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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 through this link or by clicking the photo attached to this article.

Paul Alexander September 17, 2012 at 01:02 PM
There is a BIG assumption in this article....That the Connecticut economy has bottomed and that Connecticut job losses have peaked.
Claudia Cooper September 18, 2012 at 10:48 AM
Oh, so people like me in their 50s might as well just hang it up and forget about ever getting a job again.

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