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Connecticut Economy Faces Uphill Climb

A UConn report says it will take years still for the state to regain the jobs lost in the last recession.

 

It could take Connecticut at least six more years to regain the jobs lost in the most recent recession, according to a new report in The Connecticut Economy, produced by the University of Connecticut.

The quarterly review of the state’s financial outlook also says that even by 2018 the state still may not recoup some of the tens of thousands of jobs it has lost in recent years because of the economy’s sluggish recovery.

“Economists expect tepid GDP growth as far as the eye can see, which would translate into exceedingly sluggish job gains in coming quarters,” the report states. “The real impediment to recovery has been the absence of public sector support for a convalescing economy, particularly nationally. Government jobs aside, Connecticut has (until the latest quarter) enjoyed a more robust recovery this time around than after the last two recessions.”

One of the bright spots in the state’s recovery is the housing market, the report says. Home prices in Connecticut increased 2.4 percent in the second quarter of 2012 while home sales and permits for new construction grew at double-digit rates over the last four quarters, the report adds.

You can view a PDF of the report above.

ric hossack September 17, 2012 at 05:43 PM
And our governor and democratic majority legislature continue to raise taxes on gasoline, food, etc. while giving millions to companies that don't need it [i.e. Bridgewater] and expecting the citizens to re-elect them to do it to us again and again. And let's get excited our houses increased in value by 2.4% after dropping by almost 40%.......WAKE UP PEOPLE !!!!!

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