HomeNew HampshireHillsborough County
Hillsborough County, New Hampshire: commercial real estate data.
Hillsborough County, New Hampshire had an estimated 430,462 residents on July 1, 2024, up 1.8 percent since the 2020 census base of 422,944, across 876 square miles. County output reached $38.13 bn in 2024, 11,028 establishments operate here, and the SBA record carries 840 7(a) approvals worth $262.0 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Hillsborough County
How many people live in Hillsborough County
- Population, American Community Survey 2020-2024426,378
- Households168,740
- Average household size2.53
- Median household income$103,545
- Median age41.0
- Median gross rent$1,623 per month
- Median owner-occupied home value$421,100
- Home value to household income4.1 times
- Annual rent as a share of median income18.8 percent
- Adults 25 and over with a bachelor degree or higher41.5 percent
- Adults 25 and over with a graduate degree16.1 percent
- Adults 25 and over307,804
- Population under 1883,696
- Share under 1819.6 percent
- Population 65 and over73,818
- Share 65 and over17.3 percent
- Working age population, 18 to 64268,864
- Civilian labor force248,267
- Unemployment rate3.1 percent
- Labor force participation, adults 18 and over72.4 percent
- Rank by population among New Hampshire counties1st of 10
- Rank by population among US county-equivalents, Puerto Rico included172nd of 3,222
Hillsborough County is the 1st largest of 10 New Hampshire counties by population. A median home costs 4.1 times median household income, which is seriously unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 19.6 percent against 17.3 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Hillsborough County
Is Hillsborough County's population growing?
- Population, July 1, 2024430,462
- Census 2020 base population422,944
- Population change since the 2020 census base1.78 percent
- Population change, 2023 to 20242,743
- Births, 20244,131
- Deaths, 20243,896
- Natural change, 2024235
- Net domestic migration, 2024-65
- Net international migration, 20242,566
- Total net migration, 20242,501
- Cumulative net domestic migration, 2021 to 202485
- Rank by growth among US county-equivalents1245th of 3,144
The county has grown 1.78 percent since the 2020 census base. The population grew in 2024 from both sources: births exceeded deaths and more people moved in than left.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Hillsborough County
Where are people moving to Hillsborough County from?
- Tax returns filed by households arriving12,116
- People arriving, from those returns18,963
- Tax returns filed by households leaving11,864
- Net household movement252
- Adjusted gross income arriving$1.12 bn
- Net adjusted gross income movement$-10.7 m
- Average income of an arriving household$92,223
- Average income of a leaving household$95,087
- Largest single originMiddlesex County (2,333 households)
- Largest single destinationRockingham County (1,696 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Middlesex County | 2,333 | 3,620 | $231.4 m |
| Rockingham County | 1,715 | 2,648 | $137.6 m |
| Merrimack County | 1,083 | 1,649 | $73.1 m |
| Essex County | 761 | 1,237 | $61.8 m |
| Suffolk County | 331 | 450 | $42.0 m |
| Worcester County | 317 | 457 | $24.6 m |
| Cheshire County | 263 | 442 | $17.8 m |
| Strafford County | 220 | 332 | $14.0 m |
Households arriving report $2,864 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Middlesex County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Hillsborough County
What is the Hillsborough County economy?
