Economy of New England

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New England is far from the center of the United States, is relatively small, and is relatively densely populated. It was the birthplace of the Industrial Revolution in the United States as well as being one of the first regions to experience deindustrialization. Today, it is the center of education, research, high technology, finance, and medicine.

Contents

Overview

It historically has been an important center of industrial manufacturing and a supplier of natural resource products, such as granite, lobster, and codfish.

Its population is concentrated on the coast and in its southern states, and its residents have a strong regional identity. [1] America's textile industry began along the Blackstone River with the Slater Mill at Pawtucket, Rhode Island. [2]

In the first half of the 20th century, the region underwent a long period of deindustrialization as traditional manufacturing companies relocated to the Midwest, with textile and furniture manufacturing migrating to the South. In the mid-to-late 20th century, an increasing portion of the regional economy included high technology (including computer and electronic equipment manufacturing), military defense industry, finance and insurance services, as well as education and health services.

As of 2007, the inflation-adjusted combined Gross state products of the six states of New England was $763.7 billion, with Massachusetts ($365 billion) contributing the most, and Vermont ($25.4 billion) the least. [3]

Exports

Portland, Maine, the largest tonnage seaport city in New England DowntownPortlandMe1.jpg
Portland, Maine, the largest tonnage seaport city in New England

Exports consist mostly of industrial products, including specialized machines and weaponry (aircraft and missiles especially), built by the region's educated workforce. About half of the region's exports consist of industrial and commercial machinery, such as computers and electronic and electrical equipment. This, when combined with instruments, chemicals, and transportation equipment, makes up about three-quarters of the region's exports. Granite is quarried at Barre, Vermont, [5] guns made at Springfield, Massachusetts, and Saco, Maine, boats at Groton, Connecticut, and Bath, Maine, and hand tools at Turners Falls, Massachusetts. Insurance is a driving force in and around Hartford, Connecticut. [1]

Vermont Maple Syrup Vermont maple syrup in a tin issued by the Vermont Maple Sugar Makers Association.jpg
Vermont Maple Syrup

New England exports food products, ranging from fish to lobster, cranberries, Maine potatoes, and maple syrup. The service industry is important, including tourism, education, financial and insurance services, plus architectural, building, and construction services. The U.S. Department of Commerce has called the New England economy a microcosm for the entire U.S. economy. [1]

Manufacturing

In 2010, a University of Connecticut study indicated that five of the six states rank 43rd or lower for manufacturing costs, meaning that manufacturing in New England is generally costlier than in other parts of the U.S. Only Maine was less costly. Vermont, Rhode Island and New Hampshire tied for last place. [6] Historic manufacturing cities like Lowell, Massachusetts, have attempted to reuse mill buildings for residential and commercial purposes. [7]

Agriculture

Agriculture is limited by the area's rocky soil, cool climate, and small area. Some New England states, however, are ranked highly among U.S. states for particular areas of production. Maine is ranked ninth for aquaculture, [8] and has abundant potato fields in its northeast part. Vermont is fifteenth for dairy products, [9] and Connecticut and Massachusetts seventh and eleventh for tobacco, respectively. [10] [11] Cranberries are grown in Massachusetts' Cape Cod-Plymouth-South Shore area, and blueberries in Maine.

Energy

Seabrook Station Nuclear Power Plant in Seabrook, New Hampshire. Seabrook 2009-2.jpg
Seabrook Station Nuclear Power Plant in Seabrook, New Hampshire.

The region is mostly energy efficient compared to the U.S. at large, with every state but Maine ranking within the ten most energy-efficient states; [12] every state in New England also ranks within the ten most expensive states for electricity prices. [13]

Three of the six New England states are among the country's highest consumers of nuclear power: Vermont (first, 73.7%), Connecticut (fourth, 48.9%), and New Hampshire (sixth, 46%). [14]

Employment by State

Unemployment Rates in New England
Employment AreaOctober 2010October 2011October 2012Net change
United States9.79.07.9−1.8
New England8.37.67.4−0.9
Connecticut9.18.79.0−0.1
Maine7.67.37.4−0.2
Massachusetts8.37.36.6−1.7
New Hampshire5.75.35.70.0
Rhode Island11.510.410.4−1.1
Vermont5.95.65.5−0.4

As of October 2011, the metropolitan statistical area (MSA) with the lowest unemployment rate, 3.6%, was Burlington-South Burlington, Vermont; the MSA with the highest rate, 12.4%, was Lawrence-Methuen-Salem, in Massachusetts and southern New Hampshire. [15]

Taxes

A study from 2005 to 2008 listed Rhode Island, Connecticut and New Hampshire among the five states with the highest average property taxes, in percent of home value. [16] On the other hand, New Hampshire has neither a sales nor income tax. [17]

