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When a construction company considers different markets to build in, numerous factors come into play. Chief among them is access to a talented local workforce, along with a steady pipeline of potential projects coming online. As you begin to get more granular in your assessments, the economic drivers for entering a particular state begin to get very specific.

At Callahan, we’ve been fortunate to expand from our headquarters in Bridgewater, Massachusetts, to additional markets like Connecticut, New York, New Jersey, Rhode Island, and New Hampshire. In the case of the Granite State, an active pipeline of projects around major metropolitan areas has combined with lower costs and reduced regulatory complexity to make it a compelling place to do business.

Over the next several years, we expect to see continued growth across all Callahan markets, and below you will find some key data points that excite us about future activity north of Route 128.

Attractive Economics and Statewide Support 

Numerous measurement tools point to New Hampshire’s status as an economic powerhouse, but this status isn’t achieved through heavy fees and generous tax breaks to large corporations. The Granite State leverages a low tax burden on both individuals and businesses to keep its economy humming, while a booming tourism industry relies on the state’s dominance as a playground for outdoor recreation as a reliable source four-season income.

According to a recent report, New Hampshire’s outdoor recreation industry is responsible for over 30,000 jobs and adding almost $4 billion to the state’s economy. Couple this with zero income tax for residents, no sales tax, and no inheritance/estate taxes, and you have a recipe for a very financially friendly existence. Even the business profit tax rate is quite competitive, currently sitting at 7.5 percent.

The construction industry is also a major economic driver, with the United States Census Bureau reporting at the end of 2024 that the value of state and local construction in NH in 2023 was $1.18 billion, representing a jump of almost 20 percent over the prior year.

New Hampshire’s Department of Business and Economic Affairs (BEA) is another example of a strategic advantage for local businesses, as it works to help with all manners of issues, from permitting requirements to cultivating a strong workforce. In addition, economic development agencies at the local level are also a tremendous resource, as we personally experienced working closely with the City of Manchester’s Economic Development Office during the construction of the 75 Canal residential community and currently with the city of Salem as we march towards completion of the Tuscan Village mixed-use project.

Compared to other New England states, New Hampshire’s regulatory environment is often friendlier, allowing for speedier time-to-market when it comes to launching new projects. For instance, Massachusetts’ plan for decarbonization is quite ambitious, with policies like BERDO and BUEDO beginning to be replicated outside of Boston. While New Hampshire also has instituted a Climate Action Plan, the impact of this policy has fewer hurdles and economic penalties attached. While all climate policy is essentially “good” policy, New Hampshire’s approach allows for greater flexibility when it comes to building or renovating commercial structures.  

While no one place is perfect, Callahan is excited to see New Hampshire get the recognition it deserves for the sensible approach it has taken to regulatory and tax policies and leveraging its strengths and people to spur job creation and economic growth.

To learn more about Callahan & our projects, visit our website.