economy

Redevelopment
7:27 am
Fri October 25, 2013

Hartford Pays for More Apartments at Colt

Hartford Mayor Pedro Segarra announced a plan to borrow $5 million and build more apartments at the former Colt factory.
Credit David Panagore

More apartments are in the works for the city of Hartford, as the city has agreed to borrow $5 million to build 79 more units at the historic Colt Gateway complex.

The Colt is the structure with the blue onion dome just off I-91 in Hartford. And it was once home to the Colt Patent Firearms Manufacturing Company, which made “the guns that won the West.” 

Read more
Where We Live
12:00 am
Thu October 24, 2013

After the Shutdown: Democracy and Economic Policy

Michael Lynch
Chion Wolf

UConn Philosophy professor Michael Lynch wrote in a recent New York Times opinion piece, that we’re living in a “dangerous political moment.” Not just because of the shutdown of the federal government and the near default on the nation’s debts, but he writes: “The real damage is caused by the idea that that our current democratic form of government should be shuttered.” That a large segment of the population might think government really is a bad idea. 

Read more
Defense
7:15 am
Wed October 23, 2013

United Technologies Beats Street, But Sees Defense Downside

Credit DanielPenfield / Creative Commons

United Technologies reported a boost in third quarter earnings of 13 percent, at $1.55 per share, beating analysts' expectations. The Hartford-based conglomerate trimmed its full-year revenue estimates, however, because of the government shutdown and cuts in military spending.

Read more
Real Estate
11:08 am
Mon October 21, 2013

Existing Home Sales Dip After Hitting 4-Year High

A sold sign in Chicago earlier this year.
Scott Olson Getty Images

There were 1.9 percent fewer existing homes sold in September than in August, the National Association of Realtors said Monday.

Read more
Earnings
1:29 pm
Fri October 18, 2013

General Electric Reports Fallen Profits, But Record Backlog

The afterburner of a General Eletric J79 turbojet engine. The company reports a large order backlog helping to offset a slump in profits in the third quarter.
Credit Threecharlie / Wikimedia Commons

General Electric saw a fall in third quarter profits, but investors sent shares up anyway, because of a record backlog of orders for the company.

Fairfield-based GE is considered a bellwether for the U.S. economy because of its wide reach across many industries. In the third quarter, profits fell by 18 percent to just over $3 billion, brought down by a fall in revenues at GE Capital, the conglomerate’s finance arm. The numbers were also hit by the expense of foreign currency transactions.

Read more
Earnings
4:50 pm
Thu October 17, 2013

Stanley Black & Decker Sees Shutdown Impact

Credit TT Zop / Wikimedia Commons

Stanley Black & Decker has lowered its profits forecast for the full year, saying that the real economic impact from the government shutdown is one factor in its prediction.

Read more
Congress
7:00 am
Thu October 17, 2013

Congress Approves Bill To End Government Shutdown, Avert Default

Speaker of the House John Boehner pumps his fist after leaving a meeting of House Republicans at the U.S. Capitol on Wednesday.
Win McNamee Getty Images

Originally published on Thu October 17, 2013 12:32 am

Bringing to an end an episode that once again exposed Washington gridlock at its worst, the House approved a Senate deal that will end a 16-day federal government shutdown and avert the first government default in U.S. history.

The 285-144 vote came at the eleventh hour, after weeks of partisan bickering and a very public airing of deep divisions within the Republican party. President Obama signed the bill into law after midnight Thursday.

Read more
National Debt
8:21 pm
Wed October 16, 2013

As It Happened: The Fight Over The Debt Ceiling, Shutdown

Senate Minority Leader Sen. Mitch McConnell, R-Ky., walks to the Senate floor after agreeing to the framework of a deal to avoid default and reopen the government, on Capitol Hill on Wednesday.
Carolyn Kaster AP

Originally published on Wed October 16, 2013 10:23 pm

Update at 10:18 p.m.: House Approves Bill:

The crisis is over. With about two hours before the country reached the debt ceiling, the House has approved the bill and it is now it's way to the White House. We've posted separately on that development and we are putting this live blog to bed.

