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.
CT will be one of the first states to implode. If our current president is re-elected, then we may have 2 years. Unless this state and this country is ready and willing to make very tough choices, well, the credits will start rolling soon on this wonderful feature film named: "The United States of America". I'm not sure if we are willing to vote in the leaders that can save this ship. We are at a tipping point right now. The amount of people who want everyone else's wealth are out numbering the ones who produce the wealth...and the ratio is increasing. They is only so much wealth to take, it is not infinite. It's simple math. All the liberal states will go first, CT, CA and NY leading the way. Don't kid yourself.