migrate. Travel and tourism has substituted to some degree for the loss of
the resource and manufacturing companies, but for the poorer regions of the state to
flourish, they have to become more connected and diverse. When the state ranks in
the bottom five in student debt, electricity costs, property taxes, and infrastructure
investment, this is a collective statement about its current demographic priorities.
Instead of making the state a tough place to get started in, policy makers need to figure
out mechanisms to make it as easy as possible for young people of the Millennial
generation to launch their careers and families.
New Hampshire is a proud state with rock-ribbed traditions of industry, independence,
and innovation. It has many assets in its favor, but now is the time to make policy
changes to assure its continued vitality and sustainability for the next generation. This
means restructuring its policies to restore the New Hampshire Advantage is necessary,
but if it wants to build up its attractiveness as a location to realize the potential of the
knowledge economy, it needs to also focus on its attractiveness for current and rising
generations.
V: POLICY RECOMMENDATIONS
A. Rebuilding the New Hampshire Advantage
Current Situation
The state historically committed to a set of policies that collectively became known
as the New Hampshire Advantage. These included a commitment to no sales tax or
income tax, and a general pro-business attitude.
The following chart illustrates how different tax revenues contribute to fund the New
Hampshire state budget. Note that the Business Enterprise and Business Profits tax
account for almost 25% of the states revenue (not including interest and other non-tax
income), and the statewide property tax accounts for another 17% of revenues
Source: New Hampshire
Department of Revenue
Administration
Why This Matters

It is a truism of tax policy, that the more you tax something, the more you create
disincentives to undertake that activity. The more that the state becomes dependent on
the BET and the BPT, the greater the temptation to increase taxes in these areas, and
foster disincentives for business creation and growth.
One IBC member framed the issue starkly, The BET and BPT are under continuous
pressure to grow just to maintain a static level of servicesthe more the dependency on
this revenue grows, the more the pressure to increase the burden, and consequentially,
the higher the disincentive to start a business, or retain a business in New Hampshire.
This is fundamentally an accelerating dynamic that in the limit, results in no business growth,
and by consequence, inadequate state revenue. Once this happens, a significant alternate
revenue source becomes inevitable, or the state becomes insolvent. Without a change to the
policy directions of the state, New Hampshire follows in the steps of Connecticut.
The following two charts from the Tax Foundation illustrate the competitive landscape
that New Hampshire finds itself in. In terms of the states, not only is its corporate
income tax rate 2% higher than the national average, but as you can tell, there are a
handful of states with no corporate income tax at all.
The same IBC member goes on to note: A metric not stated in the paper, but which can
be deduced from the data provided, is the staggering realization that on a per capita
basis, the State of New Hampshire has the highest corporate tax burden in the nation,
second only to the State of New York. The challenge is compounded when seen from the
perspective of the added competition from other countries.
To make matters worse, not only is New Hampshire not competitive with other states in
terms of its tax burden, but as the Tax Foundation also notes, U.S. corporate tax policies
are also making the state less competitive internationally. Of most immediate interest,
Canadas corporate tax rate is 26%. While there have not been a significant number of
inversions from New Hampshire to Canada, neither are there any tax incentives for
Canadian companies to invest in New Hampshire either.
Precedents and Lessons Learned

The best precedent is New Hampshires own recent history. The state enjoyed a long
boom during the 1980s and 1990s as policy makers committed to the New Hampshire
Advantage low tax environment. As taxes and regulatory burdens have crept up over the
last few years, New Hampshires competitive position has eroded.
Summary Recommendations
New Hampshire policy makers need to benchmark national corporate tax rates and
renew their commitment to having one of the top 10 tax environments for business in
the United States. Currently, New Hampshires corporate tax rates are 200 basis points
over the national average. A natural remedy would be to cut them by 100 basis points
each year for the next three years. In this way, New Hampshire would move from #35 to
inside the top 20 in tax competitiveness assuming other states maintain their current tax
policies.
If New Hampshire wants to be number one in this department, it has a long way to go.
Five states have zero corporate tax policies, but this could be a long-term policy objective.
Bringing the corporate tax rate in line with other states is the immediate, presenting
recommendation, but there is a larger, more complex issue that needs to be addressed,
and that is the structure of the state budget as shown below. As is clear, entitlements
and administrative costs account for almost 50% of the budget, and need to be reformed
in order for the state to live within its means, and yet invest in needed education,
transportation, the environment, and other critical infrastructures.
Source: New Hampshire
Government
B. Regulatory Process Reform and Stability

