First published in Business NH Magazine, August 31, 2025
During the past decade, the state’s population has continued to grow and diversify. Meanwhile, more than 210,000 residents will be reaching traditional retirement age in the coming decade, adding pressure to an already aging workforce.
Based on U.S. Census Bureau data, NH’s population has grown by about 6.5% since 2010, reaching approximately 1.4 million residents as of July 2023. While the population increased each year throughout this period, growth slowed from 2022 to 2023.
New Hampshire has become increasingly more diverse over the last three decades, and this trend continued during the pandemic. Those identifying as white and non-Hispanic comprised about 88.5% of the state’s population in 2023. However, the number identifying with a racial or ethnic minority group in NH has increased 9.7% since 2020, compared to a 0.8% increase for those identifying as non-Hispanic white residents.
While the state has become more diverse, the population is continuing to age. As of 2023, the median age in NH was 43.4 years old, which ties it with Vermont as the second oldest state, behind only Maine. Approximately 20.8% of the 2023 population was aged 65 or older, while about 15.3% was between the ages of 55 and 64. Moreover, the number of children under 18 in the state has continued to decline.
Migration’s Impact
Migration into the state has been a significant driver of population change since 2010, with in-migration contributing to the entirety of population growth from 2020 to 2023. Domestic migration contributed about 79.2% of this net gain, while international migration comprised the rest, and deaths among state residents outnumbered births. While migration from Massachusetts, the largest source of new residents moving to NH, increased during the pandemic, NH continued to lose residents to Maine. More people left for Maine in 2021 and 2022 compared to the two years before the pandemic and outnumbered the number of people moving to NH.
Migration has influenced demographic changes, with younger adults making up a significant portion of those moving to the state. From 2018 to 2022, about 60.5% of those migrating into the state were between the ages of 18 and 44.
Aging Population
The state’s aging population has several implications for the Granite State workforce. As of April 2024, about 30% of NH’s workers were over the age of 55, with approximately 21% in the 55- to 64-year-old group. The state’s working-age population, or those between the ages of 18 to 64, declined between 2020 and 2023 and is projected to continue declining.
The shift in NH’s demographics has already affected younger workers who reduced their working hours or left work temporarily to care for older family members. From June 2023 to June 2024, an average of 4,606 people were not in the state’s labor force each month because they were caring for an older adult.
Although more older adults will be leaving the workforce, more have also delayed retirement across the country. National projections indicate that the number of older adults aged 75 or older in the workforce will grow by about 77% by 2032. Prolonging retirement, especially among older adults who work physically strenuous jobs, may lead to a greater risk of health conditions and early mortality. Because older adults are more likely to experience a disability, an aging population may also increase the demand for healthcare services and place pressure on an already strained health care workforce.
Younger people moving to the state have the potential to help offset the aging population’s impact on the workforce. However, key factors may limit labor force growth through migration, including difficulty securing housing due to high demand, high costs, and relatively low availability. Additionally, barriers to accessing child care may prevent residents with children from entering the workforce, especially as more parents may also be caring for an older relative.
As the state continues to grow and change, investments in the state’s child-care and housing infrastructure, health care, and workforce development will be crucial.
Jessica Williams is a policy analyst with the NH Fiscal Policy Institute, an independent research nonprofit that examines issues related to the state budget, the economy, policy decisions, and the financial security of Granite Staters. For more information, visit nhfpi.org.