Former Massachusetts Governor Mitt Romney formally announced Thursday that he will seek the Republican nomination to run for presidency in 2012.

Romney made the long-expected announcement at an event in New Hampshire, the state that holds the first primary in the presidential caucus.

During his 30-minute speech, Romney blasted the Obama administration's handling of the economy, saying the president "has failed America."

"Now, in the third year of his four-year term, we have more than promises and slogans to go by. Barack Obama has failed America," he said. "When he took office, the economy was in recession. He made it worse. And he made it last longer."

This is Romney's second attempt for the Republican presidential nomination, with the first failed in 2008. He is now considered as a front-runner within the Republican field based on the latest national polls, though some potential Republican presidential candidates like Sarah Palin have yet to make a final decision on whether to run.

Former Minnesota Governor Tim Pawlenty, House Representative Ron Paul, former House Speaker Newt Gingrich have officially launched their presidential bids.

In recent months, Romney has repeatedly touted his record of handling Massachusetts' economy from 2003 to 2007, when he was governor there, as well as his ability to create jobs, both as an elected official and as head of the management firm Bain & Co.