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There are definitely strong points to be made regarding the economic issues in the state, but if we allowed the extreme right wing to rule, teachers/police officers wouldn’t see raises, there would be zero union protection and pension obligations, which were promised for decades, would be stripped. That’s only the start. Shame on them for criticizing contractual raises for first responders when they experienced many years without one. That’s not how you save money.
...that’s not to say the left wing is any better. We need moderation.
Think the biggest issue with regards to the economy and housing in CT is: Property taxes, property cost, and rental cost. Also lack of rentals in CT.
Nothing CT can do about home cost. I am not a fan of raising CT minimum wage rather the Federal Government give out a tax prebate. It does alleviate and make home buy easier in CT.
Though property taxes needs to be done solution in lowering those taxes. Not sure if city/town sales tax is the way to do so.
Except that much of it is misleading. If what the article says is true then why does Connecticut have a lower unemployment rate than North Carolina? Why is ours the same as Georgia? Why do progressive states like Massachusetts have much lower unemployment rates as well? Why are we No. 3 for Real Gross Domestic Product and No. 1 for Real Disposable Income? Sorry but the facts show this opinion piece is wrong. Jay
It depends.
CT is behind mass 60 or so years.
CT fuel taxes areuch higher than mass
Prop 2 1/2 limits taxation (yes sales taxes went up decades later)
CT has no local procurement laws. A town of 200 people has more buying power VS uconn. Mt Washington can go to 50,000 with quotes uconn 30,000
Ct doesn't have the Quinn bill. Police get 10% more if they get a degree and multiple degrees. It led to lower civil rights violations and litigation.
CT doesn't have revenue sharing programs like community compact, green communities and community preservation act.
CT acts more of a confederacy of towns then a state.
You also have to look at the labor participation rates. If being on drugs is a disability and that takes them out that can lower unemployment. Also the number of retirees at the same time.
Mass allows for 14 year olds to work, CT starts at 16. Might not sound like much but compounded it can add to work ethics. Unemployment rates don't look at the quality of jobs, job openings, economic friction, skill gaps, compensation and committe time and distance
Prop 2 1/2 limits taxation (yes sales taxes went up decades later)
CT has no local procurement laws. A town of 200 people has more buying power VS uconn. Mt Washington can go to 50,000 with quotes uconn 30,000
Ct doesn't have the Quinn bill. Police get 10% more if they get a degree and multiple degrees. It led to lower civil rights violations and litigation.
CT doesn't have revenue sharing programs like community compact, green communities and community preservation act.
CT acts more of a confederacy of towns then a state.
You also have to look at the labor participation rates. If being on drugs is a disability and that takes them out that can lower unemployment. Also the number of retirees at the same time.
Mass allows for 14 year olds to work, CT starts at 16. Might not sound like much but compounded it can add to work ethics. Unemployment rates don't look at the quality of jobs, job openings, economic friction, skill gaps, compensation and committe time and distance
I am not sure what you mean by Connecticut being behind Massachusetts by 60 years. That makes no sense. Connecticut’s higher fuel tax offsets the fact that Massachusetts has tolls. We don’t. I have compared Property taxes in comparable town and Massachusetts and Connecticut and see little difference so Prop 2 1/2 has made little difference. I am not sure why you think Connecticut does not have revenue sharing programs. We do but they are called different names and are structured differently.
I have looked at labor participation rates. Another poster claimed our state’s rate was horrible but I found we were less than 1% different than Massachusetts. Despite what some may claim, Connecticut offers a wide range of job opportunities. Glassdoor named Hartford one of the top five cities for getting a job in the country. Some of our biggest employers are expanding and hiring like crazy. The state and local schools and colleges are working with these employers to train workers for these positions. And studies have shown that Connecticut employees do not have an excessive commute time, certainly no worse than Massachusetts. Jay
The U.S. Bureau of Economic Analysis of state-by-state personal income growth figures for the first quarter of 2019 that showed Connecticut near the bottom of the list, placing 48th overall for income growth.
