Event celebrates new 'economic revitalization zone' in Plaistow

PLAISTOW – As state and local leaders gathered yesterday at Town Hall to talk about efforts to attract new businesses and generate more jobs, Michael Coelho stood along the side of Route 125 holding a sign announcing the closure of the Plaistow Blockbuster.

The video store's departure will only add to the growing number of retail and other commercial spaces now vacant up and down heavily traveled Route 125.

"We've never seen so many of our businesses that are empty. I dare not count them right now," Plaistow state Rep. Norm Major told the dozens who attended yesterday's Town Hall ceremony to celebrate the recent designation of the Route 125 area in Plaistow as an "economic revitalization zone." Officials said the designation is a key economic development tool that will allow for tax credits of up to $40,000 for businesses to encourage revitalization and job creation.

The ceremony came on the same day that the government announced that the national unemployment rate hit 10.2 percent in October, the highest since 1983. As many as 190,000 jobs were lost in October, which is higher than economists had predicted.

New Hampshire's current jobless rate is better, with just over 7 percent out of work.

Although New Hampshire is faring better than other states, Gov. John Lynch, who attended the ceremony, said 50,000 residents are still without jobs.

Lynch stressed that the state wants to continue working with the town to improve the local economy.

"With this credit that (businesses) can get against their business taxes, it's an opportunity that we can market that other states can't provide to companies thinking about where to locate," Lynch said.

Despite some signs of growth, officials said Plaistow continues to struggle. The town's unemployment rate stands at 9.2 percent, which is among the highest in the state.

"Plaistow is challenged, but we also have extraordinary opportunities," Town Manager Sean Fitzgerald said.

The revitalization zone was established by the New Hampshire Division of Economic Development after the town applied for the designation.

Selectmen Chairman Daniel Poliquin said the town needs to attract not only retailers but also other industries, such as a medical complex and a high-tech office park.

Tim Moore, vice chairman of the planning board, said the amount of empty commercial space is the highest he's seen since he came to town in 1985. Several stores remain vacant in the former Shaw's plaza on Route 125.

"It's just been a tough spell," he said.