Our Original Post Continues:

Read more
Economy
2:35 pm
Wed October 16, 2013

State Regulation Under Review

Governor Dannel Malloy during a visit to WNPR.
Credit Chion Wolf / WNPR

Connecticut is preparing to undertake a searching review of state regulations. Governor Dannel Malloy sees it as a way to kickstart economic growth.

Read more
Government Shutdown
8:44 am
Wed October 16, 2013

When Will The Government Run Out Of Money?

Quoctrung Bui

Originally published on Wed October 16, 2013 12:19 pm

In the course of any given month, the government collects billions of dollars in taxes, spends billions more, and borrows money to cover the difference between what it collects and what it spends.

If Congress doesn't raise the debt ceiling soon, the government won't be able to borrow money to cover the difference anymore and won't be able to pay all of its bills.

Read more
Stock Market
9:45 am
Mon October 14, 2013

Economics Nobel: Nobody Knows What Stocks Are Going To Do Today

The Nobel Foundation

If you want to honor today's Nobel laureates in economics, turn off CNBC and ignore everyone who says they know what the stock market is going to do today, tomorrow, or next week.

The award went to three economists — Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller — for their work studying asset prices.

Read more
Another Nobel Comes to New Haven
7:17 am
Mon October 14, 2013

Yale's Shiller Shares Nobel Economics Prize

Robert Shiller
Credit M. Hager. © World Economic Forum swiss-image.ch via Wikimedia Commons

Americans Robert Shiller, Eugene Fama, and Lars Peter Hansen have won the Nobel Memorial Prize in Economic Sciences.

The Royal Swedish Academy of Sciences on Monday honored the three "for their empirical analysis of asset prices." The Nobel committees have now announced all six of the annual $1.2 million awards for 2013.

Read more
National Debt
4:13 pm
Thu October 10, 2013

Treasury Secretary: Debt Default Would Have Dire Consequences

Treasury Secretary Jack Lew testifies during a Senate Finance Committee hearing on Thursday.
Mark Wilson Getty Images

Originally published on Thu October 10, 2013 1:49 pm

Treasury Secretary Jacob Lew urged lawmakers on Thursday to raise the government's borrowing limit or face the prospect of causing lasting damage to the U.S. economy.

Read more
Housing
3:44 pm
Thu October 10, 2013

Boost in Connecticut Home Sales During August

A house in Clinton.
Credit Doug Kerr / Flickr Creative Commons

August saw a big boost in home sales in Connecticut, with 2,893 homes sold that month. It's the highest number of single family homes sold for that month in six years, up ten percent from the same month in 2012.

Read more
Income Inequality
2:16 pm
Thu October 10, 2013

If You Think Wealth Disparity Is Bad Here, Look At Russia

Prospective clients walk past yachts during the Millionaire Boat Show at the Royal Yacht Club in Moscow on Sept. 3, 2011. A new report says Russia has the highest rate of inequality in the world – barring some small Caribbean islands.
Sergei Karpukhin Reuters /Landov
Read more
White House
5:50 pm
Wed October 9, 2013

Obama Nominates Janet Yellen To Head Federal Reserve

President Obama claps during a press conference to nominate Janet Yellen to head the Federal Reserve in the State Dining Room at the White House on Wednesday.
Win McNamee Getty Images

Originally published on Wed October 9, 2013 4:49 pm

Saying "American workers and families will have a champion in Janet Yellen," President Obama officially nominated her to chair the Federal Reserve, once Ben Bernanke completes his term in January.

Yellen "is the kind of person who makes everybody around her better," Obama said, adding that Yellen is "extremely well qualified" and "renowned for her good judgement."

