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 grew stronger in Summer 2013. The pace of growth in the State Index accelerated for the second quarter in a row. All five component indicators turned up from the prior year. The tourism sector led the way for the state’s economy. More travelers came, and spent more money. The labor market seems to be getting stronger as well; the pace of growth in the number of employed residents accelerated for the second consecutive quarters on a year-over-year basis, and wages and salaries increased four straight quarters. Leading indicators, however, suggested that the state’s economy was not yet on a strong footing. Only two of the four state leading indicators remained up; inverted initial unemployment claims and weekly work hours were up, while building permits of single family homes and new business formation were down. The state’s housing market continued to expand, although there were signs that the boom was nearing its peak.