New Hampshire is a state that relies heavily on small businesses for its well-being. One out of every 4 businesses employ 20 people or less. So when the small business owners start to sneeze, there is chance that the whole state may catch cold.
Not only the latest sub-prime mortgage crisis but other factors like increasing fuel prices and medical expenses have also contributed to the recent downturn of fortunes on New Hampshire's proverbial Main Street. People seem to be more careful with their money and think twice before they make a purchase.
Small businesses in various New Hampshire cities polled by New Hampshire Union Leader newspaper mostly reported the same thing – times are rough and they are barely making it.
Ron Poirier, co-owner of Bob & Sons Automotive on Manchester's West Side, said "we're just treading water waiting for the lifeboat to pick us up."
Jim Flowers, who owns a retail store in Manchester, felt better about his 15% increase in sales in December. But in January, his gross dipped by 50% and he expects February to bring in even less.
The Scrapbook Attic on the mall in Lebanon is reportedly going out of business at the end of this month (February 2008).
The number of going-out-of-business signs seems to have increased lately on Nashua's Main Street. Absolutely New Hampshire, a made-in-New Hampshire gift shop, and Sugar Snaps, a high-end children's clothing store, are just two of them.
A 21,000 sq ft development project planned for Goffstown by Brookfield Investment Group was put on hold when not enough commercial tenants showed interest.
However, a number of new restaurant and stores have also sprung up in downtown Nashua recently.
All businesses are cyclical in nature. Given the traditional vitality of small businesses in New Hampshire and the consumer loyalty with which a lot of Granite State businesses have been awarded for decades in the past, those mom and pop stores that can weather this storm will again be glad they are doing business in New Hampshire.
Visit http://www.yourhomebuyingassistance.org/ for a comprehensive package of home buying assistance programs that can help you get the home of your dreams in New Hampshire and Northeast Massachusetts even in this turbulent market.
(PHOTO CREDIT: Wikipedia photo by Jim Richmond published under GNU license. Swamscott Street in Newfields, Fall of 2005. Thanks Jim for the beautiful photo!)
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