The assessment of the Connecticut Economic Resource Center (CERC) is good news, bad news for Connecticut’s economic recovery. In a presentation to The Alliance for Nonprofit Growth and Opportunity, CERC Vice President of Research Alissa DeJonge and Research Analyst Carmel Ford reached two central conclusions:
- Connecticut has structural problems that continue to make its economy recover more difficult. Structural problems include workforce and industry compositions that are not particular strengths in the overall U.S. ecnomy.
- Connecticut has advantages in some areas such as healthcare employment, and we may see improvements in the state’s housing market as forecolousres start to diminish and inventory supply inequities become smaller.
Among the key stats that contributed to the overall analysis from CERC:
- Connecticut ranked 5th lowest among the states in per capita energy consumption in 2010. However, Connecticut ranked 3rd highest in total energy prices and had the highest energy expenditure among all New England states.
- Connecticut’s youth unemployment rate was 17.1 percent in July 2013, compared with the national rate of 16.2 percent.
- The unemployment rate in New London county hasn’t decreased significantly since 2010, and in Tolland County since 2011. Overall, the states unemployment rate by county has been decreasing steadily in the state’s other six counties.
- Median prices of single family homes in Connecticut increased 2.7% to $429,000, according to most recent data, and the inventory of single homes went down by 12.9% compared with a year ago.
- Newly issued housing permits in July 2013 incased slightly to 420 from 375 in July 2012.
- Connecticut remains the richest state with a per capita income of $58,908.
The CERC officials also pointed out that some of Connecticut’s leading industry categories, such as insurance and finance, are not performing well nationally, thus slowing the opportunities for the state’s economy to advance.
Based in Rocky Hill, CERC is a public-private partnership that provides economic development services consistent with state strategies, leveraging Connecticut’s unique advantages as a premier business location. CERC was recognized earlier this month for excellence in economic development marketing by key industry group, the Northeastern Economic Development Association (NEDA). The award was presented at the recent NEDA annual conference in Portland, Maine among more than 130 economic development professionals from across the Northeast.