(WTNH) — University of New Haven professor Brian Marks explains the economic outlook for 2018.
The economic forecast for the new year is mixed. Connecticut is not growing as fast as other states but some indicators are better than they were in 2017.
Connecticut’s recovery lags the other New England states. Connecticut has yet to achieve unemployment numbers pre-recession. According to Marks, to extent our unemployment numbers are improving, we appear to be trading higher paying jobs for lower paying jobs.
Three big companies are leaving Connecticut: GE, Aetna, Alexion. Marks says they are not leaving for cheaper locations but for “hipper” more innovative places. Stanley Black and Decker’s plan to expand in Hartford may be the future for Connecticut. Marks says it could advance manufacturing technology
People aged 24 to 34 are leaving Connecticut, leaving us with older population. Marks says Connecticut has to work to keep the young people in the state.
Unknowns for our future include the new federal tax plan and Connecticut’s own budget. Marks says the Federal tax plan will affect Connecticut strongly and will decrease housing prices and increase tax bills for our residents.