Think of it as a very dim and quite possibly rancid looking silver lining. Because, that’s all I see when looking at this latest economic report.
Stamford Advocate reports that a new state Department of Labor survey listed all 50 states from best to worst in economic recovery. Connecticut, unsurprisingly, came in the bottom half of the list. Overall, we ranked 32nd.
However, this just so happens to be the state’s best showing in about six years. Crazy, huh? Our relatively low unemployment rates seemingly carried us across the finish line. Our average dropped from 9.1 percent to 5.1 percent since 2010. Making it the 34th best in the nation.
Although, one can argue we have such a low unemployment rate because no one really lives here anymore.
But, apples and oranges – moving on. Somehow our average wage earnings also bolstered our standing. Yeah, I did write an article yesterday about how Connecticut has the worst income growth in the nation.
So, hats off to Greenwich for keeping us afloat this year. And the rich continues to get richer… (No, seriously, our top 1 percent now attributes about 85 percent of overall income.) So, that’s why our state ranked 4th in the nation for highest salaries.
Anyways, this year’s survey claims Connecticut experienced about a 20 percent growth in key economic factors. So, somehow, we saw more businesses and workers move in, our unemployment rate go down, and salaries go up.
Hmmm. Makes total sense.
Overall, the state scored a 120.5, which trails the national average by 4 points. Connecticut Economic Digest called the recent ranking “encouraging.”
But, even they felt a lick of doubt that the good news is here to stay:
“However, with the ongoing state budget crisis, it remains to be seen if our state’s economy will improve by the end of this year.”
Out of the entire Northeast, Connecticut ranked 7th overall, just beating out Vermont and Pennsylvania. As for the state to beat: it’s New Hampshire. As if anyone had a doubt it’d be anybody else.
Still, how Rhode Island managed to score 2nd in the northeast is entirely baffling. But, that’s a Magic School Bus field trip into their economic engines for another day.
If you want to know which state had everyone beat, look no further than Colorado.
Anyways, do you think our economic recovery will speed up or slow down? Personally, since fewer states managed to beat their former rankings this year, I’m not completely optimistic.
45 states improved their economic standing from 2014 to 2015. But, from 2015 to 2016, that number dropped to just 29. So, there’s a strong possibility that even less states will make a strong finish in 2017.
Only time will tell.