[hastings]

I know this is a very general question, but how does the economy in Connecticut seem to the average resident? We moved to the suburban metro area of Georgia two years ago from Westchester county, and I can really see the downturn here.

I'm out and about every day, and I've seen so many businesses close up in various industries. I've spoken with long time, experienced small business owners (had their business in the same location for 10-18 years), and they're really, really struggling and hanging on the edge.

The housing industry here looks very, very bleak to me. Driving through subdivisions it's "for sale" or "bank owned" signs on lawn after lawn. I think many Homeowner's Associations have relaxed many of their regulations since these vacant homes are now turned into rentals. It's also obvious that the houses with "bank owned" signs are not being well cared for. My heart goes out to the families trying to sell in these various subdivisions. Their neighborhoods no longer maintain their former upscale presence with all these signs on their neighbors unkempt lawns.

Georgia was never our most favorite location, for several reasons, yet we tried to be open minded and give it our best shot. After two years, we still feel the same, actually more amplified, and we're thinking to head back East. Connecticut is first on our list.

Anything anyone can share, I'd really appreciate.

[skytrekker]

The economy here is becoming shaky also- we where late to catch onto the housing bubble coat tails- but are now beginning to see a downturn in housing- which will lead to the rest of the economy into a possible recession.

The stock market financial and consumer cyclicals are falling- which tells of a consumer lead downturn. The only positive thing here in Connecticut is this; We did not terribly overbuild with housing, and the percentage of 'weird mortgages' and speculation has been limited.

Nonetheless, the states economy to a degree is tied to Wall Street- which will hurt us.

[hastings]

Skytrekker,

Thanks for taking the time to reply. I agree that Connecticut's ties to Wall Street will have a big impact, possibly comparable to the massive housing mess here.

The ripple effect from the housing downturn here has Realtors, mortgage brokers, home furnishing and improvement employees, etc. all scrambling for the same few and far between jobs in retail.

The water crisis has also affected many businesses here already and will eventually impact everyone living in this state.

I know there's no state that will be immune to the forthcoming recession. I was just wondering how things in Connecticut "felt" right now.

We've got some big decisions to make. . .

[jjbradleynyc]

There is a noticeable slowing-down of sales activity and stalling of harder (higher priced) to sell houses. But, in Fairfield County, if you have a nice house priced right--it will sell with relative ease. I live in Stamford and there is one house for sale on our cul-de-sac, and it is overpriced. It's not a foreclosure. I think GA is in a different scenario than CT, for the most part. GA is a very fast growing state, and home prices shot up too quickly. In reality, the prices were not "really" worth the level they were at a year and a half ago (in GA). So, as the economy tips to the "bad" scale, the prices plummet to much, much lower than what people paid for them--resulting in foreclosure or short sale. I think CT's prices weren't as extremely over-priced, resulting in a much softer "crash."

[skytrekker]

hastings.....

good luck- as you said the coming downturn will have a hard landing in some regions- and a less harsh downturn in others places

Frankly I feel it will be worse then many currently predict.

[JViello]

The "feel"? In Metro-Hartford for the most part - business as usually. Real estate has slowed compared to the pace it was a couple years ago, but IMHO it "feels" like it was in the mid 90's and nothing like a hard recession.

CT's economy has been relatively flat compared to the nation, so we havn't a really high mark to crash from. It's a curse and a blessing all at the same time.

It's certainly NOT like you posted about Georgia...at least in my day to day business travels etc that I see.

[hastings]

We're now, finally, trying to get ready for our move. Other than housing in Connecticut, any opinions regarding Connecticut's economy?

Lots of businesses closing or empty storefronts? Residents being laid off, particularly from the financial sector?

Any insight or opinions are appreciated.

[skytrekker]

The economy has slowed here- that is for certain. There was an uptick in jobs in May after 4 straight months of job losses- but this was due to the opening of the new MGM Grand at Foxwoods. Locally several restaurants have closed- mostly in Manchester near the retail megaplex- all chains- there was a real saturation there, but this has to be a concern. Also a few local eateries (non chain) have also closed.

The price of high gasoline is hurting. The state of CT has to make budget cuts because of a shortfall next fiscal year-not good really. Tax revenues are falling short, because of the real estate slowdown, and Wall Street not doing well.

It seems likely the states economy will slow for the remainder of the year. Connecticut economy is likely entering or in a recession, its duration and how weak it will become is a big unknown. Its unlikely we will see the massive problems occurring in Florida, Nevada, Arizona, California and parts of the Midwest- but its too soon to tell.

[EllieKate]

None of my friends/family have yet been affected by layoffs. However many have mentioned, including my own work, that companies are not hiring new employees or replacing employees who have left on their own. My company is not laying off per se but is moving to a four day work week, with employees collecting unemployment for one day.

[JayCT]

JViello - Hops and Vinny T's at the mall in Manchester both closed recently. But there were several that opened last year that appear to be going strong. In general the economy in CT is holding its own but no one is sure for how long. We usually get hit later than other states and recover later too. Also it is usually less severe than other parts of the country. Homes are still selling quickly in our part of Glastonbury. Two went on the market this year and both sold quickly, one in one day and the other in 30 days. I have seen similar results around town. Of course, this is not true in other towns. Jay