[kidyankee764]

Originally Posted by JayCT

I would not be too concerned. It likely has more to do with our aging workforce and the fact that more Baby Boomers are at or near retirement. As this article notes, the number of workers eligible for retirement in Connecticut is up 7% over the past decade. A lot of Boomers put off retirement during to Great Recession and only now are doing so. That impacts this number since many move to warmer climates when they retire. Jay

https://www.stamfordadvocate.com/bus...s-14082942.php

Sorry but the workforce in the entire country is aging. It is not specific to CT and those states have not lost such a large percentage of their income.

[CTartist]

Originally Posted by kidyankee764

Post # 12828:




“Data from the Internal Revenue Service and the U.S. Census Bureau found Connecticut reportedly lost slightly under 2 percent of its annual adjusted gross income in 2017 as people who moved to other states. Those leaving the state had an average income of $122,000, which was 26 percent higher than those migrating in. How out migration of businesses and people plays out long-term in the real estate market is up in the air, Klepper said.
But how it appears to be playing out short-term is concerning, experts said.”

I just noticed the 2017. Is that the year GE left an took the top management to Boston? Could the one year of 2017 be an anomaly because GE left that year?

This story was dated Sept. 2017 so it does appears that is when all the top management left. My cousin worked at GE and she went to Boston for a few years so the timing of 2017 seems right. She is back and retired now.

"General Electric is now operating out of temporary offices in Boston, while they build a new $200 million headquarters, slated to be finished sometime in 2019"
https://www.ctbiz.com/general-electr...ng-connecticut

Let's see what happens in the next few years in regards to more money leaving than coming in....... although losing GE was catastrophic IMO for our economy and CT moral.

[beerbeer]

Originally Posted by JayCT

Connecticut has been ranked 35 in the CNBC list of best states for business. Not great but certainly better than some here would let you believe.

Interesting that we rank higher for infrastructure and cost to do business than Massachusetts which ranks 14th. It appears mostly due to their economy and workforce. I do question why our workforce ranks so much lower than Massachusetts and New Hampshire. I would think we would be higher given our highly educated population.

I would also question how North Carolina ranks the No. 1 economy when their unemployment rate is higher than Connecticut (4% verses our 3.8%). That makes little sense. Jay


https://www.cnbc.com/2019/07/10/amer...ness-2019.html

Our unemployment is low because the population is declining faster than the job loss.

North Carolina has low unemployment because their population is growing and jobs are growing.

So even thought the rates are close. The trend in Connecticut is terrible.

[kidyankee764]

Originally Posted by CTartist

I just noticed the 2017. Is that the year GE left an took the top management to Boston? Could the one year of 2017 be an anomaly because GE left that year?

This story was dated Sept. 2017 so it does appears that is when all the top management left. My cousin worked at GE and she went to Boston for a few years so the timing of 2017 seems right. She is back and retired now.

"General Electric is now operating out of temporary offices in Boston, while they build a new $200 million headquarters, slated to be finished sometime in 2019"
https://www.ctbiz.com/general-electr...ng-connecticut

Let's see what happens in the next few years in regards to more money leaving than coming in....... although losing GE was catastrophic IMO for our economy and CT moral.

No - GE announced it was leaving in late 2015. This income loss has been a trend in CT and, while one or two leaving isn’t catastrophic, consistently losing the upper management jobs of each large company is.

GE leaving would not result in a 2% decline for the state. 2% is actually a decent amount.

[CTartist]

Originally Posted by kidyankee764

No - GE announced it was leaving in late 2015. This income loss has been a trend in CT and, while one or two leaving isn’t catastrophic, consistently losing the upper management jobs of each large company is.

They ANNOUNCED it in 2015/2016 but they didn't leave until sometime in 2017. I know because my cousin was a secretary to a VP there and she went with him. Her husband stayed in their Stamford house and she rented an apartment in Boston. I am pretty sure that was in 2017. She was up there about two years.

Even if they moved in 2016 they were probably CT residents. They probably didn't become MA residents until they were there for a full year being 2017 (like on the taxes etc.)....don't you think.

[JayCT]

Originally Posted by beerbeer

Our unemployment is low because the population is declining faster than the job loss.

North Carolina has low unemployment because their population is growing and jobs are growing.

So even thought the rates are close. The trend in Connecticut is terrible.

H come on now. Our unemployment rate is 3.8%. Theirs is 4.0%. It makes no sense to say that ours is bad but theirs is good. Population growth does not play into it since you can’t collect unemployment if you just moved there. Jay

[kidyankee764]

Originally Posted by CTartist

They ANNOUNCED it in 2015/2016 but they didn't leave until sometime in 2017. I know because my cousin was a secretary to a VP there and she went with him. Her husband stayed in their Stamford house and she rented an apartment in Boston. I am pretty sure that was in 2017. She was up there about two years.

You’re right - but even so, a small amount of jobs would not cause that significant of a decline in income. It certainly added to it, though.

All I know is the claim of it being solely due to an aging workforce is not the case.

[brown_dog_us]

Originally Posted by JayCT

Interesting that we rank higher for infrastructure and cost to do business than Massachusetts which ranks 14th. It appears mostly due to their economy and workforce. I do question why our workforce ranks so much lower than Massachusetts and New Hampshire. I would think we would be higher given our highly educated population.

Manufacturing companies care about roads, bridges, and rail, but tech companies, VC, and consultants care about a major international airport.

The CT educated workforce is probably manufacturing while Mass has Harvard, MIT, BC, and BU pumping highly educated people into their workforce. Elite universities are one of the main drivers of tech hubs, and Massachusetts has both MIT and Harvard. That's an insane advantage.

[CTartist]

Originally Posted by kidyankee764

You’re right - but even so, a small amount of jobs would not cause that significant of a decline in income. It certainly added to it, though.

All I know is the claim of it being solely due to an aging workforce is not the case.

The top management that left were the big big money makers. That might skew it for that one year.

You are right.....it is concerning so let's keep an eye on this to see if this trend continues of higher incomes leaving and lower incomes moving in.

[BobNJ1960]

Originally Posted by JayCT

Connecticut has been ranked 35 in the CNBC list of best states for business. Not great but certainly better than some here would let you believe.

Interesting that we rank higher for infrastructure and cost to do business than Massachusetts which ranks 14th. It appears mostly due to their economy and workforce. I do question why our workforce ranks so much lower than Massachusetts and New Hampshire. I would think we would be higher given our highly educated population.

I would also question how North Carolina ranks the No. 1 economy when their unemployment rate is higher than Connecticut (4% verses our 3.8%). That makes little sense. Jay


https://www.cnbc.com/2019/07/10/amer...ness-2019.html

Just 68% of states rank better now.

We're at the top of the bottom third.