Mayor Jim Donchess and his Economic Development team are keenly focused on creating a business-friendly climate that attracts new businesses to the city, encourages expansions of existing enterprises, and adds new jobs to Nashua’s economy. Under Jim’s leadership, the city stands ready to assist and nurture Nashua’s businesses whenever it can. Jim and his team are focused on seeking grants and utilizing various state and federal tax incentive tools to encourage economic development in Nashua. In addition, workforce development programs and support
for local entrepreneurship are of great importance to Jim’s administration.
Some recent examples of Nashua’s economic development and jobs creation activity are as follows:
- The city is currently participating in a $35M grant application under the 2022 CHIPS and Science Act to support the expansion of BAE’s semiconductor manufacturing capacity.
When awarded as expected, this strategically important program will add about 200 new BAE advanced technology jobs to the city’s economy. - In August 2023, Jim and his Economic Development team were pleased to learn that Nashua is one of eight municipalities across the U.S. to be awarded a National League of Cities grant aimed at advancing the upward economic mobility of our city’s residents and thereby impacting the financial health and long-term success of our community. Supported by the Bill & Melinda Gates Foundation, the NLC’s $15K Advancing Economic Mobility Rapid Grant program will fund the launch of a local small business accelerator here in Nashua. Focusing on traditionally underserved entrepreneurs, the program will involve a partnership between our Economic Development team and CO.STARTERS, an organization experienced in equipping communities with innovative programs to grow local small businesses.
- For the South End, Jim proposed and the Board of Aldermen created an Economic Revitalization Zone under a New Hampshire program that is designed to encourage economic development and that provides state tax credits for incremental new jobs created within the designated zone.
- For our downtown, Jim proposed and the State of New Hampshire designated two Federal Opportunity Zones in two low-income federal census tracts in Nashua’s center city neighborhoods. Under this federal program that was part of the 2017 Tax Cuts and Jobs Act and that is still being rolled out, private investors can defer taxes on capital gains that they reinvest in the designated Opportunity Zones. When they maintain long- term investments for over 10 years in the Opportunity Zones, additional capital gains earned on their low-income neighborhood investments will be exempted from federal taxes.
- KJ Can USA is currently constructing an aluminum can manufacturing facility on Burke Street. This in-demand plant will add approximately 200 new manufacturing jobs to the city’s economy.
- Despite COVID-19, the city has welcomed several new employers to Nashua over the past 7 years, and the city’s Economic Development team has worked to nurture and support the success of the community’s employers, both new and established. Nashua’s entrepreneur-friendly ecosystem has generated hundreds of new jobs including positions at BAE Systems at its Canal Street and Spit Brook Road facilities, Prudential Overall Supply on Simon Street, Spyglass Brewing Company on Innovative Way, and in our center city scores of new jobs at Rambling House Food & Gathering, Stella Blu, Mike’s Italian Kitchen, and the Nashua Center for the Arts.
