The New Hampshire Economy & Household Finances

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Presentation transcript:

The New Hampshire Economy & Household Finances Board of Directors James Putnam, Chair David Alukonis John Herney Eric Herr Dianne Mercier Catherine A. Provencher Todd I. Selig Michael Whitney Daniel Wolf Martin L. Gross, Chair Emeritus Directors Emeritus William H. Dunlap Sheila T. Francoeur Donna Sytek Brian F. Walsh The New Hampshire Economy & Household Finances Greg Bird Commission to Address Child Hunger in New Hampshire October 4, 2016 “…to raise new ideas and improve policy debates through quality information and analysis on issues shaping New Hampshire’s future.”

Food Security 10% of NH Households indicated some degree of food insecurity in 2013-2015 (6th lowest in the nation). What does the economy suggest about what is happening to a closely related issue: Income, wages and jobs?

According to One Yardstick: Financial conditions for families have returned a more “normal” neighborhood…

…Yet Another Benchmark Says Not So Fast…

…With a 3rd Indicator Signaling Food Insecurity is Improving But More Ground to Cover

Geography Matters in “Measuring Need” The factors used here are: Percent of Pop 25 and older with BA or better 2012 Median HH Income 2012 Poverty Rate 2012 Households with Food Stamps Medicaid Members as a % per Pop Low to Moderate Income Percentage Elementary Per Pupil Expenditures 2011/12 2013TaxRate Ratio of House Price to Income 2012 Poverty Under 18 Poverty 65 plus 2013 grad rate

New Hampshire’s Jobs Recovery Early Stages: High & Low Wage Dominate Latter Stages: More Balance

The bottom half of the income distribution beginning to reap the benefits of a growing economy...

…Though The Scars of the Great Recession Run Deep

Geography Matters in Understanding the Recovery

Summary New Hampshire’s rate of food insecurity remains low relative to the rest of the country, and income, wage, and job changes appear to have, on average, stabilized post the great recession. Food insecurity issues likely very concentrated in particular areas of the state. NH’s economic growth is just starting to spread across the income distribution. Job growth immediately post the great recession primarily in lower wage jobs. 2013-2015 has shown growth in higher wage jobs as well as growth in wages for lower income jobs.