What an economic odyssey 2001 turned out to be. The long streak of yearly
solid job growth finally came to an end. The newly released revised annual
average data confirmed that Connecticut nonfarm employment declined in 2001 by
0.6 percent, or 10,800 jobs, after having added jobs in the last eight years.
The revised data show that Connecticut's seasonally adjusted total nonfarm
employment peaked in July 2000, and rebounded somewhat in the beginning of 2001
before starting its descent. Since employment is a prominent measure of
recession and recovery, July 2000 likely marks the beginning of our current
recession. (In the article that follows this, "Employment Indicators: Is
the Connecticut Economy in a Recession?" the author of that article arrives
at another conclusion, working with data on the previous year's benchmark and
different criteria for recession.) Last year's downturn was marked by severe
job cuts in manufacturing and very weak employment growth in the services
industries. It marked the ninth recession, on an annual average basis, in
Connecticut since nonfarm employment estimation began in 1939. As the chart
below shows, the longest recession with the largest number of jobs lost
(-141,200, or 8.7 percent) occurred during the 1989-92 period (the years of
annual average employment decline are indicated in gray bars). The most severe
recession, in terms of percent changes, occurred towards the end of World War II
in 1944-45 when almost 15 percent of jobs were lost (-110,600).
There were other distressing economic indicators in 2001 that pointed to this
inevitable reversal of economic growth. The unemployment rate rose a full
percentage point to 3.3 percent last year, breaking four consecutive years of
decline. The labor force declined also, making it the largest percentage drop
since 1994. After steadily declining every year in the last decade, the number
of initial claims for unemployment suddenly rose sharply last year. The Hartford
help-wanted index dropped for the third consecutive year. The number of new
business starts suddenly fell last year, reversing five years of positive
trends, while the count of business terminations mounted. Also, the number of
major attraction visitors to our State shrank for the second year, as the air
passenger count declined over the year, particularly since the events of
September 11th.
Industries
Of the 10,800 jobs Connecticut lost over the year, the manufacturing industry
lost 9,400 (See chart below). After adding jobs in 1997 and 1998, manufacturing
backslid for the next consecutive three years. In fact, 2001's job loss was
the largest since 1993. Most of the layoffs were from fabricated metal,
industrial machinery, electronic equipment, and printing & publishing
manufacturers. Inflation-adjusted average hourly earnings of workers in
manufacturing also dropped in 2001 to $9.26 after peaking in 1999 at $9.39. Even
the revised Connecticut Manufacturing Production Index declined in 2001 by the
largest percentage since 1993.
Wholesale trade, retail trade, and transportation and public utilities (TPU)
industries also contributed to the overall employment decline in 2001. Wholesale
trade employment, after successive years of increases and peaking in 1998, has
fallen in the last three years. The State's deteriorating economic condition
became more evident when retail trade and TPU employment decreased last year for
the first time during the 1992-2001 period. The 2001 retail sales figure also
broke the positive growth trends of the past ten years.
Even the services industry, which had been adding over 10,000 jobs each year
in the past ten years, created only 2,400 new jobs last year, and was unable to
offset the heavy downsizing in the manufacturing sector this time as it had in
previous recessions. With the burst of the Internet "bubble," the
number of business services jobs, which had been rapidly growing up until 2000,
suddenly retreated last year. In addition, the construction industry was
affected by the impact of September 11 and the sinking economy, despite the Fed's
aggressive actions in lowering interest rates. This small but very sensitive
industry, which had been the fastest growing in the past five years, now showed
essentially zero growth.
The government, and finance, insurance, and real estate (FIRE) sectors also
added more jobs over the year. Continued expansion of the casinos bolstered the
local government sector, which helped to steadily increase overall employment in
government. FIRE's employment reached a ten-year high in 2001, and has been
gaining jobs in the last five years. Commercial banks and insurance carriers, in
particular, fared better over the year.
