Connecticut’s urban areas remain among of the most economically productive areas in the world, even while they struggle to recover from the great recession. In fact a new study from the Brookings Institution pegs Hartford as having the second highest economic output in the country, and the fourth highest in the world.
The Global Metro Monitor takes the economic temperature of 300 major cities around the world. Greater Hartford lies fourth in the world in terms of gross domestic product per capita, a measure of how much economic value is produced compared to the size of a metro area, including corporate profits as well as personal incomes. Only Zurich, Oslo and San Jose rank higher. Bridgeport, whose metro area include Fairfield County, lies eighth.
But another story is told by the most recent data on recovery from 2014.
Turns out saving at the pump isn’t great for everyone.
Governor Dannel Malloy will have to order a second round of budget cuts for fiscal year 2015 after the falling price of petroleum has contributed to a $120.9 million deficit, an $89.3 million increase from last month.
Originally published on Wed January 14, 2015 8:17 pm
If you've traveled outside the U.S. recently, or sent your U.S.-made products abroad, you've probably noticed that the dollar is getting stronger. The stronger dollar is the sign of a healthier U.S. economy, but its strength has the potential to erode growth.
There are a number of factors behind the dollar's rise, says economist Jens Nordvig, a currency expert at Nomura Securities. The main one is the health of the U.S. economy.
Venezuelan President Nicolas Maduro is trying to persuade his fellow OPEC leaders to reduce oil production as the price of crude continues to slide and hurt the Venezuelan economy, which depends on oil for 95 percent of its export revenue.
Maduro was in Qatar this week, seeking billions to shore up his economy.
The price of gas was nearly $4.00 per gallon two years ago. Economists worried the rate would continue to rise, causing financial hardship on those with an already lean budget. What if it went to $5.00 a gallon? Well, those days are long gone.
Gas in Connecticut is around $2.50 a gallon and it's much cheaper elsewhere in the country.
But the higher rate also made people drive less and conserve more, and pushed higher fuel efficiency standards through Congress, nearly doubling the average fuel economy of new cars and trucks by 2025.
Originally published on Mon January 5, 2015 7:45 pm
Driven by higher tuition fees and tighter state funds, America's public colleges now get more money from their students than from all state sources. That's according to a report by the Government Accountability Office, which says tuition revenue reached 25 percent of the colleges' total in 2012.
The numbers are stark, with the GAO saying that from fiscal years 2003-2012, "state funding decreased by 12 percent overall while median tuition rose 55 percent across all public colleges."
Originally published on Mon January 5, 2015 6:45 pm
The price for a barrel of U.S. oil benchmark West Texas Intermediate fell below $50 Monday, matching levels seen in the spring of 2009. The drop is linked to both OPEC's boosted production and a stronger dollar.
Oil's latest fall came along with a dip on Wall Street, as the Dow Jones industrial average fell more than 330 points to finish at 17,501 — a drop of 1.86 percent that's also seen as a reaction to new instability in Europe.
Originally published on Mon December 29, 2014 12:13 pm
The economy was floored by the polar vortex early on in 2014 — plus, businesses and consumers were still a little dazed by a government shutdown and debt ceiling fight late in 2013.
Mark Zandi, chief economist at Moody's Analytics, says it all produced an anxious start to the year. "Yeah, a lot of worry, particularly because we had misstepped a few other times during the recovery," he says. "We had these false dawns when we really thought the economy was going to kick into gear and then we kind of fell back into the morass."
Originally published on Tue December 16, 2014 12:10 pm
New property tax rates have been set in Springfield, Massachusetts. For the first time in many years, the rates for both homeowners and business property owners have been reduced, as property values continue to recover from the Great Recession
Rhode Island's governor-elect Gina Raimondo has picked Connecticut Education Commissioner Stefan Pryor, a fellow Yale alum with experience leading economic-development efforts in New York and New Jersey, as her choice to be Rhode Island's first commerce secretary.
Originally published on Fri December 12, 2014 8:05 pm
A federal directive will go into effect Saturday making it easier for some Americans to come up with a down payment to buy a house.
The vast majority of home loans are guaranteed by the government-controlled mortgage giants Fannie Mae and Freddie Mac. The regulator in charge of Fannie and Freddie will allow first-time homebuyers to put down as little as 3 percent.
Originally published on Fri December 12, 2014 3:50 pm
The Great Recession has widened the wealth gap among white, black and Hispanic Americans, with median net worth in white households increasing to 13 times that for African-Americans, a new Pew Research Center study shows.
The study also shows that from 2007 to 2013, the wealth of white households has grown to 10 times that of Hispanic households.
The effort to turn Hartford's historic Colt gun factory into a national park is continuing.
A century and a half ago, the Colt complex was where Sam and Elizabeth Colt made the revolver. Now, it's a fundamental part of the country's industrial history, and supporters want to turn it and some of the surrounding neighborhood into a national park.
Originally published on Tue December 9, 2014 1:57 pm
Gasoline prices are at their lowest level in four years. The price at the pump in many states is almost a full dollar cheaper than it was last spring.
So some politicians think this is a good time to raise gasoline taxes. Several states are tired of waiting for Congress to fix the federal highway trust fund, so they're considering raising gas taxes themselves to address their crumbling roads.
Originally published on Fri December 5, 2014 4:23 pm
As 2014 winds down, you might want to save that calendar hanging next to the fridge.
Maybe even frame it.
After so many years of misery for the middle class, 2014 is now looking like the one that finally brought relief. The November jobs report, released Friday by the Labor Department, had blowout numbers showing a surge in job creation, an upturn in work hours and a meaningful boost in wages.
Originally published on Sun November 30, 2014 2:33 pm
Black Friday shopping at brick-and-mortar stores in the United States was down about 7 percent from a year ago, according to ShopperTrak, but more purchases on Thanksgiving Day nearly made up the difference. Meanwhile, online retailers recorded double-digit year-on-year increases in sales.
ShopperTrak says Friday store sales hit $9.1 billion, but that shoppers spent $3.2 billion on Thanksgiving — a 24 percent increase for sales on that day from over last year. Overall, it represented a 0.5 percent drop from last year.
Women’s position in the workplace in Connecticut has improved significantly over the last 15 years, according to a new report. But the study, commissioned by the Permanent Commission on the Status of Women, says too many disparities still remain, particularly for women of color.
Originally published on Thu November 6, 2014 6:41 pm
Several years ago, South Carolina had a problem: a shortage of skilled workers and no good way to train young people for the workforce. So at a time when apprenticeship programs were in decline in the U.S., the state started a program called Apprenticeship Carolina.
"We were really, really squarely well-positioned at the bottom," says Brad Neese, the program's director.
The two major candidates for Connecticut governor have clashed repeatedly in their debates over economic policy and jobs. But how far apart are they really in how they would tackle the pocketbook issues? Maybe not so far.