A recent analysis of population data by the NH Fiscal Policy Institute tells a compelling story about the future economic landscape in the Granite State.
NHFPI Policy Analyst Jessica Williams, who authored the report, says migration patterns affect a range of economic issues, from healthcare and housing to education and childcare, that policymakers and business leaders will need to contend with in the years ahead.
“Based off this data, we know that the state’s population is still growing, but growth has been much smaller compared to previous years,” Williams says, noting that since 2017, deaths have outpaced births in NH. “In-migration has helped grow our population, which helps support the workforce and the larger economy.”
Drawing on U.S. Census Bureau data, Williams found that NH’s population grew about 7.5% over the past 15 years, a far slower pace than in earlier decades. In the 1970s and 1980s, the state gained an average of more than 18,000 residents annually. Since the 2010s, that figure has dropped to roughly 7,000 per year. Between July 1, 2024, and July 1, 2025, the population increased by an estimated 6,800 people, largely driven by domestic in-migration, particularly from Massachusetts.
While overall population growth is slow but steady, NH is also aging rapidly. More than one in three Granite Staters are now over 55. While the state continues to see net gains among people in their 30s and 40s—even after accounting for those who leave—Williams warns that affordability pressures could threaten NH’s future.
“Childcare is certainly an affordability challenge when thinking about retaining our younger folks in the state,” she says. When thinking about healthcare costs, she also points to the “sandwich generation” who are simultaneously caring for children and aging parents, as a group that will depend on accessible healthcare.
Housing costs also remain a central concern. The statewide median price for a single-family house surged during the pandemic, increasing by 17.9% between 2020 and 2021. Home prices increased by 3.9% between 2024 and 2025, according to the New Hampshire Association of Realtors. (For an in-depth story on NH’s housing crisis, see page 16). Although statewide prices have begun to level off Williams says, affordability remains strained for many families.
For Williams, the takeaway is clear. As the report concludes, “If [NH] were to continue to rely on in-migration to grow its population and support its workforce, improving affordability for families with low and moderate incomes will be particularly important.” For more information, visit nhfpi.org.