Current Situation
According to the Book of the States 2013, the New Hampshire legislature can review
proposed rules in this manner:
For regular rulemaking, the joint committee of administrative rules (JLCAR) has 45
days to review a final proposed rule from an agency, otherwise the rule is automatically
approved. If JLCAR makes a preliminary or revised objection, the agency has 45 days to
respond, and JLCAR has another 50 days to decide to vote to sponsor a joint resolution,
which suspends the adoption process. JLCAR may also, or instead, make a final objection,
which shifts the burden of proof in court to the agency. There is no time limit on making
a final objection. If no JLCAR action is taken in the 50 days to vote to sponsor a joint
resolution, the agency may adopt the rule.
The Institute for Policy Integrity highlights several critical factors for sound regulatory
review policy. These include cost/benefit economic impact assessments of rules and
regulations, inter-agency coordination to reduce rulemaking and enforcement conflicts,
executive branch review, legislative branch review, consistency, transparency, and
We have to think
about the road map,
and develop practical
solutions about how
to get where we want
to go. All parties and
philosophies within
the legislature need
to work together
and compromise if
they truly want New
Hampshire to be the
top New England
State in attracting
new business.
REP. WILL INFANTINE
accountability. In this context, the Institute for Policy Integrity gives New Hampshire a
B- grade (placing it in the top 7 nationwide), but says that its periodic review and
analytical requirements need to be better designed.
Of further note:
New Hampshires Sunset Committee was repealed in 1986.
The Governor does not have line item veto authority.
Why This Matters
Given that the state directly regulates 20% of the economy, this is a very important
aspect of the states economic competitiveness. Regulations are a tax on time and
resources.
The managing director of a small construction firm estimates that he spends $750,000 a
year in administrative, overhead, inspection, and compliance costs. A 10% reduction in
those costs would mean $75,000 thats another sales rep I could have had.
When you do a keyword search of business on the online State of New Hampshire
statutes database, more than 500 entries of chapters and sections appear. IBC business
members say they worry about compliance costs, duplicative procedures, inspections,
and time consuming processes like re-writing labels, standards, and codes of conduct.
Thumbtack and the Kauffman Foundation report that the friendliness of professional
licensing requirements was the most important regulatory issue in determining a states
overall friendliness to small businesses. Closely following licensing requirements was the
ease of filing taxes. Once again, tax rates were a less important factor than the ease of
regulatory compliance in determining the overall friendliness score of a jurisdiction.
Several stakeholders interviewed for this report suggest that laws and regulations
not take place on a rolling basis, but rather at a set semi-annual or annual time with
adequate notice, which would help with scheduling and implementation. They also
suggested that legislative initiatives go through a process to be analyzed for economic
impacts before being submitted for floor votes.
One IBC member wondered if the state could create a mechanism to protect local
businesses or help them fight federal regulations and mandates.
Massachusetts created the following four-part framework that illustrates how other
states are addressing regulatory obsolescence and anti-competitiveness. The state
instituted:
A comprehensive review and reevaluation of existing regulations
A systematic and coordinated process for regulators to consider economic impacts for
newly proposed regulations
Public reporting of small business impacts for all regulatory changes to improve
transparency during the public rule-making process
Partnerships with the regulated community to share responsibility for creating a
balanced regulatory environment
In 2013, North Carolina had over 22,500 permanent administrative rules, and the sad
experience that only about one-tenth of one percent of proposed regulations were
ultimately blocked. On August 23, 2013, the state enacted sweeping regulatory reform
legislation that made all North Carolina regulations subject to review over the next ten
years.
In 2012, the Mercatus Institute of George Washington found that: The single most
important policy in a state is the presence of a sunset provision. Requiring new
regulations to be studied for their impact on government expenditures and revenues
(government cost-benefit analysis) and requiring the presentation of alternative, lowercost policies to achieve the same regulatory goals may also improve state regulatory
systems. Finally, the review process should be housed in either the legislature or an
independent agency to be most effective.
In 1980, the Federal Government formed the Office of Information and Regulatory
Affairs, housed within the Office of Management and Budget to review regulations for
their economic impact. The office reviews between 500 3000 rules annually depending
on the Administrations policies.
New Hampshire lawmakers should benchmark the regulatory reform initiatives of
Massachusetts, North Carolina, and the regulatory climates of Utah, Texas and Virginia
and adapt the best policies for New Hampshires context.
As part of an over-all package, the following should be considered:
Business-related regulations and legislation should be subjected to economic impact
cost/benefit analysis before enactment,
Business-related regulations and legislation should contain sunset provisions to assure
future review and assessment,
All existing regulations should be reviewed for materiality and ease and cost of
compliance,
Implementation of changes to business regulations should take place during a very
limited set number of times per year, and
New Hampshire is one of only six states where the Governor does not have line item
veto authority. This should be changed.
C. Promote Investment and Risk Capital Access

The biggest
limiting factor for
New Hampshires
economy is the lack
of availability of risk
capital.
MARK GALVIN
NEW ENGLAND
INNOVATION
CENTER
Current Situation
From 2009 2013, venture capitalists invested less than $300 million in New Hampshire
based projects, an average of $58 million into 12 deals per year. By comparison, venture
capitalists invested over $3 billion in 358 deals in Massachusetts in 2013 alone.
Why This Matters
Only 65% of small businesses make it through two years of existence, and 44% make
it through five years. Entrepreneurs and small business owners typically finance their
start-ups through commercial loans, loans from family and friends, and borrowing
against the equity in real property this is why strong housing markets help support
thriving entrepreneurial economies and vice versa.
Start-ups account for 40% of net new job gains. They are a vital resource for developing
emergent skills, expertise, and experience, as well as for R&D, experimental processes,
products, and services.
As discussed in a previous section, most New Hampshire small businesses are lifestyle
businesses designed to survive in local communities with narrow customer bases or
low market ceilings. However 20-30% of all small businesses are classified as gazelles
businesses with higher market ceilings able to transcend local community boundaries.
Gazelles are more likely to need mezzanine financing provided by angel investors and
venture capitalists. This is particularly important as they move into early stage and
expansion stage growth.
California, Massachusetts, Pennsylvania, New York, and Colorado have all created
hospitable climates for this kind of mezzanine financing, and not coincidentally,
disproportionately attract gazelle business types. Indeed, California, with only 13% of the
nations GDP, originates almost 50% of all venture capital deals in the U.S.
New Hampshire currently has a very narrow venture capital and investment banking
base making it difficult for entrepreneurs and business builders to find capital locally.
Several stakeholders interviewed for this report say access to capital is one of the
magnets that draws young entrepreneurs out of the state.
In 2003, Michigan passed the Michigan Early Stage Venture Investment Act of 2003
(VMF Act). VMF seeks to promote Michigans economic health by assisting in the
creation of new jobs, new businesses and new industries in Michigan through the
creation of two fund-of-funds, the Venture Michigan Fund I, Limited Partnership (VMF
I) and the Venture Michigan Fund II, Limited Partnership (VMF II) that will invest in
venture capital managers with a focus on Michigan-based early stage companies.
The state ranks sixth nationwide for the best entrepreneurial climate, up from 41st
in 2007 and 2008, according to the Michigan Entrepreneurship Score Card released
by MiQuest. There was $120 million in venture capital invested in 40 companies in
Michigan in 2013, and the state had 103 active venture-backed firms in 2014, up 66
percent in the last five years.
MassVentures was formed in 1978 as a quasi-public corporation by the Commonwealth
of Massachusetts to address the capital gap for start-up companies and to encourage the
growth of early-stage technology firms. MassVentures enabling and governing legislation
is Chapter 40G of Massachusetts General Laws as amended in 1993 and 2002.
Some IBC members have noted that the state has done very well in attracting trusts and
trust companies. Could there be a way for getting all of the people who have moved
here to invest more in the state? mused one financial service leader. To do this would
require some kind of risk reduction mechanism because many of these people are
retirees, living on fixed incomes, concerned about their kids, and their legacies.
On the other hand, stakeholders cautioned that the state should have more of a
facilitator role and less of an operational role: We wouldnt want the state to actually
set up its own fund, because were worried that it would make investment decisions for
the wrong reasons, but it would be interesting to have the state provide some level of
incentives to encourage private sector investment in the state. -- Incubator expert.
New Hampshire lawmakers should benchmark what Michigan has done to turn around
its venture capital climate over the past five years and adapt what is useful to New
Hampshires context. Other states worth benchmarking and adapting include
Delaware, Pennsylvania, Massachusetts, and Colorado.
Policy recommendations include:
A reduction in the BPT for early stage (0-5 year) New Hampshire start-ups and for
firms investing in them,
The creation of asset protection measures or other incentives for foundations and
trusts that invest a percentage of their endowments in New Hampshire-based
enterprises
Streamlining of regulations to facilitate venture capital start-ups, financial service,
and investor insurance firms
D. Reduce Health Care Risks and Costs

