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Port Operations and Economic Conditions
Simulators. The National Infrastructure
Simulation and. Analysis Center a program
under the Department ...
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ECONOMIC CONDITIONS July1 2005-June 30 2006
Source: www.cityofportsmouth.com
Topic: Economic Conditions
Sort Desciption: ECONOMIC CONDITIONS July1 2005-June 30 2006. Local economy. Despite the ongoing soft New Hampshire and seacoast economy the City of ...
Content Inside: ECONOMIC CONDITIONS July1 2005-June 30 2006 Local economy Despite the ongoing soft New Hampshire and seacoast economy the City of Portsmouth continues to outperform the region and the state in many areas. Unemployment remains low job opportunities have increased and the commercial/industrial property leasing and sales market is improving. The unemployment rate for the City of Portsmouth remained low throughout the fiscal year beginning and ending the year at 2.8%. This compared to the states unemployment average of 3.5% and the national average of 4.8% during the same period. According to the July 2005 NH Economic Labor Market Information Bureau report employment in the NH portion of the Portsmouth MetroNECTA was 57900 for all sectors. This is an increase of 1200 from the previous year and an indication that the business outlook was positive Consequently more people were hired. The largest gain (600) was in the leisure and hospitality sector reflecting the completion of several hotel construction projects locally. This was followed by financial activities and professional/business sectors at 300 jobs each. The government and health/educational sectors each gained 200 jobs while the manufacturing and retail sectors lost 100 and 400 jobs respectively. For the second consecutive year construction indicators during the reporting period showed slower growth in both the residential and the commercial/industrial sectors. During FY06 the Citys Inspection Department issued 19 building permits for new industrial and business construction with a combined construction value of $39 million. This represents a significant decrease in new construction permits (-96) from the previous year but the total comparative construction value was the same. On the residential side 20 permits for 34 new dwelling units were issued with a total construction value of $5.0 million. This represents 20% fewer permits and 62% less construction value than in FY 05. Of the 34 new uni ...
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