According to the Tax Foundation, all New England states but New Hampshire had above average state and local tax burdens compared to the United States average in 2010, although in the study it is readily admitted that "The state-local tax burdens of each of the fifty states’ residents are quite close to one another." [18] In 2011, four of the top ten state governments in the country, with budgetary problems prior to balancing their budgets, were in New England: Connecticut, New Hampshire, Maine, and Vermont. [19] [20]

In terms of per capita income, however, Connecticut, Massachusetts, and New Hampshire are also three of the wealthiest states, with Connecticut being ranked first in the U.S. [21]

Real estate

In 2011, three of the six states, Connecticut, Maine and Vermont, were among the ten states with the greatest backlog of foreclosures needing court processing, ranging from an estimated 20 years for Connecticut to 16 years for Maine. The U.S. average was eight years. [22]

Related Research Articles

<span class="mw-page-title-main">New Hampshire</span> U.S. state

New Hampshire is a state in the New England region of the Northeastern United States. It borders Massachusetts to the south, Vermont to the west, Maine and the Gulf of Maine to the east, and the Canadian province of Quebec to the north. Of the 50 U.S. states, New Hampshire is the fifth smallest by area and the tenth least populous, with a population of 1,377,529 residents as of the 2020 census. Concord is the state capital and Manchester is the most populous city. New Hampshire's motto, "Live Free or Die", reflects its role in the American Revolutionary War; its nickname, "The Granite State", refers to its extensive granite formations and quarries. It is well known nationwide for holding the first primary in the U.S. presidential election cycle, and for its resulting influence on American electoral politics.

<span class="mw-page-title-main">Vermont</span> U.S. state

Vermont is a state in the New England region of the Northeastern United States. It borders Massachusetts to the south, New Hampshire to the east, New York to the west, and the Canadian province of Quebec to the north. As of the 2020 U.S. census, the state had a population of 643,503, ranking it the second least populated U.S. state ahead of Wyoming. It is the nation's sixth smallest state in area. The state's capital of Montpelier is the least populous U.S. state capital. No other U.S. state has a most populous city with fewer residents than Burlington. Vermont is also well known for being the largest producer of true maple syrup in the United States for over 200 years.

<span class="mw-page-title-main">Connecticut River</span> River in the New England region of the United States

The Connecticut River is the longest river in the New England region of the United States, flowing roughly southward for 406 miles (653 km) through four states. It rises 300 yards south of the U.S. border with Quebec, Canada, and discharges at Long Island Sound. Its watershed encompasses 11,260 square miles (29,200 km2), covering parts of five U.S. states and one Canadian province, via 148 tributaries, 38 of which are major rivers. It produces 70% of Long Island Sound's fresh water, discharging at 18,400 cubic feet (520 m3) per second.

<span class="mw-page-title-main">New England road marking system</span> Regional Road Network

The New England road marking system was a regional system of marked numbered routes in the six-state region of New England in the United States. The routes were marked by a yellow rectangular sign with black numbers and border. Many signs were painted on telephone poles. The routes were approved by the highway departments of the six New England states in April 1922.

<span class="mw-page-title-main">History of Vermont</span>

The geologic history of Vermont begins more than 450 million years ago during the Cambrian and Devonian periods.

New England is the oldest clearly defined region of the United States, being settled more than 150 years before the American Revolution. The first colony in New England was Plymouth Colony, established in 1620 by the Puritan Pilgrims who were fleeing religious persecution in England. A large influx of Puritans populated the New England region during the Puritan migration to New England (1620–1640), largely in the Boston and Salem area. Farming, fishing, and lumbering prospered, as did whaling and sea trading.

<span class="mw-page-title-main">Geography of Massachusetts</span>

Massachusetts is the 7th smallest state in the United States with an area of 10,555 square miles (27,340 km2). It is bordered to the north by New Hampshire and Vermont, to the west by New York, to the south by Connecticut and Rhode Island, and to the east by the Atlantic Ocean and Gulf of Maine. Massachusetts is the most populous New England state.

<span class="mw-page-title-main">New England Rugby Football Union</span>

The New England Rugby Football Union (NERFU) is a Geographical Union (GU) for rugby union teams in New England.

Three popular American sports were invented in New England. Basketball was invented by James Naismith, a Canadian, in Springfield, Massachusetts, in 1891. Volleyball was invented by William G. Morgan in Holyoke, Massachusetts, in 1895. Paintball was invented in 1981 in Henniker, New Hampshire.