When you talk
to our members,
sooner or later, the
conversation gets
to health care costs
and energy costs.
Outside of taxes,
these are the two
issues we hear about
the most. Particularly
for small businesses,
health care has a
huge impact on your
decision to take on
new employees. This
is a national problem
with huge local
consequences.
ANNE SMITH
INDEPENDENT
BUSINESS COUNCIL
According to U.S. News & World Report, Anthem Blue Cross & Blue Shield is the only
insurer currently offering plans on the New Hampshire health exchange, making New
Hampshire one of the states with the narrowest range of choices, though Assurant
Health also offers private coverage and Harvard Pilgrim Health Care is expected to join in
2015.
According to USA Today, Anthems provider network does not include Concord Hospital
and affiliated doctors. The Southern New Hampshire Medical Center in Nashua is not in
the exchange plan network, according to The Telegraph and The Frisbie Memorial Hospital
and Portsmouth Regional Hospital are also not in the network, reports Fosters Daily
Democrat. This means that exchange enrollees may have to drive over an hour away
to reach a hospital or doctor in the network. Anthem offers HMO exchange plans in
Catastrophic through Gold tiers.
Why This Matters
Many of the small business leaders and expert stakeholders said that health care
considerations were one of the biggest inhibitors to starting their business and adding
employees:
There is a lot of fear about taking care of your family, let alone yourself. COBRA [a 1985
Act that enables individuals to continue receiving health insurance after termination of
prior employment] is a great help, and if your spouse has health insurance that can help
to, but the uncertainty is tough.
We pride ourselves on offering good benefits and good health care, but we cant afford
continuing annual 20% increases in premiums.
My health care costs went up 103% this year.
Kaiser Permanente reports that the cheapest cost regions in the U.S. include Minnesota,
Utah, Hawaii, and parts of Tennessee. What these regions tend to have in common is
robust competition between hospitals and doctors, allowing insurers to negotiate lower
rates. Many doctors work on salary in these regions rather than being paid by procedure,
weakening the financial incentive to perform more procedures.
Insurers were able to negotiate low rates with hospitals and doctors in the Twin Cities
because they could choose among four major health care systems. Michael Rothman,
commissioner of Minnesotas Department of Commerce, which regulates insurers, said
the state moved early to enact cost-control measures such as restricting how much
insurers can spend on things other than medical care and requiring annual insurance
rates to go through state review.
Several of the other lowest cost areas, including the Salt Lake City region and Hawaii,
also have major hospitals and health systems that have been at the forefront of
integrated care, in which rules, payment methods and the bureaucracy are designed to
foster collaboration among primary care doctors, specialists and nurses.xxvii
Another lesson learned is that often patients do not know how much procedures and
alternative health care treatment options may cost, nor do they necessarily make the
connection between the number of procedures that they incur and the future cost of
insurance. This lack of transparency and disconnect between the customer, the service
provider, and the payer creates a layer of transaction costs. Combine this disconnect
with medical malpractice legal fears and the number of unnecessary procedures
increases in the system. All of these factors lead to continuing health care cost
increases, which will be exacerbated as the Baby Boomer generation ages and begins to
incur added health care costs.
New Hampshire policy makers should benchmark Minnesota and Tennessee health care
policy practices and adapt them for the state.
Several policy concepts that should be embedded in such legislation:
Promotion of health care provider and insurance competition including accelerated
amortization and depreciation costs for health care providers investing in new facilities
in state,
Tort reform and safe harbor reform to reduce fears of medical malpractice,
Tax credits for nutrition, health and wellness behaviors, particularly for seniors
Patient notification of the cost of different health treatment options
E. Promote Education & Business Collaboration

