The 2024 U.S. election could dramatically reshape key federal policies across multiple sectors, with significant implications for businesses operating in New Hampshire and New England. Here’s a look at how various industries could be affected, depending on the election’s outcome.

Construction & Manufacturing

The Inflation Reduction Act (IRA) and CHIPS Act have driven record investment in U.S. manufacturing, especially in high-tech industries like semiconductors and clean energy. These initiatives have spurred the construction of new facilities and contributed to job growth, benefiting states like New Hampshire through regional investments in green technology and electronic manufacturing​. However, a shift in administration could lead to a reduction in federal support for these sectors. This may slow down new projects or alter funding priorities, potentially reducing the flow of federal money into New Hampshire’s economy.

Financial Institutions & Fed Leadership

The election could also impact leadership at the Federal Reserve, especially if Jerome Powell is replaced. Under a new administration, there could be shifts in monetary policy that affect inflation control and interest rates, directly influencing financial institutions and industries reliant on credit​. Furthermore, former President Donald Trump’s interest in integrating cryptocurrency into mainstream financial systems and possible capital gains tax hikes under a Kamala Harris-led administration are likely to have downstream effects on financial markets, particularly for wealthier investors​.

Corporate Mergers & Antitrust Policy

Under the Biden administration, antitrust enforcement has been particularly aggressive, with a focus on curbing corporate mergers in various sectors. A change in leadership might result in more relaxed regulations, potentially leading to increased merger activity. New Hampshire, home to several regional banks and businesses, could experience more consolidation in industries such as healthcare and financial services​.

Auto Industry & Tariffs

The auto industry stands to be directly impacted by potential policy changes, particularly if Trump’s proposed 100% tariffs on foreign-made cars come into play. This could lead to increased prices for consumers, including those in New Hampshire, where limited alternative transportation options make cars a vital part of daily life. Additionally, any rollback in electric vehicle incentives tied to the IRA could affect New Hampshire’s growing EV market​.

High Tech & AI Regulation

Both parties are eyeing regulation for artificial intelligence, but the specifics will depend on who wins the presidency. If AI regulation tightens, it could stymie innovation but also increase trust in the technology. New Hampshire’s tech sector, which includes several AI-focused startups and research institutions, could see varying levels of federal oversight depending on the election outcome​.

Energy

Energy policy could shift significantly in 2024. Under a President Harris, Washington would likely continue pushing for clean energy investment through the Inflation Adjustment Act (IRA), benefiting states like New Hampshire, which could receive more funding for solar and wind energy projects. Conversely, a Republican administration might focus more on fossil fuel development, slowing down the clean energy transition, but potentially decreasing energy costs in the short- and mid-term, and potentially affecting local job markets​. The Granite State has historically has relatively high energy prices compared to other states, with many residents relying on heating oil, which can be subject to significant price volatility.

Healthcare

Healthcare policy is another area that could see changes. A Harris victory might result in expansion of the Affordable Care Act, whereas a Trump-led administration could revisit efforts to reform it. Either way, with an aging population and limited federal resources, the outcome of the election will determine federal healthcare priorities, affecting everything from access to affordability.

In summary, the 2024 election is poised to significantly influence policies that matter to New Hampshire. Whether it’s the state’s manufacturing sector, financial institutions, or healthcare systems, the election’s outcome will have long-term consequences for both local industries and residents.