2001 Employment (000s) |
MID\LMA |
Bridgeport |
Danbury |
Danielson |
Hartford |
Low. Riv. |
N. Haven |
N. London |
Stamford |
Torrington |
Waterbury |
Total |
185.9 |
88.0 |
22.0 |
615.0 |
10.0 |
261.1 |
141.7 |
206.9 |
29.0 |
85.2 |
Con.&Min |
6.9 |
4.0 |
1.1 |
23.1 |
0.4 |
10.4 |
5.2 |
6.2 |
2.3 |
3.6 |
Mfg |
36.0 |
18.0 |
5.7 |
89.1 |
2.8 |
37.0 |
22.7 |
23.6 |
5.1 |
16.9 |
TPU |
7.9 |
2.9 |
0.5 |
27.6 |
0.4 |
15.9 |
6.3 |
9.8 |
0.4 |
3.8 |
Trade |
40.9 |
20.5 |
5.4 |
120.6 |
2.0 |
52.8 |
28.1 |
43.3 |
6.7 |
17.5 |
Whole |
8.6 |
3.0 |
1.0 |
27.5 |
0.4 |
12.6 |
2.7 |
9.9 |
0.6 |
3.0 |
Retail |
32.3 |
17.5 |
4.4 |
93.2 |
1.6 |
40.2 |
25.4 |
33.4 |
6.1 |
14.5 |
FIRE |
12.2 |
5.6 |
0.5 |
73.4 |
0.3 |
12.7 |
3.4 |
27.4 |
0.8 |
3.5 |
Serv |
60.8 |
25.6 |
5.4 |
181.5 |
3.2 |
96.9 |
36.8 |
77.9 |
10.0 |
27.2 |
Govt |
21.2 |
11.4 |
3.4 |
99.7 |
0.9 |
35.2 |
39.1 |
18.8 |
3.6 |
12.8 |
2000 to 2001 Employment Percent Changes |
Total |
-0.7 |
-1.6 |
1.4 |
-0.7 |
0.0 |
-1.0 |
0.6 |
-1.5 |
-0.7 |
-1.7 |
Con.&Min |
1.5 |
-4.8 |
10.0 |
0.9 |
0.0 |
-2.8 |
-3.7 |
-4.6 |
4.5 |
2.9 |
Mfg |
-2.2 |
-4.3 |
0.0 |
-2.0 |
-3.4 |
-3.4 |
-0.4 |
-6.0 |
-5.6 |
-5.1 |
TPU |
2.6 |
0.0 |
0.0 |
-1.8 |
0.0 |
-1.9 |
-8.7 |
-1.0 |
-20.0 |
2.7 |
Trade |
-2.9 |
-3.8 |
0.0 |
-3.0 |
0.0 |
-2.6 |
-0.4 |
-4.4 |
0.0 |
-3.3 |
Whole |
-9.5 |
-3.2 |
-9.1 |
-5.2 |
0.0 |
-6.7 |
0.0 |
-7.5 |
0.0 |
0.0 |
Retail |
-0.9 |
-3.8 |
2.3 |
-2.2 |
0.0 |
-1.2 |
-0.4 |
-3.2 |
1.7 |
-4.0 |
FIRE |
-3.2 |
0.0 |
-16.7 |
0.8 |
0.0 |
1.6 |
-2.9 |
2.2 |
-11.1 |
2.9 |
Serv |
1.0 |
-1.2 |
3.8 |
0.4 |
6.7 |
0.3 |
1.4 |
0.3 |
2.0 |
-0.4 |
Govt |
1.0 |
4.6 |
3.0 |
0.4 |
0.0 |
-0.6 |
3.4 |
0.5 |
0.0 |
-1.5 |
Labor Market Areas
In 2000, seven of the ten labor market areas (LMAs) in Connecticut added
jobs. Last year, however, the opposite was true - seven of the ten LMAs lost
jobs. As the chart to the left shows, the percentages of job decline ranged from
0.7 percent in the Torrington LMA to 1.7 percent in the Waterbury LMA. The
Danielson and New London LMAs were the only ones with positive employment growth
over the year, undoubtedly the result of the casino expansions.
Among the ten LMAs, the largest percentage job decline in construction
occurred in the Danbury area last year. All but the Danielson LMA (where there
was no change) experienced job losses in manufacturing over the year - the
largest percentage decline was in the Stamford area. Two of the areas - Danbury
and Waterbury - actually lost services jobs from a year ago. The 2000-2001
changes in employment in all the major industry divisions of each LMA are shown
in the table below.
From Here to Recovery
So, what about 2002? Will the current recession in the State and nation prove
to be short-lived? Many private economists now say that the current national
recession may already be over, based on various upbeat reports such as the
fourth consecutive monthly increase in the Index of Leading Economic Indicators
and the narrowing of the trade deficit. This would make the current downturn one
of the shortest and mildest on record.