Current Situation
By most education measures, New Hampshire is very competitive. The K-12 system
scores #9 on the National Assessment of Education Progress (NAEP) performance rank.
It has one of the top 10 colleges in the United States in Dartmouth, and it has a robust
workforce development support system.
However, there seem to be fundamental disconnects between business needs and
workforce capabilities. Mark Galvin, the head of the New England Innovation Center
reports that there are 1,400 open software jobs in the state. That means hiring 40-50
software developers per month to keep up with its needs, while the New Hampshire
university system currently graduates less than 100 software engineers and IT people per
year. Other employers report that it is very difficult to find qualified technicians, skilled
machine operators, and employees with particular technical skill sets.
The University of
New Hampshire plans
to double the number
of graduates in STEM
(science, technology,
engineering, and
math) fields by
2020 UNH
Manchester must be
fully engaged with
business, government,
and non-profit
communities in order
to accomplish this.
J. MICHAEL HICKEY
INTERIM DEAN
UNH MANCHESTER
One of the issues that may be holding New Hampshire back in this regard is the historic
lack of a tradition of dialogue and connections between the business community
and academia. There are signs that this is changing. However, while there are some
connections between business and the University of New Hampshire and Dartmouth,
there are nowhere near the number of connections, coalitions, partnerships and projects
between business and educators that you see in states like Utah and North Carolina.
These collaborative councils work in both directions. Business leaders gain visibility
and understanding of academic challenges and opportunities, and academics gain
insight about designing curricula that help their students gain access to specialized job
opportunities and valuable skills.
A related issue is that it is difficult for university professors and researchers to gain
equity in outside projects similar to the systems that have been institutionalized at
Stanford or MIT. Unleashing the knowledge capital of the academic sector in New
Hampshire could be a way to rapidly build the endowments of New Hampshire academic
institutions as well. Both Stanford and MIT have added more than $5 billion to their
endowments since 2005. By way of comparison, Dartmouths total endowment is $3.7
billion (7th in the Ivy League) and the University of New Hampshires is less than $300
million. On the other hand, Phillips Exeters endowment is over $1.2 billion. Enhanced
business and education collaboration could help reduce student debt burdens and help
stem the flow of young people out of the state.
Why This Matters
Ever since 1969, income inequality has been widening, and this income gap correlates
very highly to education attainment. The average person with a college degree is likely
to earn $1 million or more over the course of his or her lifetime than the average person
with just a high school degree, and the differential in earning power is escalating. Higher
skilled businesses offering higher skilled employment opportunities generate higher
margins and pay higher wages on average.
The United States is currently in the second generation of the Information Technology
revolution, and this has had a profound impact on the economy. According to the
Bureau of Labor Statistics, the average annual income of IT workers is 4x that of workers
in service economy jobs such as food preparation or retail.
Small business owners consistently cite access to skilled labor as one of the principal
constraints on their growth. Economic development agencies and human resource
agencies are also well aware of the labor impact of quality K-12 public schools in
attracting skilled workers from other parts of the country.
Business and education alignment and dialogue also matters in terms of inculcating an
enterprising culture. Students who learn about economics and business practices at
earlier stages are more likely to get business, engineering or other STEM-related degrees.
Mentorships and apprenticeships provide benefits for both the employee and employer,
and strengthen community bonds and relationships.
Getting the Business-Education dynamic right will be vital for New Hampshires future
competitiveness. Many recommendations in this space go beyond what policy makers
in Concord can do, and will be treated in section V. New Hampshire policy makers
should benchmark what Utah, Connecticut, Washington, Louisiana, and North Carolina
have done to improve their educational and workforce development environments. The
following should be considered in any educational bill:
Support programs that promote youth entrepreneurship like National Lemonade Day
and other initiatives that encourage young people to start businesses, take part in
business case competitions, and learn valuable business skills
Encourage the inclusion of economics and business classes in secondary school
curriculums
Encourage the formation of X Prize inspired competitions, start-up hubs, and angel
investor clubs
Increase tax credits for students and/or their parents for financing in-state college and
post-K-12 education and workforce training when graduates take in-state jobs
Increase tax credits for company apprenticeship and mentorship programs that lead to
full-time jobs
Strengthen the linkages between unemployment insurance and workforce training and
preparation programs
F. Upgrade Broadband, Transportation, Energy and other Critical

Infrasturcture Factors
Current Situation
There are three critical infrastructures that serve as vital factor inputs for most small
businesses: communications, energy, and transportation.
New Hampshire does fairly well in the communications arena. The New Hampshire
Broadband Mapping & Planning Program reports that 60 providers provide state coverage.
Around 10% of the state suffers from some gaps in coverage, and broadband speeds and
plans vary widely.
In terms of energy, New Hampshire ranks 46th in terms of containing the cost of
industrial energy prices. The New Hampshire Office of Energy and Planning has also
published the following data points: The electric grid is aging, and changing consumer
use patterns, a new generation mix, and increased threats from severe weather events
require a more modern system [There is a] widening gap between New Hampshire
and surrounding states, which have realized the cost savings and economic benefits
of efficiency and are out-pacing New Hampshire in investing in this area current
regulatory structures mean that utilities lack incentives to increase efficiency, as it
reduces their sales. New Hampshires current efficiency offerings are scattered and
inconsistently offered, confusing consumers and businesses and preventing widespread
Last winter, the state

had to pay ridiculous
amounts for fuel. It
had to buy jet fuel,
and spent billions of
dollars on energy in
the winter because
of the spike. Whose
job is it to make sure
we have functional
infrastructure? The
government. It has
to create an enabling
environment so
that investment can
be done by private
industry.
JOE GUYTON
THE GUYTON
GROUP
market transformationLike other states in the Northeast, New Hampshire imports

