[BobNJ1960]

Originally Posted by brownedbits

My CVS Health (Aetna) friends in Mass are pooping themselves about the CEO's announcement. They expect a bloodbath in the Boston Metro, but TBD. These cuts will be corporate, not retail stores.

It makes sense, and I know Aetna employees elsewhere who are not optimistic. Most of CVS staff is retail, so its 5,000 of a far smaller number than 300,000 to be affected.

Analysts are not high on the industry overall, so it's not a surprise.

[BPt111]

Originally Posted by BobNJ1960

It makes sense, and I know Aetna employees elsewhere who are not optimistic. Most of CVS staff is retail, so its 5,000 of a far smaller number than 300,000 to be affected.

Analysts are not high on the industry overall, so it's not a surprise.

Healthcare industry is changing it going more digital and artificial intelligence which help cut medical procedures in half.

[JayCT]

I’m kind of surprised that no one posted this yet. Apparently Frontier Communications is looking to move its headquarters from Norwalk to either Dallas or Tampa. Not good news. Jay

https://westfaironline.com/technolog...lk-for-dallas/

[Beeker2211]

Originally Posted by JayCT

I’m kind of surprised that no one posted this yet. Apparently Frontier Communications is looking to move its headquarters from Norwalk to either Dallas or Tampa. Not good news. Jay

https://westfaironline.com/technolog...lk-for-dallas/

I just read that this morning... Doesn't seem like they are even looking at building new in either prospective location or shutter the Norwalk office outright but expand and change the state of corporate domicile to one of their other workforce hubs, which isn't good but not a disaster. Still though, wonder what the c-suite thinking on the issue is.

[robr2]

Originally Posted by Beeker2211

I just read that this morning... Doesn't seem like they are even looking at building new in either prospective location or shutter the Norwalk office outright but expand and change the state of corporate domicile to one of their other workforce hubs, which isn't good but not a disaster. Still though, wonder what the c-suite thinking on the issue is.

The thinking is strictly financial. By moving to an designated enterprise zone in Texas and creating jobs as noted in the article, the state will refund to them sales and use tax:

https://gov.texas.gov/business/page/...e-zone-program

[JD_MD]

I'm curious to see just how many CT employees are relocated to the Dallas "headquarters" vs how many of the CT-based positions remain in CT vs simply get eliminated in CT and reformed in Dallas with already Dallas-based people.

I realize we are talking communications / tech with Frontier but I see this a lot in the hedge fund space where a fund moves its headquarters to (typically) Florida but it's only the highest level managers / key executives who move themselves and their positions to Florida with the majority staying put in NY, Chicago, etc. except for when they need to hire traders and analysts who cover the South American market but those people are typically already FL-based. The news always makes it sound like a mass exodus from a high tax blue state but it's typically not the case.

Texas offers some good incentives for bringing as many of the existing positions and adding new hires to Texas but it's not as easy to get employees to move to Texas given the weather (super hot all Summer, random ice storms in Winter, 3 seasons in one day Fall-Spring), the cost of purchasing a home that will likely require a commute in traffic and Mg rates relatively high, as well as different culture that northerners don't always take to.

[norcal2k19]

Originally Posted by JayCT

I’m kind of surprised that no one posted this yet. Apparently Frontier Communications is looking to move its headquarters from Norwalk to either Dallas or Tampa. Not good news. Jay

https://westfaironline.com/technolog...lk-for-dallas/

While not good news, Norwalk has a way of getting new business into the city (pretty proactive economic development arm). It will be fine. Helps being sandwiched between Darien and Westport too, with Weston and Wilton being adjacent.

Retail Sales per capita are on par with upscale LA suburb Manhattan Beach, California (actually slightly higher). So while not a Greenwich, it's a very respectable figure for a city its size (over 90K pop. and growing).

That's attractive to potential employers.

[mdovell]

I invested in Frontier and actually lost a bit. Class action didn't apply for me. It's cox vs Frontier where I am and frankly Cox is faster. Frontier might claim to be faster but they don't always get the right equipment out I guess. Nothing wrong with employees.

I've seen a few things lately with CT that are a bit concerning.

The unemployment rate is low, very low. It is 3.6%
Estimated number of unemployed is about 70,000
CT has over 100,000 job openings. So even if every unemployed person was given a job we would still have tens of thousands of openings.
The labor force by itself has dropped by 40,000. This is more than any other state. 2% of workers left the job market. MA is half that and RI is half of that
https://insideinvestigator.org/conne...nce-june-2022/
Population growth is very low.

If we end up having another negative year for the labor force on the same level there is no way they can catch up.
There just seems to be this weird disconnect with jobs. How can people complain about inflation if they work at dollar general, cvs and fast food and yet there's thousands of job openings at EB, Pratt, 3M, TTM etc. I'm not saying everyone should love their job but it's money.

It is going to be hard for businesses to expand and new ones to come in if the general population growth is flat and the workforce is shrinking. What's the solution? We already did a tax plan? Sponsoring visas?

[Johnho771]

Originally Posted by mdovell

I invested in Frontier and actually lost a bit. Class action didn't apply for me. It's cox vs Frontier where I am and frankly Cox is faster. Frontier might claim to be faster but they don't always get the right equipment out I guess. Nothing wrong with employees.

I've seen a few things lately with CT that are a bit concerning.

The unemployment rate is low, very low. It is 3.6%
Estimated number of unemployed is about 70,000
CT has over 100,000 job openings. So even if every unemployed person was given a job we would still have tens of thousands of openings.
The labor force by itself has dropped by 40,000. This is more than any other state. 2% of workers left the job market. MA is half that and RI is half of that
https://insideinvestigator.org/conne...nce-june-2022/
Population growth is very low.

If we end up having another negative year for the labor force on the same level there is no way they can catch up.
There just seems to be this weird disconnect with jobs. How can people complain about inflation if they work at dollar general, cvs and fast food and yet there's thousands of job openings at EB, Pratt, 3M, TTM etc. I'm not saying everyone should love their job but it's money.

It is going to be hard for businesses to expand and new ones to come in if the general population growth is flat and the workforce is shrinking. What's the solution? We already did a tax plan? Sponsoring visas?

Agreed. So many shake off the idea that flat population growth is no big deal and it is fine we are barely growing. But flat to minimal growth clearly has its consequences.

[JayCT]

Could it really be true? Could the state really be considering even more tax cuts? Personally I think we next need to look at cutting or simplifying our business taxes. Jay

https://ctmirror.org/2023/08/18/ct-m...ome-taxes-yet/