The latest results from the InformCT Consumer Confidence Survey are out and what we’re seeing is a tale of two sentiments. Our respondents from the fourth quarter of 2017 are telling us that they are not feeling confident about overall business conditions. Only 20 percent of our respondents said that they think the state’s economy is improving.
I want to wish a happy new year to the growing global economy. Economic activity for the world as a whole is increasing, with global growth projected at almost 4% in 2018. Deflation fears are ebbing, central banks have been able to pull back without spooking markets, and many countries (in particular Europe, Brazil, China, Japan) are holding steady with some modest economic growth. There are international security threats, especially with North Korea, and the growing number of cybersecurity breaches have people and companies on edge, but all in all the expectations for the global economy are very positive.
‘Tis the season—for love, for sharing, and in some cases, for accumulating more “stuff.” As a mom of two young children, this accumulation seems to have grown in recent years. As boxes arrive in the mail, our once-spacious living room starts to feel tight as open space is gradually filled with books, stuffed animals, and monster trucks. While my husband wonders aloud if it’s time for a bigger house, the economist in me wondered how much all of this “stuff” really costs us.
I moved to Connecticut a little over two years ago to take my job at CERC. To be honest, I had never even considered Connecticut as a potential residence – I wasn’t interested in an insurance or finance job, and the most I knew about the state came from episodes of “30 Rock” and “Mad Men.” Moving up here, after 12+ years of urban living in Baltimore and DC, was an adjustment, of course, with my new state’s suburban and car-centric lifestyle.
“The Only Thing That Is Constant Is Change” ― Heraclitus
Even Heraclitus, the Greek philosopher who lived around 500 B.C., spoke of the always-changing world. And today’s economy is no exception.
Last week, I had the pleasure of talking with members of the Connecticut & Western Massachusetts Chapter of the Society of Industrial and Office Realtors® and presenting an economic outlook at their Fall Meeting. We had a lively discussion about global and national economic trends and how they are impacting Connecticut’s economy.
As one of the key industries in Connecticut and nationwide, aerospace plays a vital role in the local and national economy. A breakdown of its top suppliers shows the industry sources most of its inputs from within the state. There are outliers, more than half of its management services, electronic product and metal are purchased from outside of Connecticut.
The economic woes of retailers in recent years are no secret. CNN Money reports that at roughly the half-way point (through June 20), 2017 has seen more than 5,300 retail closings nationwide--more than any year except 2008, the heart of the recession.
There has been a lot of press lately about the estimated population growth – and lack thereof – of towns and cities in Connecticut as well as the differences in growth rates between cities and suburbs nationally.
Thoughts on the recent release of the 1Q 2017 Connecticut Consumer Confidence Survey from Alissa DeJonge, Vice President of Research here at CERC.
“Mommy, can I wear my dress to the playground tomorrow?” “No, wait when the real spring comes.” a women in her sweater replied. This was early April in Connecticut.
When the “real” spring arrives during the Easter weekend, warm air in the outdoors finally greets the Nutmeggers. With the state’s strong push toward tourism in Connecticut, how does tourism industry look, especially in the spring?