all of the fossil fuels used in the state. As the sources and supply chains for these fuels
become increasingly global, the state has seen considerable volatility in both price and
supply. The New England region is more susceptible to these volatile conditions because
it is at the end of fuel distribution networks. As demand for all fuels increases on a
global scale, these challenges are not expected to ease, and overall prices are predicted to
continue increasing.xxx
In 2012, New Hampshire ranked 23rd nationally for energy expenditures per capita, yet
ranked only 42nd for consumption per capita, indicating a disproportionately high cost
per unit of energy. During the winter of 2013-2014, constraints in both the deliverable (oil
and propane) and regulated (natural gas) fuel sectors caused price spikes that resulted in
significant cost increases for businesses. xxxi
New Hampshire does not entirely control its own destiny when it comes to energy. It
is a part of the regional energy transmission grid overseen by the Independent System
Operator (ISO) of New England, and the ISOs primary goal is to promote reliability across
the grid. In other words, New Hampshires costs are tied to what the other New England
states do as well.
In terms of transportation infrastructure, the New Hampshire Department of
Transportation reported that as of 2012, The rail system in New Hampshire is currently
composed of 443 route miles of lines provide through freight service via the regional
and national rail system; these are located in the southern, western and northeastern
segments of the state. Main lines connect to major branch lines serving the Nashua,
Manchester, and Concord areas, the Rochester and Ossipee areas, and the Portsmouth
area. In 2009, 16.1 billion tons of freight by all modes were shipped in the United States
and 37.4 million tons, excluding through traffic, were shipped in New Hampshire. xxxii
Between 1997 and 2009, the peak New Hampshire rail ton volume occurred in 2000 with
more than 8.7 million tons transported into, out of, and through the state. Between 2000
and 2009 rail volumes in the state decreased 46 percent. In contrast, US rail volume grew
10.9 percent over the same period. The principal reasons for the decline are downsizing
of the states pulp and paper industry and lower demand for aggregates used in New
England construction projects. xxxiii
The American Civil Society of Engineers gives New Hampshire a C in terms of its
infrastructure. ASCE considers that 54% of New Hampshires roads are in poor or
mediocre condition, and that these cost New Hampshire motorists $267 million a year in
vehicle repairs and operating costs. The current backlog to repair all state-maintained
roads, highways and bridges currently in poor condition in New Hampshire is $1.3 billion.
This is particularly important for New Hampshire because it is so dependent on trucking
for shipping freight. xxxv
In terms of transportation, for New Hampshire all roads and modes lead to and from
Manchester. Southwest, American/USAir, Delta, and United all recently increased their
flights in and out of Manchester. If the Montreal Boston axis becomes stronger, and
Maines three port strategy (Eastport, Searsport, and Portland) really kicks into gear,
Manchester could become a natural destination for light manufacturing and assembly
for the North American and European markets given its accessibility and central location
between Montreal and Boston on the one hand, and Albany and points west toward the
Great Lakes and Portland on the other.
Why This Matters
There is an old real estate joke that only three things matter: location, location, location.
In todays global economy, businesses can locate anywhere, but they still have to be
accessible and connected. No one is going to start or build a small business based on
infrastructure costs, but they are a significant contributing factor to site selection. Once
in operation, factor costs can dramatically affect the cost structure and competitiveness
of New Hampshire companies compared to companies from other states. This is
particularly true for companies with supply chains and customer markets that stretch
outside of the state. Enhanced infrastructure not only empowers the sea coast, it makes
other parts of the state more accessible, and gives people more flexibility regarding their
site selection choices.
Chattanooga, TN offers a fascinating case study of what can happen with faster
broadband. The local utility, EPB, raised $190 million in a bond offering, took advantage
of financing opportunities offered by the federal government, and built out a system in
three years that now offers Chattanoogans speeds as fast as one gigabyte per second.
Nicknamed the Gig, the program has allowed this mid-sized Tennessee city of 171,000 to
go from close to zero in venture capital in 2009 to five funds offering $50 million today. xxxvi
Given the fact that northern New England as a whole, is a small market, and that
many of the states have a mix of regulated and unregulated components in the energy
production, transmission, and distribution value chain, there is significant potential for
inefficiencies, whether in terms of under-investment in capital projects, overloads in
demand for the capital base, and other factors which could contribute to undermine
reliability, create cost spikes, and make the regions energy cost profile uncompetitive.
A 2014 study found that Colorado, Washington, and Montana were the least energy
expensive states overall (New Hampshire ranked #26). xxxvii Colorado is very intentional
that Growing Jobs and Spurring Innovation is the first of the four values undergirding
its energy strategy, and the result is that over the past four years, Colorado has gone from
40th to 4th in the nation in creating job growth. It has a diversified energy production
sector, and it has done all of this while continuing to reinforce its commitment to the
environment. xxxviii
One of the core elements of this strategy is that Colorados public government agencies
convened a task force of industry leaders and experts called the Key Industry Network,
and listened to these industry and business recommendations in shaping their policy
framework. They also passed laws to promote energy efficiency, and smart metering
to help citizens and businesses gain more understanding of their energy costs.
Furthermore, they developed public-private partnerships to create the FortZed Net Zero
Energy District, a district of 7,000 customers that creates as much energy as it consumes.
Additionally, in 2011, Gunnison, Eagle, and Pitkin Counties led the development of the
Energy Smart Program, reducing barriers to energy efficiency by providing homes and
businesses with energy assessments, rebate information, qualified contractors, and
financing opportunities. They also put together additional financial incentives, such as
state energy savings mortgages, commercial property-assessed clean energy programs,
energy performance contracting and weatherization programs to remove initial barriers
to investment and provide long-term benefits for jobs and the environment. xxxix
Other Colorado ideas include:
Expanding the energy and cost savings benefits of energy performance contracting
(EPC) to the private sector by launching the nations first statewide pilot project in 2012.
Sixteen private companies participated. EPC is a financial tool that allows building
owners to fund efficiency improvements through annual energy cost savings. Pilot
participants identified more than $1million in potential energy and water savings as of
May 2014.
Passing Energy Savings Mortgage legislation provided up to $8,000 in financial
incentives with the purchase of an energy efficient home. As of May 2014, incentives
have been provided for 30 new homes making them 70 percent more energy efficient
than equivalent homes built in 2006.
Designing and deploying a statewide energy efficiency financing program for
commercial buildings the commercial property-assessed clean energy (PACE)
program by fall 2014, leading to at least 25 retrofits by mid-2016.
Reducing energy costs for building owners and tenants by expanding the statewide
private sector Energy Performance Contract pilot program to at least 50 private sector
companies by the end of 2017.
Broadband access and reliability are vital for the continuing development of the North
Country and other remote geographies of New Hampshire.
Expand market-oriented ideas in the states strategic plan, particularly in terms of
empowering homeowners and business owners through incentives that encourage
them to contribute to efficiency and the deployment of the latest energy producing,
monitoring, and saving technologies. We would recommend benchmarking Colorados
homeowner and business owner incentive programs.
We strongly recommend a cross-sector, cross industry Energy Security and