<span class="mw-page-title-main">Ammi B. Young</span> American architect (1791–1874)

Ammi Burnham Young was a 19th-century American architect whose commissions transitioned from the Greek Revival to the Neo-Renaissance styles. His design of the second Vermont State House brought him fame and success, which eventually led him to become the first Supervising Architect of the U.S. Treasury Department. As federal architect, he was responsible for creating across the United States numerous custom houses, post offices, courthouses and hospitals, many of which are today on the National Register. His traditional architectural forms lent a sense of grandeur and permanence to the new country's institutions and communities. Young pioneered the use of iron in construction.

<span class="mw-page-title-main">New England</span> Region in the Northeastern United States

New England is a region comprising six states in the Northeastern United States: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. It is bordered by the state of New York to the west and by the Canadian provinces of New Brunswick to the northeast and Quebec to the north. The Gulf of Maine and Atlantic Ocean are to the east and southeast, and Long Island Sound is to the southwest. Boston is New England's largest city and the capital of Massachusetts. Greater Boston is the largest metropolitan area, with nearly a third of New England's population; this area includes Worcester, Massachusetts, the second-largest city in New England, Manchester, New Hampshire, the largest city in New Hampshire, and Providence, Rhode Island, the capital of and largest city in Rhode Island.

<span class="mw-page-title-main">Demographics of New England</span> Demographics of the US region

According to the 2018 American Community Survey, New England had an estimated population of 14,853,290, of which 48.7% were male and 51.3% were female. Approximately 19.7% of the population were under 18 years of age; 17.4% were 65 years of age or over.

<span class="mw-page-title-main">New England Conference</span>

The New England Conference was a collegiate sports conference in the Eastern United States, more specifically in New England, that operated from 1923 to 1947. As four of its charter members remained aligned in football from the conference's inception through 2011, this conference can be considered the earliest ancestor of today's Colonial Athletic Association football conference.

<span class="mw-page-title-main">Climate of New England</span> Overview of the climate of New England

The climate of New England varies greatly across its 500-mile (800 km) span from northern Maine to southern Connecticut.

<span class="mw-page-title-main">Politics of New England</span> Overview of the politics of New England

The politics of New England has long been defined by the region's political and cultural history, demographics, economy, and its loyalty to particular U.S. political parties. Within the politics of the United States, New England is sometimes viewed in terms of a single voting bloc. All of the twenty-one congressional districts in New England are currently represented by Democrats. In the Senate, nine Democrats, two Independents, and one Republican represent New England. The Democratic candidate has won a plurality of votes in every State in New England in every presidential election since 2004, making the region considerably more Democratic than the rest of the nation.

The culture of New England comprises a shared heritage and culture primarily shaped by its indigenous peoples, early English colonists, and waves of immigration from Europe, Asia, Africa, and the Americas. In contrast to other American regions, most of New England's earliest Puritan settlers came from eastern England, contributing to New England's distinctive accents, foods, customs, and social structures.

Transportation in New England encompasses the region's rail and highway networks, seaports, and airports. New England has one of the United States' oldest intercity transportation systems, which remain important to the region's economy. It is also home to the continent's first subway system. The densely populated area has many cities and towns connected by rail and road, and the larger cities each have commercial airports with daily flights to destinations outside of the region.

<span class="mw-page-title-main">Geology of New Hampshire</span> Overview of the geology of the U.S. state of New Hampshire

The geology of New Hampshire is similar to that of the rest of New England in comprising a series of metamorphosed sedimentary and volcanic rocks of Late Proterozoic to Devonian age, intruded by many plutons and dikes ranging in age from Late Proterozoic to early Cretaceous. New Hampshire is known as "the Granite State", but less than half is underlain by granite; much of it is schist or gneiss, both of which are metamorphic rocks.

<span class="mw-page-title-main">1938 New Hampshire Wildcats football team</span> American college football season

The 1938 New Hampshire Wildcats football team was an American football team that represented the University of New Hampshire as a member of the New England Conference during the 1938 college football season. In its second year under head coach George Sauer, the team compiled a 3–6 record, being outscored by their opponents 112–42. Each of the team's six losses was by shutout, including all four home games. The team played its home games at Lewis Field in Durham, New Hampshire.

<span class="mw-page-title-main">1936 New Hampshire Wildcats football team</span> American college football season

The 1936 New Hampshire Wildcats football team was an American football team that represented the University of New Hampshire as a member of the New England Conference during the 1936 college football season. In its 21st season under head coach William "Butch" Cowell, the team compiled a 3–3–2 record, outscoring their opponents 137–76. The team scored 120 of their points in two shutout wins, and only 17 total points in their other six games. The team played its home games at Lewis Field in Durham, New Hampshire.

References

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