-Connecticut: The state has low unemployment and high personal income but a relatively slow pace of new job creation because of a slow recovery from recession. Connecticut is expected to gain just 9,200 jobs in 2006, although the unemployment rate is expected to fall slightly to an average 4.4 percent for the year. The pace of job growth is expected to pick up in 2008 through 2010, in response to national economic growth. Gross state product grew 6.6 percent in 2005, but the growth rate is projected to slow to 3.9 percent in 2006, followed by 4.3 percent in 2007.
So... yay?
Source
"New England economic forecast, state-by-state." Associated Press 14 November, 2006.
5 comments:
It will be interesting to see if these dismal job growth numbers have an impact on the debate over Universal Health Care.
Bluecoat, you might have to become a redcoat!
CT taxes are too high relative to other states-- that's why job growth is so slow.
Only tax reductions and reduced government spending will bring job creation. If the Democratic party would shake off the control of their union masters, maybe we could get somewhere with that in this state.
Connecticut has low job growth, but it also has low population growth. I am not sure which is driving which, but they are obviously related (chicken and egg?).
While taxes are a factor, so is regulation. Connecticut has high energy costs, as do all the northeastern states. I'd be very interested to see the real reasons why power in these states is so much more than the midwest states.
It also strikes me as worrisome that almost every major building project in the state has some sort of state government involvement and subsidies. I just think this creates massive distortions.
High housing costs, too. Lousy commutes. The only job growth in CT comes from companies bailing out of even higher cost NY, less those companies moving to NC or Tennessee or their jobs to the far east.
This is the worst state for taxws. This will be the decond and last winter I spend in CT. The state take so much and neither gives nor shows nothing in return. I am from CA and your house cannot be reassed by the state or town to raise taxes. If you are sick you can file for state disability and get paid 70% of your salary until you are well. Our garbage collectors are the best.They will pick up anything and any size trash can. They even picked the trash around the trash can when the wind blew. We have street sweepers every week. My gas bill,at the highest, was $35.00. My electric bill topped off at $50.00. This state is weeding out the middle class and will soon be just a state of the super rich and the super poor.
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