Competitiveness task force be set up to provide more detailed recommendations in this
regard, and to increase private sector involvement in the development of the States
energy plans, not just from the producer community, but from the energy consumer
community.
The increased opening of consumer markets outside the continental U.S., means a
national trade and export agenda would really help to make investments in New
Hampshires intermodal infrastructure pay off. For small businesses, the more
accessible the roads are, the more they can expand their service territories to other
parts of New England and Canada.
Source: This map is
the service radius of
Pat the Carpet Guy a
small business based in
Merrimack, NH: http://
patthecarpetguy.com/
service-area/.
The future of New Hampshires economy is not just bound up with building up small
businesses within the state, but building up their capacity to reach markets outside of
the state. This means enhancing connectivity to Montreal and other parts of Canada,
building up rail and freight traffic corridors to Boston and Portland, and increasing
accessibility to points west. As small businesses like Pat the Carpet Guy (the map above
illustrates his service radius) can attest, their market potential encompasses four states
and Canada, and a potential population base of over 10 million people.
G. Ongoing Support for Innovation

The best thing
about the state is
the quality of life.
People like to live
here, because you
can get home in 5
to 20 minutesA
successful economic
development business
model must focus on
reversing the trend
of the state as a
bedroom community,
to become a state of
business opportunity.
The smart thing
to do is to leverage
nearby and available
technical education
resources to support
the start up of the
New Hampshire
business climate.
CHARLIE WAGNER
C3I
Current Situation
Yankee ingenuity is an essential part of New Hampshires DNA and industries like
robotics, advanced manufacturing, medical technology, aerospace and maritime controls,
are increasingly making their home in the state. These new economy industries thrive
on a culture that embraces innovation, creativity, and new ideas. New Hampshire should
embrace tort reform, right to work legislation, strong intellectual property rights, and
be open to new forms of work arrangements and compensation.
Part of creating an enterprising culture is to do things that help give people a sense of the
identity of the state.
In recent years, New Hampshire has developed a robust craft brewery industry growing
from 12 to 27 breweries around the state. NHBeer.org, Beer NH, and other marketing
initiatives help call attention to this interesting emerging industry. Likewise, theres
a Reach the Beach relay race from mountain to Oceanside that is attracting more
attention every year. Tying together elements like these should appeal to youth and
outdoors aficionados.
Dean Kamen and FIRST are based in New Hampshire, and they are national leaders in
promoting STEM education and inspiring kids and youth to get interested in robotics and
automation.
A slew of gazelles like Novocure, Wirebelt, C3I, Velcro, Albany International, Dyn, and
Silvertek operate out of New Hampshire.
There are many elements of an emerging positive story, but as one business leader put it,
were not sure that theres an over-arching vision of what the state should be.
Why This Matters
Many of the state success stories that the research team for this report have uncovered
began with several business leaders either getting together on their own or working in
partnership with state government and academic leaders.
New Hampshires government is lean, and in order for it to remain so, different actors
have to step up. Marketing Reach the Beach, the craft brewery tour, the travel and
tourism of the North Country, the emergent tech scene in Manchester and Nashua
and Hanover are vital business interests, and all of these elements and more could be
pulled together into a dynamic campaign targeted at attracting and retaining young
professionals.
There are significant reservoirs of investment capital and expertise people who
have been successful and moved to New Hampshire that are not being identified and
encouraged to invest and mentor rising generations of entrepreneurs and business
managers.
Time and again in business, it is not the richest actors who succeed, but the ones who
leverage their assets and stretch their resources as effectively as possible. As one
business leader put it, there used to be a tendency in the state for people and groups
to hive off and not play well with others, but the time for that has passed. We have to
realize that we are in the same boat, and work together.
Business cooperation with academic, government, and civil society stakeholders has
proven to be a competitive advantage by a number of high profile cases. Research
Triangle Park was founded by a consortium of such leaders in the 1950s. Stanford
teamed up with Hewlett-Packard, Fairchild, and Xerox in the 1960s and 1970s, and
continues to be an integral success factor in the business culture of Silicon Valley. The
Keystone Club was founded in Minneapolis in 1976 and helped form the backbone of
many of the civic improvements of that region. The business leadership of Atlanta
helped bring the Olympics to the city in 1996. Utah has institutionalized this kind of
collaboration today, and it is considered one of the ingredients of that states current
success.
Models and pilots can generate numerous benefits as well. Not everything has to be
a state-wide initiative. The economist Paul Romer studied the importance of what he
calls charter cities in emerging market contexts, and concluded that they are enormous
engines of wealth creation, innovation, and social progress. City-states like Singapore and
Hong Kong have enjoyed outsized economic gains over the past forty years compared to
their surrounding contexts. In keeping with the states commitment to competitiveness,
promotion of economic opportunity, enterprising culture, and creating a magnet to hold
and engage its workforce, it might be worthwhile for policymakers to experiment with
piloting a special administrative zone designed from scratch on these principles.
There should be a series of convenings of business leaders with policy experts,
educators, and government officials to look at the following issues and areas for
continuing future cooperation:
Improving the regulatory environment
Restructuring the tax environment to reduce the tax burden on businesses,
young professionals, and young families
Promoting an enterprising culture and embedding it from K-12 to Higher Education
Improving the capital and financing mechanisms for start-ups, gazelles, health care
and medical device companies, and capital investments in infrastructure, particularly
broadband, energy, and intermodal transportation systems
Addressing energy production, distribution, transmission, efficiency, and security
challenges
Marketing and communicating the New Hampshire Advantage to key
constituencies and stakeholders inside and outside of the state.
I think what the

