2025 Economic Outlook Luncheon Recap Article
The Greater Concord Chamber of Commerce recently hosted its 2025 Economic Outlook Luncheon, an annual event that provides local businesses and community leaders with expert insights on the economic landscape for the year ahead. This year’s luncheon, presented by Eversource Energy, featured two esteemed speakers: Brian Gottlob, Director of the Economic and Labor Market Information Bureau at NH Employment Security, and Phil Sletten, Research Director at the New Hampshire Fiscal Policy Institute.
New Hampshire’s Economic Landscape is Tied to Workforce
Gottlob opened the discussion with an overview of New Hampshire’s economic resilience and growth. He predicted that the probability of a recession remains low in 2025, citing low job losses, rising wages, and steady consumer spending as factors driving the state’s strong economic outlook.
However, he cautioned that workforce constraints remain a major challenge, particularly as New Hampshire experiences more deaths than births—a trend that has made in-migration essential for sustaining the state’s labor force. Housing affordability and availability were also discussed as key issues impacting workforce retention and economic growth.
A major theme of the presentation was the role of immigration and refugee resettlement in workforce development. Gottlob emphasized that international migration is a critical driver of population and labor force growth in our state, particularly in industries such as healthcare, manufacturing, and professional services. “Immigrants in New Hampshire tend to be well-educated, have higher labor force participation rates, and contribute significantly to key industries,” Gottlob stated.
State Budget and Fiscal Challenges
Sletten provided an in-depth look at New Hampshire’s budget and fiscal policy, highlighting declining state revenues due to policy changes such as the phase-out of the Interest & Dividends Tax and shifts in corporate tax revenue. He warned that the state budget could face additional strain due to pending settlements related to the Youth Development Center and legal challenges surrounding education funding.
Federal funding plays a key role in the state’s financial health, with nearly 30% of New Hampshire’s budget coming from federal sources, including Medicaid, transportation aid, and food assistance programs. Sletten stressed that potential changes in federal policy could significantly impact state finances and business operations.
Looking Ahead
For those who missed the event or would like to revisit the presentations, you can watch the full recording courtesy of Concord TV or click here to view slide decks from the presenters.
Despite these fiscal uncertainties, both experts agreed that New Hampshire’s economic fundamentals remain strong heading into 2025. Gottlob and Sletten emphasized the importance of policy initiatives to support workforce expansion, increase housing availability, and maintain a pro-business climate.
The Chamber thanks Eversource Energy for their generous sponsorship of this event and their continued support of our business community. Stay informed on key economic trends and policy updates by following our Advocacy Updates and attending future Chamber events.