Obama made the announcement at the White House on Wednesday, flanked by Yellen and outgoing Fed chief Ben Bernanke. If confirmed, Yellen will be the first woman to head the American central bank.

Read more
Government Shutdown
3:54 pm
Wed October 9, 2013

How The Shutdown Is Hurting The Housing Market

If interest rates go up due to the fear or reality of a debt default that would have major consequences for real estate sales.
Steven Senne AP

Originally published on Thu October 10, 2013 8:57 am

As with so many other types of economic activity, the government shutdown is causing more fear than actual harm in the housing market thus far.

But that doesn't mean things won't start going wrong in the very near future.

Various federal agencies play greater or lesser roles in real estate transactions. With most of them sidelined, simple matters such as closing on mortgages are becoming more complicated.

Read more
Economy
5:44 am
Wed October 9, 2013

Treasury Officials Mull Credit Default Solutions

The Treasury Department says it will begin running out of money to pay its bills by Oct. 17, if the partial government shutdown isn't over by then. That prospect worries the financial markets. Treasury debt plays a fundamental role in the global economy, and economists agree that a debt default would have dire consequences. But some Republicans insist that a default doesn't have to happen.

Patents
9:53 am
Tue October 8, 2013

Three Connecticut Companies are Listed World's Most Innovative

United Technologies Corporation headquarters in Hartford. UTC is one of the companies named most innovative.
Credit DanielPenfield / Creative Commons

Three Connecticut companies made the list of the world's most innovative companies. The ranking comes from Thomson Reuters, which issues an annual list of the top 100 global innovators.

Read more
U.S. Debt
5:48 pm
Mon October 7, 2013

In A Debt Crisis, U.S. May Have To Decide Payment Priorities

House Republicans have proposed directing the Treasury Department to pay bondholders first if there is not enough money available to pay all the nation's debts.
Carolyn Kaster AP

Originally published on Wed October 9, 2013 12:02 pm

The government is just 10 days away from defaulting on its debt. Treasury Secretary Jack Lew has said that by Oct. 17, the department will likely have less money on hand than it needs to pay all its bills.

"The reality is that if we run out of cash to pay our bills, there is no option that permits us to pay all of our bills on time, which means that a failure of Congress to act would for the first time put us in a place where we're defaulting on our obligations as a government," Lew said on NBC's Meet The Press on Sunday.

Read more
Rose City Recognition
2:04 pm
Fri October 4, 2013

One of America's Great Neighborhoods -- in Norwich?

Main Street in historic downtown Norwich, Connecticut.
Credit Marc N. Belanger / Wikimedia Commons

The Rose City is in good company.

The downtown neighborhood of Norwich, Connecticut was designated as one of the Top 10 Great Neighborhoods in the country by the American Planning Association.

Read more
Jobs
9:07 am
Thu October 3, 2013

Jobless Claims Stay Near Six-Year Low

There were 308,000 first-time claims for unemployment insurance filed last week, up 1,000 from the week before, the Employment and Training Administration reported Thursday morning.

That means claims continue to run at a relatively low rate that until recent weeks hadn't been seen since the spring of 2007 — six months before the start of the 2007-09 recession.

Read more
Government Shutdown
9:44 am
Mon September 30, 2013

Connecticut Braces for a Failed Budget Deal

Credit Chion Wolf / WNPR

Connecticut's budget office is working with state agencies to prepare for a possible shutdown of the federal government. In a letter last week to agency heads, Office of Policy and Management Secretary Benjamin Barnes said if Congress fails to reach a budget deal, there could be "significant impact" on staff and programs that rely on federal funding.

Read more
Congress
11:42 am
Fri September 27, 2013

President To GOP: Don't 'Burn Down The House' Over Obamacare

House Republicans have insisted that a spending bill contain language defunding Obamacare.
Win McNamee Getty Images

Originally published on Fri September 27, 2013 6:32 pm

Update At 3:50 p.m. EDT.