business community
in New Hampshire
is really looking
for, is a businessfriendly atmosphere
when dealing with
New Hampshire
state government.
Imagine the impact
on government
interactions with
New Hampshire
businesses, if each
State Agency head
were to circulate
a memo to all
agency employees,
reminding them of the
importance of helping
New Hampshire
businesses succeed.
PATRICK JEFFERY
GANSETT
PARTNERS
Finally, it might not be a bad idea for New Hampshire policy makers to consider
creating a model Start-up City with complete economic freedom as its founding
principle. Policymakers should experiment with piloting a special administrative zone
designed from scratch on these principles
VII: VISION
Some business leaders that we talked to say that New Hampshire has to not only think
about the status quo, it also has to skate to where the puck is going to be. They note
that global shipping patterns are changing; automation, energy, design and delivery are
all factors that may lead to a resurgence in manufacturing in the United States. Because
of its highly educated workforce, technical proficiency, and historical manufacturing
expertise, New Hampshire could be well-positioned to take leadership roles in advanced
manufacturing and IT, aerospace and maritime technologies, and medical devices.
Too often, policy papers focus on the immediate policy problems, without keeping in
focus the vision of the future.
This report is not just about the immediate, urgent priorities required to restore the
New Hampshire Advantage, it is also about laying out a vision for the future. The policy
elements that made New Hampshire competitive in the past: low taxes and a businessfriendly regulatory environment are still necessary today, but they are not sufficient.
To position itself well for its next economic growth stage, the state needs to invest in the
Es and the Is: education, energy efficiency, and entrepreneurship plus investment,
infrastructure and innovation.
We believe that, by following the recommendations laid out in this report, New
Hampshire can become known as a haven for small businesses; where educators and
business leaders collaborate to provide students with the skills they need to stay instate and flourish, and where job seekers and job creators, entrepreneurs and business
builders, venture capitalists and investors feel welcomed and sustained.
ACKNOWLEDGMENTS
The authors wish to thank Frank Guinta and Anne Smith and the members of the IBC,
who were the guiding forces behind the report.
The IBC would like to thank Charlie Wagner of C3I and Jay Jacobs of Rapid Manufacturing
who understood the importance of this report and were its earliest supporters. Thanks
also to Novocure and Job Creators Network for their generous support.
We also wish to thank the individual members of the IBC who were interviewed for this
report as well as business leaders, representatives of academia and the NH legislature
and government who contributed their expertise and time to making this report a reality.
They are too numerous to mention.
To position itself well

for its next economic
growth stage, the
state needs to invest
in the Es and the
Is: education,
energy efficiency, and
entrepreneurship
plus investment,
infrastructure and
innovation.
The reports genesis came out of the meetings held by the IBC with the cooperation
of Ray Boissoneau of Electropac in Manchester, Dan Morrison of Optima Bank in
Portsmouth and Mike McGreevy and Tom Ferrin of Agility Manufacturing in Dover.
Special appreciation to Ellen Christo of Shaheen Gordon and Jenn Madden of Jenn
Madden Realtors for sponsoring additional events for the IBC.
We appreciate the strong showing by NH legislators and IBC members at the Barley
House in Concord owned by IBC member, Brian Shea.
We also appreciate the photographic skills and other support provided by Porter Davis.
Outside of New Hampshire, we want to thank a wide range of experts for their advice
and input including Jeff Finkle and the International Economic Development Council,
Todd Furniss, Michael Gallis, the Mercatus Institute, Heritage Foundation, Cato Institute,
American Enterprise Institute, the U.S. Chamber of Commerce, Brookings, the Kaufman
Foundation, SCORE, the Small Business Administration, and state government and
business officials in California, Colorado, North Carolina, Washington, Texas, Georgia,
Louisiana, Tennessee, Utah, and Michigan for their responses to queries by the team.
Special thanks are due to IO Sustainability co-CEO Steve Rochlin for his valuable insights
and commentary and the IO Sustainability team. Ian Morell, the principal research
assistant for this project, investigated and put together many of the statistics, pie charts
and bibliography for the report. Dave Hennessey, Laura Ashbaugh, Eric Haun, Andy
Bangser and the rest of the IO team provided essential support as well.
About the Authors

Stephen Jordan is the Co-Founder of IO Sustainability. Previously, he served as Executive
Director of the U.S. Chamber of Commerce Business Civic Leadership Center, and has
published articles and reports on a wide range of economic, community development,
and disaster recovery topics.
Dr. Susanne Trimbath has authored, edited or contributed chapters to five books,
including Mergers and Efficiency (2002), Beyond Junk Bonds (2003; Chinese edition 2013),
and Methodological Issues in Accounting Research (2006). Her credits include appearances
on national television and radio programs (CNBCs Power Lunch and NPRs Marketplace)
and her articles appear in the national publications US Banker, The International Economy,
The American Enterprise, and The Mergers & Acquisitions Advisor in addition to academic,
peer-reviewed journals.
END NOTES
Rich States, Poor States 2014 Edition, by Dr. Arthur Laffer, Stephen Moore, and Jonathan Williams,
American Legislative Exchange Council, 2014
i
Rich States, Poor States, Americas Top States for Business CNBC, and From Tailwind to Headwind:
New Hampshires Shifting Economic Trends New Hampshire Center for Public Policy Studies
ii
iii
Rich States, Poor States p. 39
iv
Mutual Fund Champion by Richard Maturi, Investors Business Daily, August 26, 2014
Migrating Trusts to New Hampshire: The Why and the How by Joseph F. McDonald, III; New
Hampshire Bar Journal, Winter 2010
How Did Rich Connecticut Morph Into One of Americas Worst Performing Economies by Jim
Powell, Forbes, 8/1/2014
vi
Rich States, Poor States 2014 Edition, by Dr. Arthur Laffer, Stephen Moore, and Jonathan Williams,
American Legislative Exchange Council, 2014
vii
Rich States, Poor States, Americas Top States for Business CNBC, and From Tailwind to
Headwind: New Hampshires Shifting Economic Trends New Hampshire Center for Public Policy
Studies; the Business and Industry Association of New Hampshire compiled a similar list of economic
indicators for its November 2013 Strategic Economic Plan p. 8.
viii
ix
Rich States, Poor States p. 39
Tailwind to Headwind ibid.
xi
CNBC ibid.
xii
Rich States, Poor States, ibid pp 54-55.
27th Annual Survey of Corporate Executives; Area Development Online; http://www.areadevelopment.

