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I have a question for anyone who can answer it. If New Yorkers are taking thier online jobs & businesses with them to CT that will improve CT's overall unemployment rate, right?
They aren't taking business to CT, they are just buying real estate. I moved here from NYC and I work remotely for a firm with offices in NYC, Florida, California.
I have a question for anyone who can answer it. If New Yorkers are taking thier online jobs & businesses with them to CT that will improve CT's overall unemployment rate, right?
Unemployment as a concept can be a bit odd because there's different classifications. Broader numbers like U6 which includes those that have given up looking for work can make it higher. At the same point the labor participation rate is a factor. If it goes up does that mean there's inflation? If it is lower is it people retiring?
Then there's how they get the numbers. There's household surveys and even then that's a bit hard to figure out.
I think we're seeing some pretty high wage inflation and I think the use of hybrid and virtual jobs cannot be ignored. From what I tend to see is
1) People wanted to do more work from home and hybrid. It saves money and time and effort (for the most part) for the employee.
2) Employers on the other hand if they cannot find people are more likely to offer hybrid and remote. Not so much because they want to but because they have to.
3) If an employer really cannot make something hybrid or remote the recourse is probably salary. I have started to see some compensation that is WAY higher then the past.
Back in the day if it was a few factories in town you knew who could hire and maybe even for what. Old school zoning has residents here, business there and roads between, simple enough. You knew if there was layoffs that it had a impact generally in a fix given area. But now... my neighbor works for Wayfair (probably remote). They just announced layoffs 5% 870 jobs, 400 of which are in Boston. Well if she's hybrid or remote and let go does that impact unemployment in CT or not?
They aren't taking business to CT, they are just buying real estate. I moved here from NYC and I work remotely for a firm with offices in NYC, Florida, California.
Some of this also depends as to what you consider economic activity and ownership. I have a neighbor that bought one parcel of land and has grass maybe a foot high. Supposedly he thought he could sell it to the other neighbors (they don't want it). He doesn't have the money to build anything on it, it was just speculation. As far as I know he still pays taxes so the town can't go after him other than the grass which is a low fine ($50 maybe).
Now having said that much of what I see where I live is owned by out of town if not out of state. NYC/NY and Boston LLC's are buying up anything that is multi unit or multi family and putting a ton of money into them. Houses 200K next to these ones at 1.1M. Maybe it's long term cash flow.
Some properties no one will really buy. I know of a closed gas station that is NNN. Who is going to rent a closed gas station and do maintenance? You might as well buy the thing.
Other businesses are coming in but some take time. Others are just odd. A walgreens is moving next to itself. The rent was too high but apparently they have enough to justify making their own. Again long term cash flow and a smaller storefront.
Speculative land owners I tend to hate. Those that buy something and let it sit for months, weeks, years even decades thinking by keeping it cheap and undeveloped that it becomes a jem to another developer (not really). I bumped heads over a development that was supposed to be a new hotel. The shell of a building was falling apart and eventually they were forced to demo. As long as a business is paying taxes there's not much a town can do to push for other development (assuming there's no agreements).
I'd also argue incorporation can also be a factor and how expansion might not really be that big of a thing. Access and revenue are two different things. Let's say CVS wants to open up another location in...Ashford. Now there's not much in Ashford but ok they think it's new jobs. Right.. The construction is immediate jobs but no retailer in their right mind is going to hire EVERYONE new on day one. Chances are some will have promotions to go there and it's largely just the lower jobs that get filled. It's hard to deny a lateral or promotional position just because some locals think it all has to be locals working there.
It's getting much harder to track local economic activity vs generations past.
And I will counter that the same is true in Boston. I'm calling that an occasional anomaly, not the norm. I would love to know what bus route that is.
I am just telling what I have been told by a family member and a friend who lived there. I have no reason to doubt them. Also as a transportation professional I know that the city has done little to improve or increase the capacity of its mass transit system within in the past 70 years. The only thing they do is expand it outside the city limits. That’s not what I’m talking about. It’s getting around within the city itself that is the problem. Jay
That is true but anyone who travels the "no exit zone" from 42 to 44 on the Merrit Parkway which is a 5 mile stretch can tell you that if something happens* there it takes about 1/2 hour to travel it. Hopefully with the addition of the wide breakdown lanes that are being added on the Merritt Parkway (thanks uncle Joe) it will mitigate most of this problem.
*and it seems like this is getting to be an every day occurrence during rush hour now.
I’m not talking about if there is an accident. Of course that adds significant time to the commute and this happens all over the state. I’m talking about commuting on public transit within the city on a regular basis. This is off topic to the forum so I’m done talking about it. Jay
Almost definitely an anomaly. With the imminent closure of the Orange Line and part of the Green Line though, the next month is going to be traffic hell in Boston!
