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The Economic Outlook for Connecticut: Trends, Employment, and Migration

This report provides an analysis of the economic outlook for Connecticut, including employment composition, earnings by industry, median household income, net migration, and commuting patterns. It also examines recent trends in regional employment, business and consumer services employment, health and social services employment, wages and salaries, personal income, consumer price index, home prices, mortgage loan delinquencies, office vacancy rates, manufacturing sector productivity, and R&D expenditures. Additionally, it explores the highest degree obtained and median household income in various counties.

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The Economic Outlook for Connecticut: Trends, Employment, and Migration

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  1. The Economic Outlook for ConnecticutRae D. RosenSenior Economist and Public Information OfficerFederal Reserve Bank of New YorkJanuary 3, 2003

  2. Employment Composition2001 Source: Bureau of Labor Statistics.

  3. Earnings by Industry2001 Source: Bureau of Economic Analysis.

  4. Median Household Income1999-2000 Average $ Maryland Alaska New Jersey Connecticut Minnesota U.S. Average $40,280 New York National Ranking Source : U.S. Census Bureau, Current Population Survey.

  5. Connecticut Net Migration Returns Returns Source: Internal Revenue Service, Statistics of Income

  6. Connecticut Migration Returns Returns Connecticut Out Connecticut In Source: Internal Revenue Service, Statistics of Income

  7. Net Domestic and International Migration April 1990 to July 1999 Source: U.S. Bureau of the Census, 2000.

  8. Percent of Workers That Commute from Outside Area of Residence New Jersey Connecticut Fairfield to Northern New Jersey 0.1% Northern New Jersey to Fairfield 0.9% Westchester to Fairfield 7.2% Fairfield to Westchester 3.7% Springfield to Hartford 1.1% Hartford to Springfield 0.7% NJ to NYC 7.7% NYC to NJ 2.5% NYC to Fairfield 2.3% Fairfield to NYC 0.8% Massachusetts New York Source: U.S. Census Bureau

  9. Second District Unemployment Rates Source: Bureau of Labor Statistics.

  10. Recent Trends in Regional EmploymentPercent change from 12 months earlier Percent Percent United States Connecticut Hartford Stamford Source: Bureau of Labor Statistics, FRBNY calculations.

  11. Business and Consumer Services EmploymentPercent change from 12 months earlier Percent Percent United States Massachusetts Stamford Connecticut Source: Bureau of Labor Statistics, FRBNY calculations.

  12. Growth in Service Jobs% change from November 2001 - November 2002 *Reported as a combined figure, change for the period is -0.2% **October data. Source: Bureau of Labor Statistics, Connecticut Department of Labor, FRBNY Calculations.

  13. Health and Social Services EmploymentPercent change from 12 months earlier Percent Percent Hartford United States Connecticut Massachusetts Source: Bureau of Labor Statistics, FRBNY calculations.

  14. Wages and SalariesPercent change from 4 quarters earlier Percent Percent New York Connecticut United States Source: Bureau of Labor Statistics, FRBNY calculations.

  15. Personal IncomePercent change from 4 quarters earlier Percent Percent Massachusetts Connecticut New York United States Source: Bureau of Labor Statistics, FRBNY calculations.

  16. Consumer Price IndexPercent change from 12 months earlier Percent Percent United States - Services United States New York and Northeastern New Jersey United States - Durable Goods Source: Bureau of Labor Statistics.

  17. Home PricesPercent change from 4 quarters earlier Percent New Jersey Percent New York United States Connecticut Source: Office of Federal Housing Enterprise Oversight.

  18. Percent of Residential Mortgage Loans with Installments 90 Days Past Due Percent Percent New Jersey New York United States Connecticut Source: Mortgage Bankers Association

  19. Percent of Residential Mortgage Loans in Foreclosure Started During the Quarter Percent Percent New Jersey New York United States Connecticut Source: Mortgage Bankers Association

  20. Office Vacancy RatesQuarterly Percent Percent Metropolitan Stamford Downtown NYC Northern New Jersey United States-Metropolitan Metropolitan NYC Source: Coldwell Banker.

  21. Output per Employee in Manufacturing Sector Connecticut United States New York Massachusetts Source: Bureau of Economic Analysis, FRBNY calculations.

  22. Top 5 States by R&D Expenditures 1999 Connecticut Massachusetts New Jersey New York Michigan California Source: National Science Foundation, 1999

  23. Industrial R & D Concentration Percent of Gross State Product The Top 20 states take more than 80% of the total for R&D Percent Source: National Science Foundation, 1999; Bureau of Economic Analysis; FRBNY Calculations

  24. Top Five States for R&D Funding 1999 Source: National Science Foundation, FRBNY Calculations

  25. Highest Degree ObtainedPercent of population 25 years old and older Source: U.S. Bureau of the Census, 2000.

  26. Median Household Income and Higher Education Fairfield County Stamford City Westchester County Hartford County New Haven County Suffolk County (Boston) New York City (five boroughs) Kings County (Brooklyn) Bronx County Hartford City Percent of Population Age 25 and above with a Bachelor’s Degree or higher Source: U.S. Census Bureau, Census 2000 Note: Data are for counties, except where noted

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