Connecticut residents’ personal income grew only 1.5 percent — the lowest in the eastern half of the country and ahead of only Iowa and South Dakota. Overall growth across the country was down from 4.1 percent in the last quarter of 2018 to 3.4 percent.
According to Donald Klepper-Smith, Chief Economist and Director of Research for DataCore Partners LLC, “the nominal personal income data provides clear evidence of a slowdown.”
“Factoring in inflation and taxes, we now see that real disposable income – the broadest measure of consumer spending power – is basically flat as of 2019,” Klepper-Smith said.
Klepper-Smith noted the flat income growth has “major implications” for Connecticut’s finances.
Previous reports by Pew Charitable Trusts showed Connecticut trailing the rest country in personal income growth since 2007 with an annual growth rate of only .6 percent, compared to the national growth rate of 1.6 percent.
A withering assessment of Connecticut’s economic and fiscal problems was used by Pioneer Institute — a think-tank based in Boston — as an example of why Massachusetts should not raise taxes on high-income earners.
Pioneer Institute’s study “Back to Taxachusetts” tracks ten years of Connecticut data from 2008 to 2017 and is rife with sections entitled “Corporate exodus,” “Stagnant economy,” and “Voting with their feet,” to show Connecticut’s tax policies have left the state failing, whereas Massachusetts has become an economic powerhouse.
“Connecticut provides a real-world, sobering example of how a seemingly attractive tax-the-rich scheme can backfire badly on a state, turning rosy projections of revenue gains to real-life losses, and damaging business confidence in the process,” wrote Gregory W. Sullivan, research director for Pioneer Institute.
The U.S. Bureau of Economic Analysis of state-by-state personal income growth figures for the first quarter of 2019 that showed Connecticut near the bottom of the list, placing 48th overall for income growth.
Connecticut residents’ personal income grew only 1.5 percent — the lowest in the eastern half of the country and ahead of only Iowa and South Dakota. Overall growth across the country was down from 4.1 percent in the last quarter of 2018 to 3.4 percent.
According to Donald Klepper-Smith, Chief Economist and Director of Research for DataCore Partners LLC, “the nominal personal income data provides clear evidence of a slowdown.”
“Factoring in inflation and taxes, we now see that real disposable income – the broadest measure of consumer spending power – is basically flat as of 2019,” Klepper-Smith said.
Klepper-Smith noted the flat income growth has “major implications” for Connecticut’s finances.
Previous reports by Pew Charitable Trusts showed Connecticut trailing the rest country in personal income growth since 2007 with an annual growth rate of only .6 percent, compared to the national growth rate of 1.6 percent.
A withering assessment of Connecticut’s economic and fiscal problems was used by Pioneer Institute — a think-tank based in Boston — as an example of why Massachusetts should not raise taxes on high-income earners.
Pioneer Institute’s study “Back to Taxachusetts” tracks ten years of Connecticut data from 2008 to 2017 and is rife with sections entitled “Corporate exodus,” “Stagnant economy,” and “Voting with their feet,” to show Connecticut’s tax policies have left the state failing, whereas Massachusetts has become an economic powerhouse.
“Connecticut provides a real-world, sobering example of how a seemingly attractive tax-the-rich scheme can backfire badly on a state, turning rosy projections of revenue gains to real-life losses, and damaging business confidence in the process,” wrote Gregory W. Sullivan, research director for Pioneer Institute.
Growth is a function of movement. Connecticut’s economy during the recession never got as bad as the high growth states with boom and bust economies. Our unemployment rate never went into double digits so we do not have to grow as much. We also do not have a population that is growing.
Instead of focusing on growth, look at where we are at. We are already at or near the very top for income. We have an unemployment rate that is considered full employment and is under the national average. We are No. 3 for Real Gross Domestic Product. We are No. 1 for Real Disposable Income. By any measure these are phenomenal statistics that any state would envy. What more do you want? Jay
I am not sure what you mean by Connecticut being behind Massachusetts by 60 years. That makes no sense. Connecticut’s higher fuel tax offsets the fact that Massachusetts has tolls. We don’t. I have compared Property taxes in comparable town and Massachusetts and Connecticut and see little difference so Prop 2 1/2 has made little difference. I am not sure why you think Connecticut does not have revenue sharing programs. We do but they are called different names and are structured differently.