As for Connecticut, this year is off to a good start with the seasonally
adjusted employment estimate for January showing an increase of 4,300 jobs over
the month. There are other encouraging signs of improvement in Connecticut's
economy, such as real personal income of residents, which continued to rise even
as employment fell last year. Despite the downturn in the State's overall
employment, housing permits for 2001 fared well by nearly keeping pace with the
2000 levels. New automobile registrations processed were just slightly down from
the record high in 2000. The number of air cargo tons bounced back from a
decline in 2000. Over $8.6 billion worth of Connecticut products were exported
to other countries in 2001, the largest amount in ten years and rising for the
second year. Despite the decrease in the corporate taxes, overall State revenues
rose, fueled by increases from the personal income tax and Indian gaming
payments.
Plus, there are some encouraging developments in the pipeline, which
hopefully will stop the decline in overall employment this year. Electric Boat
of Groton, which makes Navy submarines, is planning to add 500 more workers this
year for repair and overhaul work, which should help to slow the job decline in
the manufacturing sector. Raymour & Flanigan, a furniture chain, is opening
new stores, and new Home Depot stores will be built in Bloomfield and Bristol
and are expected to add about 850 new jobs in retail trade. The expansion of UBS
Warburg, a financial services firm in Stamford, will bring 500 additional jobs
in the FIRE sector. Also, the expansion is continuing for hotel, gambling and
shopping space at Mohegan Sun, which will involve another 500 new jobs. All
these may be hinting that the worst of the job loss is behind us.
If Connecticut's economy does turn around this year, then the current
recession could turn out to be the mildest the State has ever experienced. The
last recession with the smallest rate of job loss was back in 1982, when
employment fell by 0.7 percent.
The year 2001 will permanently become a chapter in American history books for
events that include the March recession and September 11. How soon our State's
and nation's economic recovery will come remains to be seen. One sure thing,
however, is that we are moving towards reviving the economy of Connecticut and
the United States of America.
Annual Revisions to Nonfarm Employment and Labor Force Estimates
Every year, nonfarm employment estimates are revised during the annual
"benchmarking" process. The benchmarking reanchors the sample-based
estimates to the universe levels, which account for approximately 98% of all
Connecticut nonfarm employment. This year the revised statewide employment level
for March 2001 was 12,100 lower than originally estimated, a downward revision
of 0.7 percent. March is used because it is the most recent month for which the
universe benchmark data are available when the revision process begins.
Somewhat less industry data detail is contained in this year's goods
producing industries employment tables, particularly for the smaller labor
market areas. This is due to a change in the basis on which employment estimates
are made. The survey methodology, which produces the employment estimates, is
transitioning from a quota sample to a probability sample. The probability
sample is optimally allocated to maximize the reliability of the statewide
estimates, shifting sample out of less densely populated areas into larger ones.
Additionally, the overall sample size has been reduced because a probability
sample is more expensive to maintain than the older quota sample, thus yielding
less detailed industry data. For more on probability sampling see the December
2000 Digest article, "Employment Estimating Methods Evolving."
Monthly labor force estimates, like the nonfarm employment estimates, are
considered preliminary and are also revised annually after the end of each
calendar year to correspond with the annual average of the findings from the
Current Population Survey (CPS), a monthly canvas of households throughout the
nation. Unlike the preliminary monthly estimates, which are produced using a
regression model designed by the U.S. Bureau of Labor Statistics (BLS), the
degree of statistical error can be calculated on the survey data, and is
smallest for annual averages. Therefore, the annual average estimates from the
CPS become the official estimates, and are used to replace the monthly
preliminary numbers. For 2001, the annual average unemployment rate for
Connecticut was revised upward by three-tenths of a percentage point, from 3.0
percent (based on the preliminary monthly data) to 3.3 percent. Monthly
estimates have been adjusted to reflect this change.
The revised series are available on line at http://www.ctdol.state.ct.us/lmi/
or by contacting the Connecticut Department of Labor, Office of Research at
(860) 263-6291.
