NAR Region I Local Market Assessments: Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, Vermont


One of the 13 original colonies, Connecticut has historically been highly industrial. Its manufacturing roots date back to the American Revolution with the production of firearms and ammunition. Defense manufacturing remains integral to the Connecticut economy, including military products such as jet engines, helicopters and submarines. The state is also a leader in skilled and technical fields, attracting corporate offices of global firms and U.S. and North American headquarters of foreign corporations.

Connecticut’s percentage of foreign-born residents (15.2%) exceeds the national rate of 13.6%—with some areas boasting especially high numbers of immigrants, including from India, the source of the largest number of immigrants in the state.

These are just some factors that create global business opportunities for REALTORS® in Connecticut.

Pie chart: Top Sources of Foreign Direct Investment in Connecticut


Like many early U.S. states, Massachusetts evolved from an agricultural center to a manufacturing center. Today, the state is a leading service center supported by one of the country’s strongest labor pools. Four-fifths of the gross state product is tied to service industries, with higher education, healthcare and technology playing a prime role. Massachusetts’s prestigious colleges and universities produce highly trained workers who help sustain economic growth and generate new business opportunities, many funded through foreign direct investment (FDI).

Massachusetts is the 15th most populous state, with an estimated 6.95 million people in 2023. In 2021, 17.6% of Massachusetts residents were foreign-born—the seventh highest percentage in the country, according to U.S. Immigration and Border Security. These immigrants are critical in supporting the state’s service sectors and attracting FDI, helping to make Massachusetts a global leader in innovation and an ideal location for international companies to establish their presence in the United States. Use the information in this report to identify opportunities in your market for global business.

Pie chart: Top Sources of Foreign Direct Investment in Massachusetts


Known for its pristine natural environment, Maine offers a vibrant and friendly business community. Strategically locatedvin the northeastern United States, 90 minutes north of Boston and bordering two Canadian provinces, Maine provides significant market access to North America in an advantageous location for manufacturers to import and process raw materials and export finished goods. It is home to three deepwater intermodal ports.

The state’s international trade center offers customized consulting, research and a network of connections across Maine and around the world to support global trade—creating residential and commercial real estate business opportunities. Use the information in this report to develop a global real estate business plan.

Pie chart: Top Sources of Foreign Direct Investment in Maine

New Hampshire

Located in the northeastern corner of the country, New Hampshire is bounded by Canada on the north, Massachusetts on the south, Vermont to the west, and Maine to the east save a short stretch of Atlantic Ocean waterfront—which provides access to the state’s only deep-water harbor, Portsmouth Harbor. Portsmouth handles 3.5 million tons and nearly $2 billion of cargo annually.

Although New Hampshire accounts for less than 10,000 square miles of land, it has much to offer the global market. The Manchester-Boston Regional Airport, a rail network and three interstate highways, puts the state in a strategic location in the heart of New England, close to markets and clients in Boston, New York, Montréal and beyond. New Hampshire’s population is highly educated, increasingly diverse and growing.

Known for its natural beauty, outsiders often perceive it as agricultural. Yet New Hampshire’s economy is diversified, with manufacturing, tourism, healthcare, and real estate all playing a significant role. It has business-friendly tax policies, and its high percentage of STEM-educated citizens provides a talent pipeline essential to attracting inbound foreign investment

These are just some factors representing global business opportunities for REALTORS® in New Hampshire.

Pie chart: Top Sources of Foreign Direct Investment in New Hampshire

Rhode Island

At just over 1,000 square miles, Rhode Island is the smallest state in the nation, but its strategic location in the Northeast Corridor creates opportunities for global business. Located between New York City and Boston, the state generates $66 million in GDP with an 8.9% nominal GDP growth from 2020 to 2021 and a 5.5% GDP growth for this same period when adjusted for inflation. Rhode Island offers New England’s lowest corporate tax rate and boasts a stable business environment, a strong talent pipeline and a vibrant economic development hub.

The Northeast I-95 corridor allows easy access to New York and Boston and airports and shipping terminals that serve international markets. According to the John H. Chafee Center for International Business, the corridor generates $3.75 trillion in economic output. If a separate country, this region would be the fourth largest economy in the world, behind the U.S., China and Japan.

Pie chart: Top Sources of Foreign Direct Investment in Rhode Island


Located in northwestern New England and sharing a border with Canada, Vermont’s location provides a strategic advantage for companies doing business with Montréal, Boston and New York City.

The state is predominately rural, with nearly 80% covered by forests. More than 80,000 acres of forest land is held by foreign ownership, including roughly 40% by Canadian entities. Canada plays an outsized role in Vermont’s global business activities—as a trade partner and employer of Vermont workers. Use this report to understand more about international business opportunities across the state and develop a strategy to tap into those opportunities.

Pie chart: Top Sources of Foreign Direct Investment in Vermont

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Local Market Assessments

These state-level case studies can help you learn to identify and cultivate global business, a growing real estate specialty in the U.S.