Top business news of 2022 in New Hampshire

Dec. 30—It's been a year of growth across New Hampshire's business landscape, but consumers and businesses continue to struggle with rising costs.

New apartments

Hundreds of new apartments are being built around downtown Manchester, both new construction and office space conversions. Other areas of the state, including Concord and Salem, also have massive apartment buildings under construction. Housing experts say the units are just scratching the surface for the need for housing.

Housing market remains tight

The real estate market remained tight for those looking to buy. Many out-of-state residents sought primary, second or investment homes at pre-pandemic levels, which put pressure on record prices. The market cooled a little toward the end of the year as interest rates increased.

Changing retail

The retail world continued to morph in 2022 with the closing of all interior shops at the Steeplegate Mall in Concord. The owners, Namdar Realty Group, in February alluded to an "exciting potential project," but no plans have been announced or submitted to the city.

In Bedford, construction of the second phase of Market and Main has started with REI Co-op, a national outdoor retailer, expected to open in the fall.

Amazon lands at MHT

Amazon Air landed at the Manchester-Boston Regional Airport just in time for the holiday rush after leasing space at a new cargo facility right of the main runway.

The company, however, bailed on plans to occupy two of three buildings at the proposed Hudson Logistics Center.

Road infrastructure

Road projects have popped up all across the state, including the $20 million project to widen the F.E. Everett Turnpike from Nashua to Bedford.

The groundbreaking and significant work has also begun on Exit 4A off Interstate 93.

Restaurant changes

Restaurants always open and close, but Elm Street in Manchester got a lot of attention this year with several staples remaining open, but deciding to move to new locations. However, the owners of Campo Enoteca and Republic on Elm Street in Manchester decided to close the shop on New Year's Eve to prepare for an eventual sale.

Hiring struggles

Hiring continued to be a struggle across all industries with small businesses looking for reliable workers to keep the doors open and major corporations looking for thousands of workers. Fidelity Investments sought to hire 1,200 workers in Merrimack, while BAE Systems looked to hire 800 highly-skilled engineers and technicians at its new Manchester office to work on Lockheed Martin's F-35 fighter jet and electromagnetic warfare technology.

Unemployment overpayments

The state saw a record low of unemployment at 2% for three months this summer, but some were on the hook to repay overpayments. More than 11,000 New Hampshire workers were ordered to repay more than $90 million in state and federal unemployment benefits they didn't deserve during the pandemic.

Inflation

Inflation continued to impact families and businesses alike trying to grapple with the increased costs. Gas prices spiked to more than $5 a gallon this summer and electricity bills jumped nearly 50% for most customers.

EV cars

Some see electric vehicles as a solution to reduce the use of fossil fuels and the state is expanding its infrastructure to support the vehicles.

Many say the state is reaching a tipping point. Tesla is expected to open a showroom and dealership in Bedford next year.