Indicator \ Year |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
00 -> 01 |
NONFARM EMPLOYMENT (000s) |
Statewide |
Total, All Industries |
1,526.2 |
1,531.1 |
1,543.7 |
1,561.5 |
1,583.6 |
1,612.6 |
1,643.4 |
1,669.1 |
1,693.1 |
1,682.3 |
-0.6% |
Construction & Mining |
48.3 |
48.6 |
50.0 |
51.1 |
53.1 |
57.1 |
59.7 |
62.2 |
65.6 |
65.8 |
0.3% |
Construction |
47.4 |
47.6 |
49.3 |
50.4 |
52.4 |
56.3 |
58.9 |
61.4 |
64.8 |
64.9 |
0.2% |
Mining |
0.9 |
0.9 |
0.7 |
0.7 |
0.7 |
0.8 |
0.8 |
0.8 |
0.8 |
0.9 |
12.5% |
Manufacturing |
305.7 |
294.1 |
285.1 |
279.0 |
274.8 |
276.1 |
276.9 |
268.4 |
263.2 |
253.8 |
-3.6% |
Durable |
221.5 |
210.6 |
201.4 |
196.3 |
193.7 |
194.1 |
194.8 |
187.1 |
183.5 |
177.4 |
-3.3% |
Nondurable |
84.2 |
83.6 |
83.7 |
82.8 |
81.1 |
82.1 |
82.1 |
81.3 |
79.7 |
76.5 |
-4.0% |
Transportation & Public Utilities |
68.0 |
69.5 |
70.4 |
71.3 |
73.7 |
75.0 |
75.7 |
77.5 |
79.7 |
78.3 |
-1.8% |
Trade |
331.3 |
330.3 |
335.4 |
341.0 |
347.0 |
351.5 |
355.8 |
359.3 |
364.0 |
358.3 |
-1.6% |
Wholesale |
77.5 |
75.3 |
76.1 |
77.9 |
80.5 |
82.4 |
82.8 |
81.6 |
81.5 |
78.8 |
-3.3% |
Retail |
253.8 |
255.0 |
259.3 |
263.1 |
266.6 |
269.2 |
273.0 |
277.7 |
282.5 |
279.5 |
-1.1% |
Finance, Insurance, Real Estate |
142.4 |
139.8 |
135.6 |
132.5 |
130.2 |
132.1 |
136.5 |
140.1 |
141.4 |
142.5 |
0.8% |
Services |
423.1 |
438.1 |
449.9 |
465.7 |
482.0 |
495.0 |
511.0 |
526.5 |
537.2 |
539.6 |
0.4% |
Government |
207.4 |
210.7 |
217.2 |
220.9 |
222.8 |
225.7 |
227.8 |
235.1 |
241.8 |
244.1 |
1.0% |
Labor Market Areas |
Bridgeport |
176.0 |
175.7 |
178.0 |
178.9 |
179.8 |
184.3 |
186.3 |
187.3 |
187.2 |
185.9 |
-0.7% |
Danbury |
81.3 |
81.8 |
82.8 |
83.2 |
83.8 |
85.8 |
88.1 |
88.3 |
89.4 |
88.0 |
-1.6% |
Danielson |
17.8 |
18.2 |
18.8 |
19.6 |
20.3 |
19.9 |
20.4 |
21.1 |
21.7 |
22.0 |
1.4% |
Hartford |
588.3 |
585.5 |
586.5 |
584.5 |
590.2 |
597.8 |
603.9 |
612.9 |
619.3 |
615.0 |
-0.7% |
Lower River |
8.3 |
8.6 |
8.7 |
8.7 |
9.3 |
9.3 |
9.4 |
9.8 |
10.0 |
10.0 |
0.0% |
New Haven |
237.0 |
238.4 |
238.9 |
241.0 |
244.7 |
249.4 |
256.5 |
258.9 |
263.8 |
261.1 |
-1.0% |
New London |
121.7 |
124.1 |
128.4 |
131.6 |
132.6 |
136.2 |
137.6 |
140.4 |
140.8 |
141.7 |
0.6% |
Stamford |
179.3 |
183.6 |
185.2 |
190.4 |
196.1 |
201.5 |
205.6 |
208.7 |
210.0 |
206.9 |
-1.5% |
Torrington |
26.6 |
27.0 |
27.1 |
27.6 |
27.6 |
28.6 |
29.5 |
29.8 |
29.2 |
29.0 |
-0.7% |
Waterbury |
79.6 |
80.1 |
80.5 |
82.0 |
83.9 |
85.8 |
86.7 |
87.5 |
86.7 |
85.2 |
-1.7% |
UNEMPLOYMENT |
Labor Force (000s) |
1,819.5 |
1,784.4 |
1,737.3 |
1,711.1 |
1,718.5 |
1,722.6 |
1,706.6 |
1,708.4 |
1,746.5 |
1,717.6 |
-1.7% |
Employed (000s) |
1,680.8 |
1,672.6 |
1,640.6 |
1,616.9 |
1,619.8 |
1,634.8 |
1,649.3 |
1,654.5 |
1,707.1 |
1,661.3 |
-2.7% |
Unemployed (000s) |
138.7 |
111.8 |
96.8 |
94.3 |
98.7 |
87.9 |
57.3 |
54.0 |
39.3 |
56.4 |
43.5% |
Unemployment Rate |
7.6% |
6.3% |
5.6% |
5.5% |