President Obama on Friday praised the Senate for passing a spending bill to keep the federal government operating and called House GOP efforts to tie approving the measure to defunding the Affordable Care Act "political grandstanding."

He said that despite Republican hopes that Obamacare will be repealed, "That's not going to happen," accusing Republicans of threatening to "blow up the entire economy."

No one has the right to precipitate such a crisis, he said, "just because there are a couple of laws you don't like."

Read more
Business
2:07 pm
Thu September 26, 2013

State Loan for KAYAK as HQ Moves to Stamford

Paul English, co-founder of KAYAK.
Credit Bill O'Donnell / Wikimedia Commons

Online travel site KAYAK will move its headquarters to Stamford, with the help of a $2.5 million state loan. KAYAK is already headquartered in Norwalk, Connecticut, and was recently acquired by the state's other online travel giant, Priceline.com.

Read more
Local Trade with Australia
4:18 pm
Wed September 25, 2013

State Trade Mission Charms Aussies With 'Made in Connecticut' Products

Officials at a trade mission in Sydney included one dressed as Nathan Hale.
U.S. Department of Commerce

Executives from several Connecticut companies, along with U.S. Department of Commerce officials from Middletown, are on a trade mission in Australia this week to promote exports, inbound investments and tourism. It’s all hands on deck. Officials dressed up as Mark Twain and Nathan Hale at “The Tastes and Sights of Connecticut” event, which kicked off the week-long visit.

Read more
Where We Live
11:19 am
Tue September 24, 2013

The Wheelhouse Goes Downtown

The next edition of "The Wheelhouse" focuses on the capital city.
Chion Wolf WNPR

We took our weekly political roundtable, The Wheelhouse on the road! We broadcast from a vacant storefront on Trumbull Street in downtown Hartford as part of the city’s iConnect project. The conversation started off with Mayor Pedro Segarra and reporters from the Hartford Courant and Hartford Business Journal joined in with their own questions for the mayor.

Read more
Small Business
4:47 am
Tue September 24, 2013

When It Comes To Businesses, How Big Is Small?

iStockphoto.com

Originally published on Wed October 16, 2013 4:41 pm

First in a series about small businesses in America.

Small businesses are celebrated and exalted as the hard-working, most deserving members of the political economy. They get tax breaks, and they're touted as the engines of job creation.

But a basic question: What is a small business? It turns out there is no one definition.

Classifications Of Small

Read more
Technology
1:37 pm
Mon September 23, 2013

Apple Sells 9 Million New iPhones In Opening Weekend

Apple says it has sold 9 million iPhone 5s and 5c models since their launch on Friday. Here, staff members at an Apple retail store in Beijing cheer a customer after he bought a new iPhone.
Andy Wong AP

Originally published on Mon September 23, 2013 3:29 pm

Sales of its new iPhone 5s and 5c models have surpassed other iPhone releases and exceeded initial supply, Apple says. The company says it has sold 9 million of the phones since their launch on Friday and that "many online orders" will ship in coming weeks.

"This is our best iPhone launch yet — more than nine million new iPhones sold — a new record for first weekend sales," Apple CEO Tim Cook said in a Monday press release. He added that "while we've sold out of our initial supply of iPhone 5s, stores continue to receive new iPhone shipments regularly."

Read more
Sustainable Dining
1:49 pm
Fri September 20, 2013

Conscious Diners Drive Up Demand For 'Farm-to-Chef'

Firebox executive chef Sean Farrell, at right. Even though organic, local ingredients are more expensive, business is booming. “We’ve seen a 20 percent growth across the board in sales throughout this full year,” Farrell said.
Sujata Srinivasan

This week was Farm-to-Chef week, as the Connecticut Department of Agriculture makes an effort to promote local produce at Connecticut restaurants. The state’s eateries report they are seeing more demand for locally-grown food.

Read more

Pages