As of 2026, New Hampshire is one of twelve states that sets its minimum wage to the federal level of $7.25 per hour.1 Several attempts by New Hampshire legislators to increase the minimum wage have been unsuccessful due to partisan division. The main argument of those who oppose raising the minimum wage centers on a belief that increasing wages will harm small businesses, while those who support the increase argue that households will be able to afford basic necessities. This topic has been extensively debated in New Hampshire.

On February 5, 2026, HB 1484 was introduced to the New Hampshire legislature, which proposed increasing the state’s minimum wage incrementally beginning September 1, 2026 to $12 per hour, and scaling to $17 per hour by 2029.2 In this report, we interrogate both the benefits and drawbacks of a potential minimum wage increase to $12 per hour in New Hampshire, with a particular focus on three stakeholders: households, businesses, and the economy. To investigate our research question, we analyze the implications of increasing the minimum wage through literature review, data analysis, interviews, and testimony review. We also investigate minimum wage policy in Vermont, Maine, and Pennsylvania and provide insights from their process tailored to the New Hampshire context.

Our systematic review and original research finds evidence that an increase in the state’s minimum wage to $12 per hour will minimally impact the economy through overall employment levels, business activity, or prices, but can potentially increase spending power for certain individuals. This report outlines considerations for New Hampshire lawmakers based on our research and outlines different approaches to increasing the minimum wage, including incremental increases and increasing wages in specific counties based on population.