- County GDP, 2024$38.13 bn
- County GDP, 2023$36.88 bn
- GDP change, 2023 to 20243.4 percent
- GDP change over five years32.1 percent
- Rank by GDP among the New Hampshire areas BEA publishes1st of 10
- Rank by GDP among the US county areas BEA publishes156th of 3,127
- GDP per resident$89,434
Output grew 3.4 percent in the latest year and 32.1 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Hillsborough County
Employment by industry in Hillsborough County
- Covered employment, annual average201,342
- Establishments reporting12,730
- Average annual pay$79,660
- Average weekly wage$1,532
- Health care and social assistance, employment31,630
- Health care and social assistance, average annual pay$71,467
- Retail trade, employment25,113
- Retail trade, average annual pay$46,933
- Manufacturing, employment25,111
- Manufacturing, average annual pay$113,247
- Accommodation and food services, employment15,875
- Accommodation and food services, average annual pay$29,611
- Professional, scientific and technical services, employment14,329
- Administrative and support and waste management services, employment10,777
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 31,630 | 1,294 | $71,467 |
| Retail trade | 25,113 | 1,485 | $46,933 |
| Manufacturing | 25,111 | 582 | $113,247 |
| Accommodation and food services | 15,875 | 984 | $29,611 |
| Professional, scientific and technical services | 14,329 | 1,604 | $130,925 |
| Administrative and support and waste management services | 10,777 | 986 | $62,676 |
| Finance and insurance | 9,220 | 623 | $139,390 |
| Construction | 9,122 | 1,424 | $87,431 |
Health care and social assistance is the largest private sector at 31,630 jobs, 15.7 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Hillsborough County
How many businesses are in Hillsborough County?
- Establishments, all industries11,028
- Employment at those establishments186,868
- Annual payroll$13.44 bn
- Establishments per 1,000 residents25.9
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Hillsborough County
Building permits in Hillsborough County
- Housing units authorized by permit, 2024872
- Declared construction value permitted$245.6 m
- Single family units authorized427
- Multifamily units authorized445
- Multifamily share of units51.0 percent
- Average declared value per unit$281,602
- Units authorized per 1,000 households5.2
Multifamily is 51.0 percent of units authorized, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Hillsborough County
SBA loans in Hillsborough County (7(a) and 504)
- 7(a) approvals recorded840
- 7(a) gross approval dollars$262.0 m
- Average 7(a) approval$311,888
- Median 7(a) approval$100,000
- 10th percentile approval$25,000
- 90th percentile approval$586,900
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)7,260
- Jobs per approval8.6
- Distinct 7(a) lenders active72
- Distinct industries receiving approvals247
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer3.9 percent
- Loans on real estate terms33
- Loans on working capital terms, 120 months or shorter790
- Franchise loans52
- Franchise share of approvals6.2 percent
- Leading industry by approval countFull-Service Restaurants (38)
- Most active lenderTD Bank, National Association (225)
- 504 approvals recorded414
- 504 gross approval dollars$224.9 m
- Average 504 approval$543,217
- Median 504 approval$307,500
- Distinct CDCs active5
- 504 jobs per approval9.5
- 504 jobs per million dollars approved17.5
- Most active CDCGranite State Economic Development Corporation (275)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$486.9 m
The average approval of $311,888 sits well above the median of $100,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 3.9 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Hillsborough County
SBA loan default and charge-off rates in Hillsborough County
Do SBA loans in Hillsborough County get paid back?
- Loans with a final outcome recorded168
- Paid in full160
- Charged off8
- Charge-off rate on resolved loans4.8 percent
- Status: Paid in full160
- Status: Exempt from disclosure488
- Status: Cancelled105
- Status: Charged off8
- Status: Committed, not yet disbursed79
Of the 168 loans that have reached a final outcome, 4.8 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Hillsborough County
SBA lending by place in Hillsborough County
- Borrower cities with recorded lending30
- Manchester, approvals207
- Nashua, approvals155
- Bedford, approvals91
- Merrimack, approvals48
- Hudson, approvals44
- Amherst, approvals42
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Manchester | 207 | $75,530,800 |
| Nashua | 155 | $51,899,200 |
| Bedford | 91 | $25,021,200 |
| Merrimack | 48 | $19,352,900 |
| Hudson | 44 | $21,832,600 |
| Amherst | 42 | $9,649,800 |
| Milford | 33 | $6,265,500 |
| Weare | 30 | $2,899,600 |
| 22 other borrower cities | 190 | $49,534,700 |
Manchester accounts for 207 approvals against 155 in Nashua. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Hillsborough County
How large is Hillsborough County?