5.7% |
5.1% |
3.4% |
3.2% |
2.3% |
3.3% |
|
Average Weekly Initial Claims |
6,094 |
5,334 |
4,998 |
4,795 |
4,345 |
3,902 |
3,743 |
3,723 |
3,426 |
4,928 |
43.8% |
Hartford Help Wanted (1987=100) |
25 |
29 |
33 |
34 |
35 |
36 |
36 |
33 |
32 |
22 |
-31.3% |
Insured Unemployment Rate |
3.91% |
3.53% |
3.39% |
3.10% |
2.80% |
2.31% |
2.06% |
2.00% |
1.77% |
2.35% |
|
MANUFACTURING ACTIVITY |
Average Weekly Hours |
41.7 |
42.1 |
42.8 |
42.8 |
42.5 |
42.6 |
42.7 |
42.4 |
42.6 |
42.5 |
-0.2% |
Average Hourly Earnings |
$12.46 |
$13.01 |
$13.53 |
$13.71 |
$14.01 |
$14.46 |
$14.83 |
$15.33 |
$15.70 |
$16.07 |
2.4% |
Average Weekly Earnings |
$519.58 |
$547.72 |
$579.08 |
$586.79 |
$595.43 |
$616.00 |
$633.24 |
$649.99 |
$668.82 |
$682.98 |
2.1% |
Production Index (1986=100) |
99.2 |
95.7 |
96.5 |
100.6 |
101.8 |
110.6 |
114.6 |
112.6 |
112.8 |
109.6 |
-2.8% |
INCOME (mil.$) |
Personal Income |
$93,779 |
$96,867 |
$99,788 |
$104,315 |
$109,354 |
$116,420 |
$124,971 |
$130,196 |
$139,305 |
$146,655 |
5.3% |
UI Covered Wages |
$49,131 |
$50,083 |
$51,621 |
$54,191 |
$57,198 |
$61,797 |
$66,347 |
$70,495 |
$76,167 |
$79,351 |
4.2% |
BUSINESS ACTIVITY |
New Housing Permits |
8,280 |
8,972 |
9,445 |
8,374 |
7,817 |
9,349 |
11,863 |
10,637 |
9,311 |
9,254 |
-0.6% |
Electricity Sales (mil kWh) |
26,742 |
26,931 |
27,887 |
27,851 |
28,387 |
28,432 |
28,956 |
29,791 |
29,917 |
30,699 |
2.6% |
Retail Sales (bil.$) |
$27.01 |
$28.47 |
$29.98 |
$31.23 |
$33.19 |
$35.54 |
$38.88 |
$40.58 |
$43.08 |
$42.65 |
-1.0% |
Construction Contracts (1980=100) |
215.0 |
176.3 |
196.7 |
200.8 |
183.4 |
222.7 |
322.0 |
308.8 |
315.1 |
306.8 |
-2.6% |
New Auto Registrations |
139,225 |
176,372 |
211,724 |
189,962 |
177,464 |
178,599 |
212,060 |
228,895 |
249,779 |
237,905 |
-4.8% |
Air Cargo Tons |
110,508 |
117,930 |
127,454 |
115,040 |
130,536 |
135,294 |
141,825 |
149,934 |
141,481 |
143,006 |
1.1% |
Exports (bil.$) |
$5.71 |
$6.33 |
$6.39 |
$6.55 |
$6.83 |
$7.06 |
$7.30 |
$7.23 |
$8.05 |
$8.61 |
7.0% |
Business Starts (SOS) |
NA |
NA |
NA |
13,694 |
14,145 |
17,682 |
20,113 |
21,999 |
23,825 |
22,831 |
-4.2% |
Business Terminations (SOS) |
NA |
NA |
NA |
2,880 |
2,984 |
4,328 |
4,500 |
4,651 |
5,265 |
6,173 |
17.2% |
STATE TAX COLLECTIONS (mil.$) |
Total All Taxes |
$5,765.2 |
$6,141.9 |
$6,424.1 |
$6,846.9 |
$7,258.2 |
$7,698.7 |
$8,237.6 |
$8,502.9 |
$8,982.3 |
$9,192.1 |
2.3% |
Corporate Tax |
$663.6 |
$719.3 |
$698.9 |
$750.1 |
$669.4 |
$639.5 |
$628.1 |
$573.9 |
$591.4 |
$474.7 |
-19.7% |
Personal Income Tax |
$2,255.2 |
$2,475.5 |
$2,517.4 |
$2,646.7 |
$2,791.0 |
$3,083.9 |
$3,497.9 |
$3,727.8 |
$4,132.8 |
$4,550.3 |
10.1% |
Real Estate Conveyance Tax |
$51.7 |
$57.8 |
$62.4 |
$61.2 |
$67.4 |
$85.2 |
$97.6 |
$109.7 |
$112.5 |
$111.0 |
-1.3% |
Sales & Use Tax |
$1,997.8 |
$2,100.5 |
$2,267.3 |
$2,400.8 |
$2,264.9 |
$2,410.5 |
$2,550.5 |
$2,683.0 |
$2,839.1 |
$2,824.6 |
-0.5% |
Indian Gaming Payments |