Quote:
Originally Posted by robr2
And I will counter that the same is true in Boston. I'm calling that an occasional anomaly, not the norm. I would love to know what bus route that is.
Let's be bluntly honest though. If we took away Boston and NYC from the northeast it would kill it off economically. I highly doubt FFC would exist on its own without NYC and without Boston the 128 belt would be gone and a fair amount of 495. Yeah we can talk about Yale to a point and some military bases here and there but it would not have the same amount of jobs.
Diversity helps economically but it can't be just selecting specific towns and cities for one thing in a given state, that's a bad policy and has always hurt in the long run. You have to have diversity WITHIN towns and cities.
There is a disconnect between the message that it's the best job market ever and the reality that many younger people are having a hard time find jobs that pay a decent wage. I know many young people looking to get their first real job here in Connecticut as well as others who have 3 to 8 years under their belt. Many of them tell a similar story, they just aren't getting the opportunities for decent jobs with a career path. Many of the openings are at the same salary level they started at and only pay $35,000 to $50,000.
It's true that certain STEM degrees, and some business areas such as accounting, provide opportunities for better starting salaries and advancement but not everyone has the aptitude or interest to pursue degrees in those areas. Too many young people I know have hit a wall at the equivalent of $23 to $25 dollars an hour as they approach 30. Many still have student loans to pay off, may have been recently married, and also may have had or be thinking about starting a family. The cost of housing, student loans, automobiles, health insurance (CTCares reports insurers seeking hikes in healthcare plans of 20.4% for 2023), as well as basic necessities such as food, utilities, and car insurance leaves little for a young person/family to get ahead.
Many of the young people I know are hardworking, reliable workers with a solid work ethic. Since many employers have moved almost exclusively to online employment agencies for recruitment they often submit their cover letters, resumes, and applications never to hear from anyone. My friend's son with 8 years work experience in banking working a variety of positions literally submitted over 200 applications over the past year before finally finding a job with a fortune 100 company in finance.
In my opinion, there is an over reliance on web-based recruitment as well as a reluctance by employers to hire young people for salaries commensurate with the realities of today's economic demands. As baby boomers retire, the positions are backfilled with lower labor cost employees. Once employed there is a considerable amount of churn since many employees find they most often need to leave the company they work for in order to find an opportunity to get a decent raise.
There is a disconnect between the message that it's the best job market ever and the reality that many younger people are having a hard time find jobs that pay a decent wage. I know many young people looking to get their first real job here in Connecticut as well as others who have 3 to 8 years under their belt. Many of them tell a similar story, they just aren't getting the opportunities for decent jobs with a career path. Many of the openings are at the same salary level they started at and only pay $35,000 to $50,000.
It's true that certain STEM degrees, and some business areas such as accounting, provide opportunities for better starting salaries and advancement but not everyone has the aptitude or interest to pursue degrees in those areas. Too many young people I know have hit a wall at the equivalent of $23 to $25 dollars an hour as they approach 30. Many still have student loans to pay off, may have been recently married, and also may have had or be thinking about starting a family. The cost of housing, student loans, automobiles, health insurance (CTCares reports insurers seeking hikes in healthcare plans of 20.4% for 2023), as well as basic necessities such as food, utilities, and car insurance leaves little for a young person/family to get ahead.
Many of the young people I know are hardworking, reliable workers with a solid work ethic. Since many employers have moved almost exclusively to online employment agencies for recruitment they often submit their cover letters, resumes, and applications never to hear from anyone. My friend's son with 8 years work experience in banking working a variety of positions literally submitted over 200 applications over the past year before finally finding a job with a fortune 100 company in finance.
In my opinion, there is an over reliance on web-based recruitment as well as a reluctance by employers to hire young people for salaries commensurate with the realities of today's economic demands. As baby boomers retire, the positions are backfilled with lower labor cost employees. Once employed there is a considerable amount of churn since many employees find they most often need to leave the company they work for in order to find an opportunity to get a decent raise.
Interesting but I’m seeing a somewhat different situation. I know several people in their 20’s and early 30’s and they seem to have a wealth of well paying opportunities here. One young out of state couple in social services have just started looking and are seeing many options. A call to one has lead to them being aggressively recruited. They aren’t quite ready for that yet. Another young person in insurance here gets multiple calls for jobs every week and an older person I know in IT has gotten to the point where he can write his own ticket for work. Certainly it would be great if these jobs paid even more but they were satisfied with the money being talked about. They were all a lot higher than the $30,000 to $50,000 range you mentioned. Still I guess it’s just a matter of perspective. Jay
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