- Land area876 sq mi
- Rank by land area among New Hampshire counties5th of 10
- Width, east to west41.3 mi
- Height, north to south35.2 mi
- Geographies sharing a boundary7
- Residents per square mile of land487
- Establishments per square mile12.59
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Hillsborough County
Flood risk in Hillsborough County
- Communities in the county in the NFIP Community Status Book29
- Of those, participating in the NFIP28
- NFIP participation rate96.6 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 7
- Communities carrying a CRS class2
- Radon levels in Hillsborough County, EPA zone predicted average indoor radon screening level from 2 to 4 pCi/LZone 2
The EPA places Hillsborough County in radon zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 7, which carries a flood insurance premium discount for policies written in that community. 96.6 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Hillsborough County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Hillsborough County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-2024426,378
- Households168,740
- Average household size2.53
- Median household income$103,545
- Median age41.0
Common questions
Hillsborough County questions, answered from the record.
How many people live in Hillsborough County, New Hampshire?
The Census Bureau estimates 430,462 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 426,378, in 168,740 households, ranking 1st of 10 New Hampshire counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Hillsborough County's population growing?
The population has grown 1.78 percent since the 2020 census base of 422,944, to 430,462 on July 1, 2024. In 2024 there were 4,131 births against 3,896 deaths, with net migration of 2,501. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Hillsborough County?
$103,545. The median owner-occupied home is valued at $421,100, which is 4.1 times income, and median gross rent is $1,623 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Hillsborough County?
11,028 establishments, employing 186,868 people with an annual payroll of $13.44 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Hillsborough County?
Health care and social assistance is the largest private sector at 31,630 jobs, 15.7 percent of covered employment. Covered employment averages 201,342 jobs at an average annual pay of $79,660, or $1,532 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Hillsborough County?
840 7(a) approvals totaling $262.0 m since FY2020, across 72 lenders, with a median approval of $100,000, plus 414 504 approvals worth $224.9 m since FY2010. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Hillsborough County get paid back?
Of the 168 loans that have reached a final outcome, 160 were paid in full and 8 charged off, a charge-off rate of 4.8 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Hillsborough County?
872 housing units were authorized by permit in 2024, with a declared construction value of $245.6 m. Multifamily was 51.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Hillsborough County?
Zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Hillsborough County come from?
The largest single origin is Middlesex County, with 2,333 households. Arriving households report an average income of $92,223 against $95,087 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Hillsborough County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Hillsborough County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Hillsborough County
Cities and places in Hillsborough.
18 Census places lie wholly or partly in Hillsborough County. All 18 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Manchester | city | 115,643 | 207 | Wholly in this county |
| Nashua | city | 91,294 | 155 | Wholly in this county |
| Milford | CDP | 8,956 | 33 | Wholly in this county |
| Hudson | CDP | 7,469 | 44 | Wholly in this county |
| East Merrimack | CDP | 5,081 | None recorded | Wholly in this county |
| Pinardville | CDP | 4,418 | None recorded | Wholly in this county |
| Goffstown | CDP | 3,490 | 26 | Wholly in this county |
| Peterborough | CDP | 2,539 | 27 | Wholly in this county |
| Hillsborough | CDP | 1,616 | 8 | Wholly in this county |
| Antrim | CDP | 1,265 | 8 | Wholly in this county |
| Wilton | CDP | 1,038 | 7 | Wholly in this county |
| Greenville | CDP | 865 | 4 | Wholly in this county |
| Amherst | CDP | 726 | 42 | Wholly in this county |
| Klondike Corner | CDP | 488 | None recorded | Wholly in this county |
| Bennington | CDP | 326 | 6 | Wholly in this county |
| New Boston | CDP | 245 | 12 | Wholly in this county |
| Francestown | CDP | 133 | None recorded | Wholly in this county |
| Hancock | CDP | 132 | 3 | Wholly in this county |
A further 258 of the county's 840 SBA 7(a) approvals are to borrowers in cities that match no Census place in Hillsborough County, the largest being Bedford (91), Merrimack (48), Weare (30). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.