com/Corporate-Consultants-Survey-Results/Q1-2013/27th-Corporate-Executive-RE-surveyresults-37376241.shtml?Page=2
xiii
The Gazelle Theory by John Case, Inc. magazine, http://www.inc.com/magazine/20010515/22613.

html
xiv
xv
IO Sustainability proprietary research
The Three Legs of Traditional Economic Development Are Breaking by Norman Jacknis, 7/18/12
http://njacknis.tumblr.com/post/27476032969/the-three-legs-of-traditional-economic-development
xvi
The State of Aging and Health 2013; Centers for Disease Control, p. ii
xvii
52 Experiments with Regulatory Review: The Political and Economic Inputs into State Rulemaking, Jason A.
Schwartz, the Institute for Policy Integrity, Report No. 6, November 2010 p. 85
xviii
The Book of the States 2013, Council of State Governments; http://knowledgecenter.csg.org/kc/

category/content-type/content-type/book-states/bos-2013
xix
Thumbtack Interactive Map of State Friendliness for Small Business: http://www.thumbtack.com/

survey#/2014/6/states
xx
State of Massachusetts; http://www.mass.gov/hed/economic/initiatives/regulation-reform/

regulation-reform.html
xxi
John Locke Foundation; www.johnlocke.org
xxii
State Regulatory Review: A 50 State Analysis of Effectiveness by Russell S. Sobel and John A. Dove,
Mercatus Center, George Mason University, Working Paper No 12-18, June 2012
xxiii
xxiv
Venture Michigan Fund; http://www.venturemichigan.com/faqs.htm
Michigans entrepreneurial climate goes from 41st to 6th ranking in nation; venture capital grows
by Melissa Anders, mLive, http://www.mlive.com/lansing-news/index.ssf/2014/05/michigan_shows_
improvement_in.html; May 6, 2014
xxv
US News & World Report New Hampshire Health Care State Overview: http://health.usnews.com/
health-insurance/new-hampshire
xxvi
xxvii
The Ten Least Expensive Health Insurance Markets in the U.S. Kaiser Health News, February 2014
National Association of College and University Business Officers (NACUBO) and Commonfund Institute
2013 Endowment Market Value Study http://www.nacubo.org/Documents/EndowmentFiles/2013NCSEEnd
owmentMarket%20ValuesRevisedFeb142014.pdf
xxviii
Bureau of Labor Statistics, May 2013 Occupational Employment Statistics; Software developers
and programmers annual mean salary: $92,820 compared to Food Preparation and Serving Related
occupations: $21,580 annual mean salary. http://www.bls.gov/oes/current/oes_nat.htm#00-0000
xxix
New Hampshire 10-Year State Energy Strategy New Hampshire Office of Energy and Planning,
September 2014, pp i-iii
xxx
xxxi
ibid, p. 7
xxxii
2012 New Hampshire State Rail Plan; New Hampshire Department of Transportation, pp 1-2
xxxiii
ibid
2013 Report Card for Americas Infrastructure: American Society of Engineers http://www.
infrastructurereportcard.org/a/#p/state-facts/new-hampshire
xxxiv
New Hampshire Transportation By the Numbers: Meeting the States Need for Safe and Efficient
Mobility TRIP, February 2013
xxxv
Chattanoogas Gig: How one citys superfast internet is driving a tech boom by Dominic Rushe,
The Guardian; August 30, 2014
xxxvi
Most and Least Energy Expensive States by John S Kiernan, WalletHub, http://wallethub.com/
edu/most-least-energy-expensive-states/4833/
xxxvii
2014 Colorado State Energy Report, Colorado Department of Natural Resources, Colorado Energy
Office, and Colorado Department of Public Health & Environment, p. 5
xxxviii
xxxix
xl
Ibid, p. 8.
Ibid, pp 9-10
2014 IBC ECONOMIC POLICY BENCHMARK REPORT:

SETTING THE STAGE FOR NEW HAMPSHIRES
NEXT ECONOMIC BOOM
5 December 2014

2014 IBCNHEconomic Policy Report Final REV

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2014 IBC

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

INTRODUCTION BY THE HONORABLE FRANK GUINTA 4

PUBLIC POLICY RECOMMENDATIONS 16

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

2. A Commitment to Investing in People. For New Hampshire to have a qualified

Streamlines New Hampshires approach to regulations, particularly by reinstituting

Supports innovation Yankee ingenuity is an essential part of New Hampshires

2014 IBC REPORT: New Hampshires Next Economic Boom

II: INTRODUCTION: CHARTING A NEW VISION FOR NEW

4 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

The state is poised

2014 IBC REPORT: New Hampshires Next Economic Boom

6 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

4. A Commitment to Strengthening an Enterprising Culture. For New Hampshire to be

2014 IBC REPORT: New Hampshires Next Economic Boom

10 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

IV: ISSUE ANALYSIS

12 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

Why This Matters

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

Precedents and Lessons Learned

18 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

B. Regulatory Process Reform and Stability

2014 IBC REPORT: New Hampshires Next Economic Boom

20 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

C. Promote Investment and Risk Capital Access

22 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

D. Reduce Health Care Risks and Costs

24 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

E. Promote Education & Business Collaboration

2014 IBC REPORT: New Hampshires Next Economic Boom

26 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

F. Upgrade Broadband, Transportation, Energy and other Critical

2014 IBC REPORT: New Hampshires Next Economic Boom

Last winter, the state

market transformationLike other states in the Northeast, New Hampshire imports

28 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

2014 IBC REPORT: New Hampshires Next Economic Boom

30 | 2014 IBC Economic Policy Benchmark Report

2014 IBC REPORT: New Hampshires Next Economic Boom

We strongly recommend a cross-sector, cross industry Energy Security and