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New Hampshire’s economy keeps booming, and more residents are looking to themselves to create the next opportunity, according to the New Hampshire Secretary of State’s (NHSOS) Corporation Division.

The state reached the milestone of 100,000 LLC and corporation annual reports processed this year, a 7.5 percent increase over last year.

“The number of LLC formations in New Hampshire also continues to increase each year as a result of New Hampshire’s strong economy,” the NHSOS office said in a statement. “On average, over 2,000 new businesses are forming each month with our office, most of which are small businesses.”

The numbers are getting rave reviews.

“This is what a strong economy looks like,” Greg Moore, director of Americans for Prosperity/New Hampshire said on Twitter.

The Granite State is outperforming the rest of New England economically, becoming one of the country’s leading economies, with a population of just 1.4 million people. 

“Despite the national narrative around the state of the U.S. economy and a potential slowdown, New Hampshire’s economy is healthy and continues to attract entrepreneurs and new business owners given our pro-business climate,” said Michael Skelton, president and CEO of the Business and Industry Association, the statewide chamber of commerce and leading business advocate.

New Hampshire’s economy, freedom from sales and income taxes, and overall business-friendly environment is attracting more people to move here, and they are succeeding.

New Hampshire’s unemployment rate is a stunning 2.4 percent, a full percentage point below the national average of 3.4 percent. The poverty rate for the state is 7.2 percent, well below the national rate of 11.6 percent. On top of that, the state’s GDP rose again this year to $84 billion, up 2.5 percent from last year. 

More young people are moving to New Hampshire as well, as 25-29-year-olds looking to start careers after college are choosing the Granite State. New Hampshire is the second favorite destination in the age group, after Utah.

The influx of people attracted to New Hampshire’s freedom and independence means more people are starting businesses, the engine that is driving New Hampshire’s boom.

The state is also blowing past old records when it comes to export revenue. Last year, New Hampshire businesses brought home $1 billion more in revenue than they did in 2021, up to $7.3 billion in total.

The export revenue increase is just another reason for people to move to New Hampshire, Gov. Chris Sununu said at the time.

“I encourage any business, small or large, to make the Granite State their home. We are open for business!” Sununu said.

The number of LLC, limited liability corporations, formed in New Hampshire continues to increase each year as a result of New Hampshire’s strong economy, according to the Secretary of State’s Office. On average, more than 2,000 new businesses are forming each month with the state, most of which are small businesses, the NHSOS office reports.

“We understand business owners are busy, so we strive to make it as simple as possible for businesses to stay in compliance with the requirement to file their annual report,” said Thomas Connolly, Director of the Corporation Division. “Our corporate database is an essential tool to support business activity throughout the State.”

As the bipartisan bill to reauthorize New Hampshire’s Medicaid expansion program, Granite Advantage, moves through the legislature, backers are making a conservative case for the expansion.

Senate President Jeb Bradley (R-Wolfeboro) is one of the bill’s prime sponsors. He says expanding Medicaid has lowered healthcare costs, improved healthcare for Granite Staters, and helped get more people into the workforce.

“The program has worked as intended,” Bradley said.

The Granite Advantage bill, SB 263, won unanimous support in the Senate last month. It’s scheduled for an executive session discussion on Wednesday before the House Health, Human Services and Elderly Affairs Committee. If approved, the bill will then head to the full House for a vote.

Granite Advantage was last reauthorized in 2018 and is set to expire at the end of the year without SB 263’s passage. Enrollment in the program was around 94,000 residents at the start of the year, though the national COVID-19 emergency inflated those numbers. Those figures are expected to return to around 60,000 residents in the coming months.

SB 263 would reauthorize the program and remove the requirement that the legislature pass legislation to reauthorize it every few years, instead relying on a study commission to send an annual report to the legislature reporting on the effectiveness of the program. Even if SB 263 were to pass, the legislature could sunset this program at any time by a vote of the legislature.

According to Bradley, providing coverage through Granite Advantage is taking a bite out of healthcare costs. The program is driving down the cost of uncompensated care hospitals are required to provide to people without insurance. That protects people with private insurance from being stuck picking up the tab when someone without insurance goes to an emergency room for treatment, he said.

“[Uncompensated care] is a hidden tax on any individual or any business with private insurance,” Bradley said.

According to the New Hampshire Hospital Association, Granite Advantage has led to a 63 percent decrease in the number of uninsured people going to emergency rooms. There has also been a 57 percent drop in uninsured people being admitted to hospitals and another 41 percent reduction in the number of outpatient visits by the uninsured.

In 2014, hospitals reported $174 million in uncompensated care costs before Granite Advantage went into effect. In 2021, that figure dropped to $69 million, according to the NHHA.

Sen. Lou D’Allesandro (D-Manchester) said permanently expanding Granite Advantage makes sense beyond the numbers.

“I just feel it’s the right thing to do,” D’Allesandro said. “We take care of a lot of people.

And, he pointed out, the bill does not use any money from the state’s General Fund.

The bill’s costs are 90 percent covered by the federal government. In 2022, Granite Advantage cost $558 million, but the federal government covered $502 million. According to Bradley, the remaining $56 million was paid through healthcare taxes and fees, with money from the state liquor fund also available to cover costs.

New Hampshire Business and Industry Association (BIA) President and CEO Michael Skelton said abandoning Medicaid expansion would hurt both the state’s economy and the people who make New Hampshire’s growing economy possible.

“We benefit from an overall healthier population,” Skelton said. “Hospitals and other caregivers avoid catastrophic loss of revenue, and employers and employees across the state will benefit from individuals being healthy enough to work.”

In addition to the BIA, numerous other NH-based business organizations including the NH Retail Association and several chambers of commerce have advocated for the reauthorization of Medicaid expansion.