Business Facilities - March 2008 - (Page 43)

BUSINESS REPORT New Hampshire By Karim Khan New Incentives for New Hampshire Two new incentives—one revived from the dead, the other still unborn—show promise for helping New Hampshire compete in a challenging economy. A s of this writing, New Hampshire has awarded employee training grants worth $387,000 to 11 companies in the state. The grants come from the Job Training Fund, which was reestablished in the fall of 2007. The 11 companies are spending an additional $700,000 on the training associated with the grants, which will collectively affect nearly 350 workers. (The amount of each grant is based in part on the amount each company spends on training from its own reserves.) New Hampshire first established the Job Training Fund in 2001, and the first grants were approved in January 2002. In 19 months, 169 grants were awarded to more than 100 different companies, and nearly 5,400 workers were trained. Up to $1 million in matching grants will be available this fiscal year to allow companies to partner with the state to train new workers or retrain longtime employees. A new Web site, www.nhjobtrainingfund.org, will assist companies in the grant application process. “In every part of New Hampshire, business leaders tell me that they have the products, that they have the customers, but they need more skilled workers if their businesses are to stay and grow in New Hampshire,” says Governor John Lynch. The latest companies to receive grants from the Job Training Fund are Smith Medical ASD Inc. of Keene, NH and Upper Valley Press of North Haverhill, NH. Smith Medical received a matching grant of $83,991.50 that will be used to train up to 101 employees at the company in a Technician Training Program, which will include courses in servicing hydraulic, pneumatic and electrical control systems. The company will provide over $228,000 in matching funds for the training. Upper Valley Press will train 15 key employees in a variety of management areas. The company received a $7,500 grant from the Job Training Fund; the company will match that amount from its own pockets. The grants match up to 100% of what a company spends on training. Ineligible training expenses for the purpose of matching funds include salaries, wages, bonuses, and benefits for employees in training; in-kind contributions; administrative or enterNEW HAMPSHIRE FAST FACTS Population (2006): 1,314,895 Largest Cities (2006): Manchester, 109,497; Nashua, 87,157; Concord, 42,378; Rochester, 30,117; Dover, 28,422 Targeted Industries: Biotech, hightech manufacturing, insurance, and financial services Key Incentives: Job Training Fund, Revitalization Zone Tax Credits, low interest loan program based on new jobs, Energy Efficiency Loans, Research and Development Tax Credit, Economic Revitalization Zone Tax Credits 1,200 1,000 800 600 Construction: 17.9% 400 200 2004 Estimation 2014 Projection Transportation & Warehousing: 12.5% Professional, Scientific, & Technical Services: 26.1% NEW HAMPSHIRE PROJECTED EMPLOYMENT GROWTH Health Care & Social Assistance: 34.0% Arts, Entertainment, & Recreation: 30.4% WORKERS Finance & Insurance: 12.2% Educational Services: 22.7% OF Manufacturing: -3.3% Wholesale Trade: 14.0% Retail Trade: 20.5% Information: 25.0% Self-Employed: 8.0% THOUSANDS SOURCE: NH BUSINESS RESOURCE CENTER, MARCH 2008 Government: 9.3% BUSINESS FACILITIES 43

Table of Contents Feed for the Digital Edition of Business Facilities - March 2008

Business Facilities - March 2008 Contents First Word Snapshots California Seeks Immigration Reform To Spur Economic Growth Outside the Biotechnology Clusters Global Biotech Competition Heats Up Location Is Key To Your Bottom Line New Incentives For New Hampshire Metro Spotlight: Jersey City, NJ Europe's Center For Goods, Real and Virtual Access Your Markets From Pennsylvania Corporate Moves: Illinois Louisiana Upgrades Important Port Road Projects To Accelerate Michigan's Economy Corporate Moves: South Carolina Metro Spotlight: Salt Lake City, UT Advertiser Index Inside LiveXchange

Business Facilities - March 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.