Multiple presenters at the Ways and Means briefing described New Hampshire’s housing market as the state’s top economic constraint: inventory is tight, prices have risen sharply, and the shortage is constraining employers’ ability to hire.

Natesh Graves, vice president of public policy at the New Hampshire Business & Industry Association, said employers consistently list housing availability as their top concern. He told the committee that 86% of BIA survey respondents identified housing as a top priority for the state’s competitiveness and that constrained housing and rising costs are reducing labor‑force participation.

Bob Quinn, CEO of the New Hampshire Association of Realtors, provided sales and inventory data: the statewide median single‑family sale price ended 2024 at about $514,000 and topped $540,000 in mid‑2024. He said New Hampshire’s monthly inventory in December 2024 was about 1.9 months (a balanced market is about six months) and that the state’s affordability index had fallen to about 58, meaning median household income covers only 58% of what would be needed to purchase the median home.

Phil Sletten of the New Hampshire Fiscal Policy Institute and Andrew Klein of the Josiah Bartlett Center both emphasized that supply, not demand alone, is the core problem. Sletten cited a long‑run decline in housing completions and strong price growth in rural counties (many rural counties saw price increases above 90% between 2018 and 2024). Klein showed building‑permit trends going back decades and argued that local land‑use and zoning restrictions are major contributors to the low rate of new construction.

Details and impacts: presenters described several specific measures and data points committee members can use:
- Median single‑family price: about $514,000 statewide for 2024; earlier summer 2024 median near $540,000 (NH Realtors).
- Inventory: roughly 1.9 months of supply in December 2024 (balanced market ~6 months) (NH Realtors).
- Affordability index: about 58 (median household income covers 58% of median home purchase) (NH Realtors).
- Building permits: multifamily and single‑family permit counts remain well below historic levels; commentators pointed out some towns are permitting far fewer units than in prior decades.
- Projected shortage: presenters cited a working estimate that New Hampshire faces roughly a 20,000‑unit shortage today and could face a shortfall on the order of 90,000 units by 2040 under current trends (presenters' consolidated estimate).

Policy tradeoffs and proposals discussed: speakers urged a range of state actions to expand supply and reduce the regulatory burden on builders, including targeted state support for infrastructure (water/sewer), updating local septic/lot rules to reflect modern technologies, grant programs to catalyze infill and small‑scale multifamily projects, and use of state housing funds (InvestNH/Housing Champions) to help fill financing gaps. Presenters also recommended state assistance for municipalities that update zoning and planning to encourage infill and diverse housing types (ADUs, cottage courts, smaller multifamily). The Realtors noted that changes to parking and local process costs are sometimes a significant barrier and suggested state grant support for municipal rezoning and permitting modernization.

Ending: committee members and presenters agreed the housing shortage is a high‑priority, multi‑year problem that intersects with workforce, childcare and municipal finance; presenters provided slide decks and indicated they would supply data sources and policy templates to Ways and Means staff.