The North Country Economic Index (NCEI) is a quarterly economic report to gauge the performance of the economy in the northern rural New Hampshire, which currently includes Coös County. The NCEI is released four times a year – in March for Winter (December, January and February), in June for Spring (March, April and May), in September for Summer (June, July and August), and in December for Autumn (September, October and November).
NCEI also tracks the economic performance of the State of New Hampshire for the purposes of comparison. Posting county and state indicators side by side makes it clear how the county’s economy fares in comparison to the state’s economy. This State Index is constructed using the same methodology and component indicators used in the construction of the County Index so that the two Indexes can be directly comparable.
The State’s economy advanced in Winter 2014. The State Index increased 14 consecutive quarters on a year-over-year basis. The pace of growth rose four straight quarters. All five component indicators remained up from the prior year. The industrial sector was stronger; industrial electricity sales grew eight consecutive quarters and its pace of growth increased two straight quarters. The labor market continued its recovery as well; both number of employed residents and estimated wages and salaries remained up from the prior year. The tourism sector grew stronger; both average Saturday vehicle traffic counts and spending at lodgings continued to grow at faster clips. However, the leading indicators showed a mixed picture regarding the future economic activity. Only one of the four state leading indicators was up in February. The state’s housing market showed signs of cooling off; the growth rate of home sales continued to decline and fell to the lowest rate in two years.