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Tuesday, June 28, 2005

Connecticut Now Has Worst Job Growth in Country

The FDIC is reporting that Connecticut has the worst job growth in the country. We've lost more than 100,000 manufacturing jobs in the past 15 years and, of course, still face the prospect of losing as many as 15,000 with the threatened closure of the sub base.

In the grim language of the report, "Through first quarter 2005, manufacturing employment rose slightly, construction employment was steady, and service employment was narrowly mixed. This lack of growth during a national economic upswing is a concern as employment now is only slightly higher than at the beginning of the 1990s. No other state in the country has had such stagnation in employment."

This is another superlative we could have done without. Our pockets of high income and stratospheric home prices are masking the struggles of many. Let's pray that God will be merciful to us.

3 comments:

ReloLP said...

Nick:

Yes, I do agree w/this commentary. We do need to pray for the Lords mercy on this issue. Speaking as a family still working on purchasing their 1st home. Also speaking professionally, I assist many hard working families, who have no choice but to move to more affordable counties in CT; whether it is their 1st home, or in need of more living space for their family. Not to mention how it must affect the quality of family life (commute times from work-home). Some folks leaving CT all together and going to bordering states close to their place of employment. We have also worked w/many domestic & corporate transferees who have employment opportunities here in the greater tri-state areas and come to CT to research the area, cost of living, home prices, education, etc. Percentage wise a good conservative guesstamate would be about 10-15% opt to stay where they are or move on to the next opportunities, after their findings on comparing "apples-apples".

I believe there is a common thread between most of the issues expressed on your blog such as job growth, home prices, choices of what is fueling CT’s economy (gambling casino's), government control. The most important public voice yet to be heard, Prayer. I am motivated more, to really pray on some of these important issues regarding the welfare of our state and where we are headed.

Len

Nick said...

I'm with you all the way... personally, I am one of many Conn. residents who could probably no longer afford to buy the house he's living in!

ReloLP said...

This is the opinion of a real estate novice:

I am of the ones that believes this area will not feel the "bubble burst" affect, though it will loose some air. I am not a researcher by trade; I have spent time reading theories and predictions. I feel there are more balanced thoughts, which predict that most secondary home markets (FL, NV, GA, AZ etc..) flooded by investors will feel a greater deflation. Being out in the field and relating w/the realtors in the field in many CT local markets, it seems as though the public is being influenced by the unbalanced theories or "media hype" Local MLS markets stats still proves the realtors old saying “if it is priced properly, it will sell”. As homes average days on market grow longer and more home prices are reduced, interest rates fluctuate but inch up, we begin to see things soften; so perhaps the days for incredible levels of appreciation are over?

However, as one once said "my crystal ball is in for repairs and only the good Lord knows what tomorrow will bring" More reason to pray for the Lords mercy.