NA |
$80.0 |
$129.8 |
$144.2 |
$166.9 |
$231.7 |
$276.2 |
$303.8 |
$327.1 |
$350.4 |
7.1% |
TOURISM AND TRAVEL |
Info Center Visitors |
NA |
NA |
397,296 |
538,535 |
545,026 |
550,958 |
605,939 |
602,013 |
620,119 |
659,729 |
6.4% |
Major Attraction Visitors (000s) |
1,844.8 |
1,843.1 |
1,856.7 |
1,930.1 |
1,648.9 |
1,752.4 |
2,017.7 |
2,083.0 |
1,990.2 |
1,845.4 |
-7.3% |
Air Passenger Count (000s) |
4,579.5 |
4,570.7 |
4,662.5 |
4,998.0 |
5,377.8 |
5,421.9 |
5,636.5 |
6,335.8 |
7,338.7 |
6,888.0 |
-6.1% |
Indian Gaming Slots (mil.$) |
NA |
$2,986 |
$5,692 |
$7,278 |
$9,221 |
$12,211 |
$13,906 |
$15,188 |
$16,079 |
$17,159 |
6.7% |
* 2001 total is estimated by Connecticut Department of
Labor; NA: Not Available |
The latest first quarter 2002 Business Climate Index, released by the DECD,
decreased slightly to 66.4, from 69.0 in the fourth quarter 2001 survey. The
Index has a maximum score of 100, meaning that all businesses in the state are
completely confident. The score of 66.4 indicates that two thirds of Connecticut
businesses are confident with current economic conditions.
Connecticut businesses remain confident about the U.S. and Connecticut
economies, with the overall mean ranking on the one- to eight-point scale for
the U.S. economy at 4.87, and for the Connecticut economy, 5.05.
Just over two thirds (67%) are either very or somewhat confident in the U.S.
economy and about two thirds (65%) are either very or somewhat confident in the
Connecticut economy, over the next few years. An even larger majority of
businesses continues to express confidence in their own business with 77% of
businesses saying they are either very (47%) or somewhat (30%) confident in
their future.
Compared to other states, a majority of businesses feel that Connecticut is
about the same or a better place to run their business, with 80% or more rating
Connecticut as better or about the same as other states.
Commissioner James F. Abromaitis of
the Connecticut Department of Economic and Community Development today announced
that Connecticut communities authorized 601 new housing units in January 2002, a
29.2 percent decrease compared to January of 2001 when 849 units were
authorized. This decrease may be attributed to the one large complex of 341
units permitted in Stamford in January 2001.
The Department further indicated that the 601 units permitted in January 2002
represent a 5.5 percent decrease from the 636 units permitted in December 2001.
Clinton led all Connecticut communities with 26 units, followed by Vernon
with 22 and Danbury with 21 units. The Stamford Labor Market Area (LMA) recorded
the biggest reduction in authorized units in January (329), a 90 percent
decrease compared to a year ago. From a county perspective, all but Fairfield
(down 321 units) and Hartford (down 5 units) counties surpassed last year's
levels.
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