Forbes Magazine determined that Lebanon and its surrounding towns represent the strongest micropolitan area in the country in a recent survey. The College and Dartmouth-Hitchcock Medical Center are the main reasons why the magazine dubbed Lebanon the least vulnerable town in America to the economic crisis, according to Karen Liot Hill '00, mayor of Lebanon.
Together, Dartmouth and DHMC employ 10,000 people, according to the Manchester Union Leader. Lebanon's unemployment rate is 2.6 percent, compared to a national average of 6.1 percent, Forbes reported.
The Forbes survey looked at towns with populations of 10,000 to 50,000 and compared median income, poverty, education and outstanding mortgage debt. A micropolitan area "contains an urban core of at least 10,000 (but less than 50,000)," according to the U.S. Census Bureau web site.
"[The College and DHMC] supply a really good anchor," Liot Hill said. "That stable employment provides a good environment for other businesses to thrive."
Although Lebanon is partially protected from economic crises, individuals are still affected, Liot Hill said. Energy prices are a major concern, especially with the approach of winter, which is expected to be particularly cold this year, according to Liot Hill.
"It doesn't mean that people [in the Upper Valley] aren't feeling that same pinch," Liot Hill said. "The rising energy prices affect all of us."
Many Upper Valley residents will be using more wood to heat their homes this winter, Deedra Templeton, of Charlestown, N.H., said while shopping at the Walmart in West Lebanon.
Templeton said she does not believe that the Upper Valley is invulnerable to the economic crunch. The housing market in her area has stalled, she said.
"The houses have been for sale for a long time, and they used to never sit," Templeton said.
Templeton's family has not yet been affected by the economic crisis, and she continues to work the same amount of hours at Crown Point Cabinetry, which makes high-end furnishings. But she said the company has felt some effects from the economic crisis.
"People are reluctant to let go of their money," Templeton said.
To save money, some individuals are seeking out discount offerings, according to Peggy Larson of Williston, Vt., who owns a veterinary clinic that has traditionally catered to lower-income families. Recently, however, more middle-class people have been coming to the clinic for the discounts, while fewer lower-income customers are coming in because they cannot afford the fees, she said.
Since the economic crisis began, Larson's stock portfolio has diminished by about one-third, she said, and her ex-husband's value has decreased from $5 million to $3 million.
Larson said her portfolio would be worth even less, but she shifted her funds because she thought the government was not managing the crisis well. She also believes the government made a huge mistake when they passed the $700 billion bailout plan.
"I am so pissed off at that," Larson said. "You can't even imagine. It'll do something for the few banks that are left, but it won't affect the street people."
When the first signs of economic crisis emerged 18 months ago, Liot Hill talked to Dartmouth economics professors about Lebanon's economic stability, she said. After looking at some data, economics professor Bruce Sacerdote '90 told her that Lebanon would be able to weather the recession.
"The fact that Dartmouth is so enduring is a strength for our regional economy," Liot Hill said.
The Lebanon municipal government is organizing a variety of programs to make sure that residents are safe this winter, including bringing donations of wood to those in need, Liot Hill said. She added that many nonprofit organizations have formed a group to ensure that people have access to wood and that houses are weatherized in the coming winter.
Keene and Concord are also on Forbes' list of least vulnerable towns, at numbers three and seven respectively.
