[CTartist]

Originally Posted by beach43ofus

CT's population is the slowest growing in the NE, & the 4th slowing nationally

To many people in CT so that's fine.

Population Per Square Mile
1 New Jersey ........1,253.1
2 Rhode Island.......1,050.9
3 Massachusetts.....897.1
4 Connecticut.........744.7

Originally Posted by beach43ofus

CT's population is the slowest growing in the NE, & the 4th slowing nationally, & that's bad for the economic. climate, & hotels. Less people = less commerce:

See my post #1828 ....we are in the top 15 for THRIVING economies.

[SteveM85]

Originally Posted by beach43ofus

Sad news for CT's economic climate:

https://www.journalinquirer.com/conn...80928d681.html

The hotel/motel industry "is in serious trouble", & has lost 7,400 jobs.

Only Hawaii, New York, Massachusetts, & Illinois have fared worse than CT in lost hotel/motel jobs.

Business travel is down. Maybe Summer tourism will help. I opted for an airbnb instead when visiting CT next month...better value, & less exposure to others that might carry a Covid variant.

CT's population is the slowest growing in the NE, & the 4th slowing nationally, & that's bad for the economic climate, & hotels. Less people = less commerce:

https://ctmirror.org/2021/04/27/ct-s...census-report/

Fairfield County is the only county of 8 in CT, that has had any population growth since 2010, & the rest are losing population:

https://worldpopulationreview.com/us-counties/states/ct

Fairfield County benefits from its proximity to NYC, but NYC isn't faring well either.

CT's spending more on advertising aimed at tourism, so perhaps that will help.

Do you have this thing on auto-post? last week of every month?
Try directing to the Theatre Sub-Forum under Arts & Entertainment. The Drama majors will have a field day with it.

I don't know about 2010, but less commerce? Judging by all the makers moving in by the day, they lost count, Stamford Corp bookings, and the worst traffic I have ever seen in the state to date, by far, everything contradicts.

Come back soon

[BobNJ1960]

The last thing Bridgeport needs is a Bank hq with a huge under-utilization rate. I'd love to see the State use some Economic Development funds to offer special tax breaks to lease part of it, long-term.

Not sure how many floors 1,350 took up, but just 200 there now, and 661 of the 1,350 spots gone, so surely w/o adding tenants the hq is going to have many empty floors.

Btw, it will now be a regional hq of the parent cpmpany.

[JayCT]

Originally Posted by CTartist

This article is dated July 27, 2021.

States Whose Economies Are Failing vs. States Whose Economies Are Thriving
https://www.yahoo.com/finance/news/s...120027082.html

CT IS IN THE TOP 15 THAT HAS A THRIVING ECONOMY!

Well, well well.......hmmmm, where's Florida, Tennessee, South Carolina, North Carolina, TEXAS etc.?

15 Kansas
14 Connecticut
13 Delaware
12 Virginia
11 Iowa
10 Maryland
9 Minnesota
8 District of Columbia
7 Idaho
6 Massachusetts Always good to have your neighbor doing well too.
5 Washington
4 Nebraska
3 New Hampshire
2 South Dakota
1 Utah

I bet the people who did this list understand what PER CAPITA means.

Originally Posted by CTartist

To many people in CT so that's fine.

Population Per Square Mile
1 New Jersey ........1,253.1
2 Rhode Island.......1,050.9
3 Massachusetts.....897.1
4 Connecticut.........744.7



See my post #1828 ....we are in the top 15 for THRIVING economies.

Thank you for posting these facts, yet again. I’ve been reading these Dooms Day and “The Sky is falling” posts for 14 years and yet we are still No. 1 in personal and disposable income and in the Top 5 for Gross Domestic Product per capita. That’s very enviable by any measure. Jay

[BobNJ1960]

Originally Posted by kidyankee764

This is where you’re going to see the success divide between business hotels and leisure hotels. Connecticut has a lot of the former since the latter is mostly bed and breakfast types (which should be fine because people are starting to vacation again). Too bad.

I'm not convinced the spike in people vacationing will last past Q3. I think its a "we were locked down too long so lets have some fun" few months of leisure travel, plus absurdly high rental car rates in Ct and most states, will also bring leisure travel down after a short spurt, I think.

To sustain such leisure travel, we need to see unemployment rates in Ct and the nation hit 2019 ultra low levels.

I do agree we have a disproportionate amount of business hotels, and I am not sure that sector ever bounces back. Corps view expenses vs prior year data, so they will have a hard time convincing themselves to allow T & E to spike tremendously vs 2020, when Team meetings and the like can settle most matters.

[JayCT]

Originally Posted by beach43ofus

Sad news for CT's economic climate:

https://www.journalinquirer.com/conn...80928d681.html

The hotel/motel industry "is in serious trouble", & has lost 7,400 jobs.

Only Hawaii, New York, Massachusetts, & Illinois have fared worse than CT in lost hotel/motel jobs.

Business travel is down. Maybe Summer tourism will help. I opted for an airbnb instead when visiting CT next month...better value, & less exposure to others that might carry a Covid variant.

CT's population is the slowest growing in the NE, & the 4th slowing nationally, & that's bad for the economic climate, & hotels. Less people = less commerce:

https://ctmirror.org/2021/04/27/ct-s...census-report/

Fairfield County is the only county of 8 in CT, that has had any population growth since 2010, & the rest are losing population:

https://worldpopulationreview.com/us-counties/states/ct

Fairfield County benefits from its proximity to NYC, but NYC isn't faring well either.

