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The major challenges facing the local and national economy were at the top of students' minds when presenting at the UNH Paul T. Paul College of Business and Economics Undergraduate Research Conference.  

Whether it was the cost of housing, food or challenges facing local businesses, students used their research to dig deeper into issues that impact us all.   

What’s Forcing Small Businesses in N.H. to Change?    

Nathan Brennan ‘25, a business administration and management major, designed a research survey to learn what factors drive change in small businesses and how businesses respond to these pressures.    

Using organizational change theory and previous national research as a foundation, Brennan categorized external pressures into six areas: supply chain, economic, environmental, sociocultural, competitive, and technological. He then distributed a 40-question survey to more than 3,600 small businesses across New Hampshire, receiving 275 responses from all 10 counties.    

“I really wanted to get a pulse on the small business ecosystem in New Hampshire,” Brennan says.    

Among his findings:    

• Economic pressures — including interest rates, revenue changes, and margin compression — were among the most cited challenges.    
• Supply chain issues — such as rising input costs — were particularly severe for food and beverage companies.    
• Environmental regulations emerged as a primary concern for construction firms.    
• Service-based businesses felt competitive pressures, highlighting the need for quick adaptation to shifting consumer demands.    

“The goal of my research is to create a practical toolkit for managers,” Brennan says. “Say you run a bakery and you're losing customers to a new shop down the street — that’s competitive pressure. My data helps you identify your challenge and shows the most common and effective response. In this case, the data might suggest a financial investment.”    

Brennan says he was struck by how enthusiastically the small business community embraced his project.    

“They loved the fact that a student was going out and doing the research,” he says. “Compared to larger organizations that have departments to do stuff like this, many small businesses operate in what feels like a fog.”    

Brennan worked with the and the to refine his survey. He hopes the project can continue beyond his graduation — with future students building a year-by-year picture of how New Hampshire’s business environment evolves.

Exploring Food Affordability on the N.H. Seacoast   

Emily Abrusci ‘25, an environmental conservation and sustainability major, analyzed the price differences between locally sourced farmers’ markets and grocery store goods, including both conventional and organic options.   

She conducted market research across grocery stores and farmers’ markets in Portsmouth, Dover, Exeter and Durham. On average, she found that farmers’ market goods were 16% more expensive than the cheapest grocery store prices.   

However, Abrusci says the figure can be deceiving when you factor in that inflation has raised grocery store prices by nearly 23% over the last four years, narrowing the gap between grocery store pricing and farmers’ markets. Her research also found that farmers’ market goods were 5% cheaper than grocery store organic produce.   

“Farmers' market goods do tend to be more expensive on average, but that number doesn’t account for the added value — like better farming practices, less packaging and fewer food miles, and the positive impact on local economies and even neighborhood well-being,” Abrusci says.   

Looking ahead, Abrusci sees two key areas for future research. First, she believes state or federal agencies should systematically track farmers' market prices and direct-to-consumer sales to integrate them into economic measures like GDP better and encourage broader research. Second, she suggests comparing the cost of farmers' market goods to grocery store goods based on nutrient density, arguing that locally grown produce may offer better economic value when nutritional benefits are considered.   

“It’s exciting to be exploring a field that isn’t heavily researched yet, but it’s also a little disheartening — especially if you're trying to make decisions without reliable data,” Abrusci says.   

The Impact of Housing Costs   

Students Nadia Goich ‘25 (business administration and management), Caleb Johnson ‘25 (business administration and management), Olivia Kennedy ‘25 (business administration and management), Jack Sheridan ‘25 (economics), and Damon Smead ‘26 (business administration and management) explored whether off-campus housing costs hurt academic performance or cause additional stress.   

The students used an electronic survey to gather data from juniors and seniors living off campus and received 54 responses. They asked students to rate their average financial stress on a scale from 1 to 5; most students fell in the middle. While there were some instances where students who paid higher rent had lower GPAs, the correlation wasn’t strong. However, they did find a trend suggesting that students who actively budgeted experienced lower levels of academic stress.   

The students see opportunities for additional research with a larger sample size and hope future research will continue to build on their work.   

“Given the way that home prices across the U.S. are going up, I would say that rent prices are going to follow,” Johnson says. “Another interesting thing to look at is how students pay the rent. Are they picking up extra shifts at a job to pay for it, or is their family helping out?”   

While one group focused on student experiences with rising rents, Colby Sherwin ‘25, a finance and accounting major, took a broader view, examining how private equity firms are impacting the housing market, particularly in Sunbelt states where they've gained significant pricing power. Sherwin noted that these firms increased rents by about 8% on average during the pandemic.   

While private equity may not be as prevalent locally, Sherwin says it speaks to a more significant national issue.   

“Housing is just not seen as how it used to be," Sherwin says. "Before 2008, homes were a medium for building equity. They were kind of like a checkpoint in life. But now it's seen as a financial instrument."   

Sherwin highlighted the severe housing shortage in the U.S., with estimates ranging from 2 to 6 million homes undersupplied. The gap could reach as high as 7 million when factoring in older homes needing replacement. This shortage contributes to higher costs that affect various demographics, including recent graduates who increasingly live at home due to affordability issues.   

"I think we need to create more initiatives for housing construction and increase the supply," Sherwin says, noting that this would reduce private equity firms' market power and "give some power back to consumers."