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Connecticut Economic Digest: September 2003 issue
Greenwich Tops in Wages Again | Economic News | Business and Employment Changes | Housing Update

Greenwich Tops in Wages Again
By Jungmin Charles Joo, Research Analyst, DOL

Below are brief highlights from the latest annual average data prepared by the Connecticut Department of Labor's Office of Research.

Labor Force

Stamford continued to have the largest resident labor force of 65,837, while the smallest was in Union with 427 persons in 2002. All but eleven towns experienced increases in labor force from 2001. Among the State's largest cities, Bridgeport had the greatest increase in its labor force, up 4.6 percent over the year. Overall, the statewide labor force rose by 3.2 percent from a year ago.

Unemployment Rate

Hartford's 8.2 percent was again the highest unemployment rate last year, up from 6.6 percent in 2001. Sharon, once again, posted the lowest jobless rate in 2002 (1.2 percent). The statewide rate increased from 3.3 percent in 2001 to 4.3 percent in 2002.

Establishments

The total number of business establishments in Connecticut fell by 0.8 percent to 107,886 last year. Stamford continued to have the largest number of establishments, with 5,036 units in 2002, a decline of 1.7 percent over the year.

Employment

Last year's average statewide employment fell by 1.2 percent. Hartford, Bridgeport, New Haven, Stamford, and Waterbury were among 82 cities and towns that experienced employment losses over the year.

Wages

In 2002, the highest annual wage of $92,740 was paid to employees of firms located in Greenwich, a 4.6 percent decrease from the previous year. The statewide average was $46,848 per worker, a 0.2 percent decrease over 2001.

Data for previous years appeared in the July 1999, July 2001, and September 2002 issues of the Digest, which can be accessed through Connecticut Department of Labor's Web site, http://www.ctdol.state.ct.us/lmi/misc/ctdigest.htm

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Economic News

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BUSINESS AND EMPLOYMENT CHANGES ANNOUNCED IN THE NEWS MEDIA

Business and Employment Changes Announced in the News Media lists start-ups, expansions, staff reductions, and layoffs reported by the media, both current and future. The report provides company name, the number of workers involved, date of the action, the principal product or service of the company, a brief synopsis of the action, and the source and date of the media article. This publication is available in both HTML and PDF formats at the Connecticut Department of Labor Web site, http://www.ctdol.state.ct.us/lmi/busemp.htm.

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Housing Update
Year-to-date permits 2.4 percent below 2002 levels

Commissioner James F. Abromaitis of the Connecticut Department of Economic and Community Development (DECD) announced that Connecticut communities authorized 850 new housing units in August 2003, a 4.8 percent increase compared to August of 2002 when 811 units were authorized.

The Department further indicated that the 850 units permitted in August 2003 represent a 8.4 percent decrease from the 928 units permitted in July 2003. The year-to-date permits are down 2.4 percent, from 6,534 through August 2002, to 6,376 through August 2003.

The Stamford Labor Market Area (LMA) showed the largest number (40 units) and percentage increase (137.9%) of permits issued when compared to a year ago. Groton led all towns with 40 new units, followed by Norwalk with 27 and Vernon with 25. From a county perspective, only Hartford and New London counties had year-to-date gains of 14.1 percent and 8.2 percent respectively.

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Published by the Connecticut Department of Labor, Office of Research
Last Updated: October 2, 2003