CT's spending more on advertising aimed at tourism, so perhaps that will help.

Well the state’s already rosy budget picture is looking to be getting even brighter with revenue exceeding projections by as much as $500 million. That’s incredible and great news for the state. So who exactly still thinks Connecticut’s economy is tanking? Jay

https://ctmirror.org/2021/07/27/unpr...ators-thought/

[BobNJ1960]

Originally Posted by SteveM85

The polar opposite is in Stamford and area. It's brimming with activity. Streets are jammed. Lunch and dinner dining is crowded. Rush hour volumes on the freeway and Merritt are back with a vengeance. Maybe even worse since summers usually have lower volumes. Don't even think about getting on one of them Thursday-Sunday.

All Ct economic gains are either in Norwalk or Stamford. I'd love to see it spread around, but no other Ct cities attract and retain, long-term, that quantity of corps of any significant size.

The massive downsizing of Peoples hq will likely have Bridgeport needing several years of adding very small businesses just to regain the tremendous loss the Peoples news created.

Most analysis of it has it responsible for about 2 supplier jobs lost for each of the 661 at the hq losing their jobs over the next 6 months.

I suspect we will stay above the US unemployment rate several more years now.

[BPt111]

Originally Posted by BobNJ1960

All Ct economic gains are either in Norwalk or Stamford. I'd love to see it spread around, but no other Ct cities attract and retain, long-term, that quantity of corps of any significant size.

The massive downsizing of Peoples hq will likely have Bridgeport needing several years of adding very small businesses just to regain the tremendous loss the Peoples news created.

Most analysis of it has it responsible for about 2 supplier jobs lost for each of the 661 at the hq losing their jobs over the next 6 months.

I suspect we will stay above the US unemployment rate several more years now.

Norwalk and Stamford or Fairfield-Greenwich-Wilton-Ridgefield corridor most desirable area in the state.

The lesser degree it would be Milford, Shelton, West Hartford, Downtown New Haven, Madison, Avon, Glastonbury, Guilford, Old Saybrook, Middletown.

Norwalk and Stamford have highly educated population, more talent pool, closer to NYC, have office presence.

[mdovell]

Originally Posted by BPt111

Norwalk and Stamford or Fairfield-Greenwich-Wilton-Ridgefield corridor most desirable area in the state.

The lesser degree it would be Milford, Shelton, West Hartford, Downtown New Haven, Madison, Avon, Glastonbury, Guilford, Old Saybrook, Middletown.

Norwalk and Stamford have highly educated population, more talent pool, closer to NYC, have office presence.

Right but since going back to the office is still be debated nearly 16 months after this started I don't think we're really going back. The University system has remote workers from other states so if they can hire like that so can private industry.

Office based administration like finance, accounting and insurance can be done somewhere else as long as they have the licenses.

The reason why FFC does well is because long ago CT didn't have an income tax and it attracted people and companies (GE at the time). But now...People's is one thing but my eyes are on Aetna. I'd argue they'd have thousands of layoffs. It's not like it's Pratt and Whitney that actually makes something. Aetna wanted to move to NYC but I'd argue that being really CVS means they'll just go to RI or just go online. In addition that 50 million that companies gave Hartford over five years is in its fourth year. Hartford is still in receivership by the state and I doubt that would change any time soon.

As for that surplus of 500 million there's some obvious things that not everyone knows. CT operates under a two year budget, not a one year so technically that's just 250 million a year.


https://ctmirror.org/2021/07/27/unpr...ators-thought/

"What legislators and Lamont do know is that General Fund revenues for the fiscal year that closed on June 30 are being pegged now at just over $20.3 billion — $274 million more than were anticipated in mid-May."

So the surplus is only 1.3% of the overall budget.

"In addition, a special component of state finances captures a portion of income tax revenues tied to capital gains and dividends before they can be spent. Estimates for this savings program — dubbed the “volatility adjustment” because of the up-and-down nature of investment-related tax receipts — grew by $215 million between the new budget’s adoption and June 30."

Obviously the stock market has done quite well but that isn't that unheard of in other states. You still have 40 billion due for pensions and even if a surplus is in the billions over a few years it still has to fund OPEB.

[BPt111]

More Americans are quitting their jobs is at highest rate since 2000

Pre-pandemic, Connecticut’s restaurant industry was one of the fastest-growing in the state. Now, it’s declining, as restaurants struggle to fully staff dining rooms.

Before the pandemic, the industry boasted about 160,000 workers in the state. Now, there are 75,000 to 80,000; forty-thousand short of what’s needed.


More than 740,000 people who quit in April worked in the leisure and hospitality industry, which includes jobs in hotels, bars and restaurants, theme parks and other entertainment venues.

The great migration to remote work in the pandemic has also had a profound impact on how people think about when and where they want to work.

"We have changed. Work has changed. The way we think about time and space has changed," says Tsedal Neeley, a professor at Harvard Business School and author of the book Remote Work Revolution:


https://www.bls.gov/news.release/jolts.t04.htm

https://www.npr.org/2021/06/24/10079...-saying-i-quit

https://www.wtnh.com/on-air/thisweek...utdoor-dining/