U.S. OUTDOOR RECREATION INDUSTRY SOARS TO $1.1 TRILLION
The U.S. Department of Commerce’s Bureau of Economic Analysis released economic data that showed New Hampshire has ranked 9th in the country for outdoor recreation as a percentage of gross domestic product.
Nationally, the 2022 data shows outdoor recreation generated $1.1 trillion in economic output, comprising 2.2% of U.S. GDP, and supporting 5 million jobs — 3.2% of all employees in the country – which contributes more to the U.S. economy by percentage than mining (1.8%), computer and electronics products (1.2%) and agriculture (1.1%).
Additionally, outdoor recreation in New Hampshire provided 31,000 jobs and $1.5 billion in wages, ranking 6th for percentage growth nationwide (10.3%).
“Through job creation, increased wages, and contributions to the economy, outdoor recreation stands as a bona fide industry rather than merely a weekend pursuit,” said Tyler Ray, director of the Granite Outdoor Alliance. “It’s imperative that we actively embrace this data, and direct policy investments towards sustaining and nurturing this burgeoning economic sector.”
Also highlighted in the report includes data that reflects compensation for New Hampshire’s workforce in outdoor recreation increased 9.1% and employment increased 7.4 nationally.
In addition, outdoor retail is the largest segment ($153.6 billion), followed by arts and entertainment with $144.5 billion and manufacturing ($77.6 billion).
RVing was the largest contributor for outdoor activities ($35.5 billion) followed by boating/fishing ($32.4 billion), motorcycling/ATVing ($11.5 billion), and snow activities ($7 billion).
To access the full report, visit www.bea.gov/data/special-topics/outdoor-recreation.
SBA NH’S TOTAL LOAN VOLUME REACHED $138.9 MILLION IN FY23
During FY23 in New Hampshire, 470 small businesses across the state benefited from Small Business Administration loan resources and received access to capital. The 7(a) loan program, SBA’s primary program for providing financial assistance to small businesses, accounted for 396 loans totaling $96,363,900.
The 504 loan program delivered 63 loans approved totaling $42,546,000, contributing to over $102,355,955 in total project financing. Through the SBA’s microloan program, a total of 11 loans for $392,160 were approved in FY23.
TD Bank led the way on the number of approved 7(a) loans, and Granite State Economic Development Corp. approved the most 504 loans in NH for this fiscal year.
“We had a strong year in our loan programs, and we are so thankful for our lending partners in New Hampshire — our banks, credit unions, regional development corporations, and certified development companies that help our small businesses get the financing they need,” said NH District Director Amy Bassett. “We are proud of the impact these vital programs have in helping New Hampshire small businesses gain greater access to capital to start, grow, and build resilient businesses in the Granite State.”
401(K) BALANCES ARE DOWN, AND ‘LAST RESORT’ HARDSHIP WITHDRAWALS ARE UP
CNBC recently reported that, after falling sharply last year, retirement account balances bounced back in the beginning of 2023, but slumped again in the most recent quarter.
The average 401(k) balance fell 4% to $107,700 in the third quarter, due, in part, to volatile market conditions, according to a recent report by Fidelity, the nation’s largest provider of 401(k) plans. The financial services firm handles more than 35 million retirement accounts in total.
The average individual retirement account balance was also down nearly 4% to $109,600 from $113,800 in the second quarter of 2023.
The total savings rate for the third quarter, including employee and employer 401(k) contributions, held steady 13.9%, in line with last year. That’s just shy of Fidelity’s recommended savings rate of 15%.
In extreme circumstances, savers can take a hardship distribution without incurring a 10% early withdrawal fee if there is evidence the money is being used to cover a qualified hardship, such as medical expenses, loss due to natural disasters or to buy a primary residence or prevent eviction or foreclosure.
Bank of America’s recent participant pulse report showed that the number of 401(k) plan participants taking hardship withdrawals was up 13% from the second quarter and 27% compared to the first quarter of the year — with the average withdrawal amount just over $5,000.