I have looked at labor participation rates. Another poster claimed our state’s rate was horrible but I found we were less than 1% different than Massachusetts. Despite what some may claim, Connecticut offers a wide range of job opportunities. Glassdoor named Hartford one of the top five cities for getting a job in the country. Some of our biggest employers are expanding and hiring like crazy. The state and local schools and colleges are working with these employers to train workers for these positions. And studies have shown that Connecticut employees do not have an excessive commute time, certainly no worse than Massachusetts. Jay
Huh?
The Mass Pike and the Boston tunnels/Tobin Bridge have tolls. Unless I'm going to Logan Airport, I can go years without paying any tolls.
As for property tax rates, read 'em and weep:
Barnstable County Average RE tax rate: $7.67
Bristol County Average RE tax rate: $11.10
Middlesex County Average RE tax rate: $12.00
Plymouth County Average RE tax rate: $12.07
Essex County Average RE tax rate: $12.18
Norfolk County Average RE tax rate: $12.58
Massachusetts doesn't have property tax debacles like Waterbury. The failed cities have their public schools largely funded by the state. The hell hole Massachusetts cities:
Lawrence $13.68
Fall River $14.58
Brockton $15.54
New Bedford $16.47
Holyoke $19.29
Springfield $19.68
It's pointless to do a Massachusetts vs CT thing. They're more similar than different.
Growth is a function of movement. Connecticut’s economy during the recession never got as bad as the high growth states with boom and bust economies. Our unemployment rate never went into double digits so we do not have to grow as much. We also do not have a population that is growing.
Instead of focusing on growth, look at where we are at. We are already at or near the very top for income. We have an unemployment rate that is considered full employment and is under the national average. We are No. 3 for Real Gross Domestic Product. We are No. 1 for Real Disposable Income. By any measure these are phenomenal statistics that any state would envy. What more do you want? Jay
CT trails the New England Region and much of the United States in income Growth.
"Connecticut residents’ personal income grew only 1.5 percent — the lowest in the eastern half of the country and ahead of only Iowa and South Dakota. Overall growth across the country was down from 4.1 percent in the last quarter of 2018 to 3.4 percent."
What more do I want ? If income growth is so low, each and every time taxes are increased, new taxes are added, and the cost of living increases, CT citizens lose opportunity to increase their prosperity level. . When citizens don't increase their prosperity, they have less money to spend. Since the majority of economic activity is generated by consumer spending , it can have a dramatic affect on the rest of the economy.
We are seeing the consequences front and center, right in front of our eyes. That's where we are at. Stagnant. Little to no growth with what seems like a never ending addition of tax increases and new taxes.
No new taxes. No more tax increases. That's all. That doesn't sound too difficult . That would have a dramatic affect on the welfare of working citizens of the state,. and retired people on fixed incomes. Unless you think the 1.6 % increase by the Feds for Social Security recipients even covers the latest tax increase here, they will be the losers. When we don't grow EVERYONE loses.
Right now , inflation is fairly low. If it starts to increase, many, many CT citizens could be in tough financial shape. Without growth, we do not build up anything to help get us through the next series of economic downturns and an increase in inflation.
Three of Connecticut’s largest cities were listed as having the slowest job growth among the 100 largest metropolitan areas in the country in a report by the Arch Mortgage Insurance company.
In their 2019 Housing and Mortgage Market Review, Hartford, New Haven and Bridgeport occupy the bottom three spots of 98, 99 and 100 for job growth.
“Many of the weaker metros remain hard-hit by the decline in manufacturing employment of loss of a large employer and just haven’t had time to recover yet,” the study authors wrote in their report. “Connecticut and New York are also somewhat hampered by higher taxes and changes in the financial services sector.”
The study lists the five-year change in employment as 3 percent for Hartford and 2 percent for both New Haven and Bridgeport.
The top metro areas for job growth in the nation were largely concentrated in Florida, California and Texas with the top 15 areas experiencing five-year growth between 16 and 23 percent.
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Jay
