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Monday, October 24, 2005

Connecticut Going Nowhere Fast?

The Conncticut Economic Resource Center has come out with an alarming report on the future of Connecticut's economy. James C. Smith is the CEO of Webster Bank, one of the companies that commissioned the report, and editorialized about it in the Courant.

Smith notes the trends many are already aware of, but adds:

To be sure, these trends are similar to those in other Northeast states - a region that has seen people and jobs leave for other parts of the country. But Connecticut has lost more people and more jobs than other Northeast states.

Between 1990 and 2000, we experienced a greater loss of young adults (18-34) to other states than any state in the nation. We lost a congressional seat in 2000. Unless this trend is changed, we will more than likely lose another seat by 2030, further diminishing our clout in Washington.

In terms of median age, we are now the seventh-oldest state in the country. Our Medicaid spending per capita is twice the national average.

We have shown no net job growth over the past 15 years. In fact, we would have shown negative growth if not for the Foxwoods and Mohegan Sun casinos.

Then there is the growing disparity between our core cities and the surrounding suburbs. We are the most affluent state in the country, and yet we have three of the nation's poorest cities.

To download a copy of the report (PDF documents) go here.

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