How bad or good is the NH economy right now? 1-09 (Lebanon: sale, mover)

[lisa g]

Hi Positiveone! Good to see you here again
Here are some numbers on a flyer from a local realtor (propaganda, i can't vouch for these numbers so who really knows)

In Dec 08, the unemployment rate was 4.3% in NH compared to 6.7% nationally and 6.2% in new england. RI reached 10%. The NH rate was the 7th lowest in the US.

The job growth rate from 11/07 - 11/08 was up 0.6% in NH, compared to -1.4% nationally and -0.6% in new england.

NH's median family income is $74,600, 5th highest in the nation.

30 year mortgage interest rates are drifting below 5% and the FHA is offering extraordinarily favorable terms for 1st home buyers with weak credit scores, including a $7500 tax credit. (ugh not promoting shaky mortgages- just adding it since it's on the real estate flyer)

3 NH communities, Concord, Keene and Lebanon, in top 10 list of 'least vulnerable' to the national recession per Forbes magazine, good news for the surrounding communities as well.

Fitch Ratings assigns AA rating to NH. Due to economic strength, resiliency and excellent debt position. Population and job growth has outpaced new england since 1980. We benefit from expansion of Boston suburbs, growth in trade, transportation, utilities and services sectors.

OK, as I said I don't vouch for any of this, a local realtor included it in his flyer, and I thought it might help my friend T.

[BF66389]

Originally Posted by lisa g

30 year mortgage interest rates are drifting below 5% and the FHA is offering extraordinarily favorable terms for 1st home buyers with weak credit scores, including a $7500 tax credit. (ugh not promoting shaky mortgages- just adding it since it's on the real estate flyer)

Just a heads up, the $7500 credit (adjusted down for a MAGI above $150k and gone by a MAGI of $170k) is not related to FHA at all. It is just a separate form to fill out with your taxes if you purchased a new home between X dates.

As for "weak credit"; are you sure this is FHA? FHA's first time homebuyer program basically lets you buy a home with a 3% down-payment. In return you pay an upfront amount for their version of PMI as well as a monthly PMI surcharge. They (at least when we bought) have VERY strict documentation rules and you need to provide proof of income, employment, the home is checked for its condition, etc... It's actually not a bad deal because if you are really smart you'll save up the 10% down payment (required for a normal loan)...but then take the FHA and bank the remaining 7% for a "rainy day".

[lisa g]

BF, I have no idea - just copied it from a realtor's flyer we received.

[GypsySoul22]

There are very, very few jobs here in the Upper Valley. I have not found one to apply to in a few months...

I have a pretty diverse resume (Education and business skills). I hope I get a job before the colleges get out this spring. All we need is another bunch of people around here willing to work for **** wages competing for any job.

[nhyrnut]

I'm Presently at a place that is adding a 2nd shift looking for 130 people. Machine operators line workers and Skilled labor as well.

[GraniteStater]

Originally Posted by nhyrnut

I'm Presently at a place that is adding a 2nd shift looking for 130 people. Machine operators line workers and Skilled labor as well.

That is great news I assume you are referring to the Coos County area?

[Possible_Mover]

Originally Posted by GypsySoul22

There are very, very few jobs here in the Upper Valley. I have not found one to apply to in a few months...

I have a pretty diverse resume (Education and business skills). I hope I get a job before the colleges get out this spring. All we need is another bunch of people around here willing to work for **** wages competing for any job.

Tell me about it! All I've been able to find since June of last year is some temp work. The Upper Valley has always had a rather lousy job market now it's even worse. Dartmouth College is even laying off now. I'm probably going to have to move in with a friend or family members due to it since no job = no rent money.

[Yankeehombre]

Everybody I know in 'the trades' has very little work and are shuffling pretty hard to keep busy with what little work is out there. building of new homes is flat, even with 'spec' homes.
Industry or retail is not doing much either. Another friend [manufacturiing laborer]has been looking for work for over 6 months following a layoff. Even in the more prosperous southern part of the state. Spring might help him. Macdonalds is the best promise he can get.
Here, where frugality is a way of life, nobody is spending a dime that doesn't keep them alive!

[yinduffy]

My employer has about 210 employees and about 45 are Union production associates. The Union workers are now on a 32 hour week as a means to avoid layoffs. (This is a 20% pay cut.) Due to slow orders and some contracts not being placed, actual production work is very slow. We have been hiring engineers for developing new products but 2012 is when they expect to go into production with new products.
Things seem a little uneasy. The Sunday papers have coupons for the chain restaurants to get people to eat out but there is no doubt that everyone is holding back on spending if at all possible.

[GypsySoul22]

Originally Posted by Possible_Mover

Tell me about it! All I've been able to find since June of last year is some temp work. The Upper Valley has always had a rather lousy job market now it's even worse. Dartmouth College is even laying off now. I'm probably going to have to move in with a friend or family members due to it since no job = no rent money.

Sorry to hear it. I guess if you are a nurse, you're fine. Everyone I speak to seems underemployed here...

You see, that is 'funny' (not as in ha ha) because I read all over that the Upper Valley was GREAT for work...(read any Lebanon promotions like on their website or real estate web pages). Great place to live AND work...

At least I know it's not me. I have been trying to get a job since Sept. 07. I have skills. I have an education. I think there is some 'back way' here for jobs...everyone I see goes to work but for some reason I don't seem to get any calls...(last year I got a few but was only hired temp in the end). I know it was because I was out of the job market so long as a Stay at Home Mom...but now I have 6 months or so of recent job experience and I am lumped back in the huge pool of 'unemployed.' People are going nuts dealing with this for a month or 2--try doing it for 1.5 years...