major industries and commercial activity
Concord, the capital of New Hampshire, is a major distribution, industrial, and transportation hub. As the state capital and county seat for Merrimack County, Concord is headquarters to numerous state, county, local and federal agencies. It is also the site of several major law firms and professional agencies.
While government forms a portion of its economic base, its proximity to highways and railways makes it an excellent site for distributing goods. Many of the products manufactured in Concord are known and used worldwide. The fastest growing segment of the economic base is the service industry, comprising education, finance, and medical services.
More than 5,000 people in are employed in the delivery of healthcare services in Concord, making it one of the largest concentration of healthcare providers in the state. Tourism is important to the city and the region; the New Hampshire International Speedway in nearby Loudon brings approximately $50 million in tourism dollars to Concord annually.
Items and goods produced: printed goods; mobile and modular structures; electric components; electrical instruments; non-ferrous foundry products; heat treatment equipment; architectural and structural granite; communication testing equipment; dictating supplies and equipment; belting, brass, and leather products
While government forms a portion of its economic base, its proximity to highways and railways makes it an excellent site for distributing goods. Many of the products manufactured in Concord are known and used worldwide. The fastest growing segment of the economic base is the service industry, comprising education, finance, and medical services.
More than 5,000 people in are employed in the delivery of healthcare services in Concord, making it one of the largest concentration of healthcare providers in the state. Tourism is important to the city and the region; the New Hampshire International Speedway in nearby Loudon brings approximately $50 million in tourism dollars to Concord annually.
Items and goods produced: printed goods; mobile and modular structures; electric components; electrical instruments; non-ferrous foundry products; heat treatment equipment; architectural and structural granite; communication testing equipment; dictating supplies and equipment; belting, brass, and leather products
Local programs
The State of New Hampshire, which levies no state sales or income tax, is considered one of the most favorable climates for doing business in the nation. Because so much is provided at the state level, few incentives are offered at the city-town level. In fact, by state law, New Hampshire cities are prohibited from offering tax breaks to private industry. However, cities such as Concord do aid businesses indirectly by helping to market industrial sites and by promoting available energy/utility savings programs.
state programs
The state's incentives include no general sales or use tax, no general personal income tax, no capital gains tax, no inventory tax, no property tax on machinery or equipment, one of the lowest unemployment insurance rates in the country, investment tax incentives, job tax credits, and research & development tax incentives. In 2004 the State of New Hampshire instituted the Community Reinvestment Opportunity Program (CROP), which offers tax credits that may be used against business profit taxes and business enterprise taxes. Qualifying CROP projects must create new jobs as well as expand the state economic base.
job training programs
The Small Business Development Center, which is funded by the Small Business Association, the State of New Hampshire, and the University of New Hampshire, offers management counseling, training, and resource information to the state's small business community through six sub-centers. The New Hampshire Employment Program (NHEP) aids individuals in obtaining financial aid to prepare for and find employment. The NHEP On-The-Job Training Program offers employers incentives to hire and train eligible applicants.
development projects
The City, in conjunction with the Capital Regional Development Corporation (CRDC), the Greater Concord Chamber of Commerce, and other state and federal agencies, recently completed construction of the Corporate Center at Horseshoe Pond. Through the creation of a $5 million Tax Increment Finance (TIF) District, the city was able to acquire and develop the land, which was then sold to the CRDC, who cleaned up the land and marketed parcels to developers. With $4.4 million in private donations, the city was able to construct the Grappone Conference Center.