Bridgeport-Stamford-Norwalk Area Local Market Report, Fourth Quarter 2020 Including the Impact of COVID-19 on the Local Economy Today's Market…

Total Page:16

File Type:pdf, Size:1020Kb

Bridgeport-Stamford-Norwalk Area Local Market Report, Fourth Quarter 2020 Including the Impact of COVID-19 on the Local Economy Today's Market… Bridgeport-Stamford-Norwalk Area Local Market Report, Fourth Quarter 2020 including the impact of COVID-19 on the local economy Today's Market… Median Price (Red Line) and One-year Price Growth $700,000 50% $600,000 40% $500,000 30% $400,000 20% $300,000 10% $200,000 $100,000 0% $0 -10% 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Local Price Trends Price Activity Stamford U.S. Local Trend Current Median Home Price (2020 Q4) $578,100 $311,000 1-year (4-quarter) Appreciation (2020 Q4) 39.0% 14.2% Prices continue to grow relative to last year 3-year (12-quarter) Appreciation (2020 Q4) 34.8% 26.1% 3-year (12-quarter) Housing Equity Gain* $149,300 $64,433 Gains in the last 3 years have extended the 7-year (28 quarters) Housing Equity Gain* $134,800 $114,100 trend of positive price growth after the recession 9-year (36 quarters) Housing Equity Gain* $184,800 $148,667 *Note: Equity gain reflects price appreciation only Stamford U.S. Conforming Loan Limit** $601,450 $765,600 Not all buyers have access to government- FHA Loan Limit $601,450 $765,600 backed financing in this market Local Median to Conforming Limit Ratio 96% not comparable Note: limits are current and include the changes made on January 1st 2020. Local NAR Leadership The Bridgeport-Stamford-Norwalk market is part of region 1 in the NAR governance system, which includes all of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The 2021 NAR Regional Vice President representing region 1 is Donna Cusson. Benefits of Ownership: Total Equity Appreciation Total Equity Accrued to Owner by Year and Quarter of Purchase $300,000 $250,000 $200,000 $184,798 $169,113 $150,000 $100,000 $50,000 $0 2007 Q4 2009 Q4 2011 Q4 2013 Q4 2015 Q4 2017 Q4 2019 Q4 Total Equity Gained** through 2020 Q4 from quarter in which home was of purchased Price Activity Stamford U.S. Local Trend 1-year (4-quarter) $169,113 $43,291 3-year (12-quarter)* $171,040 $76,934 Price appreciation and principle payments 5-year (20-quarter)* $196,877 $109,705 in the last 3 years have boosted total equity 7-year (28 quarters)* $188,692 $138,037 growth since the recession 9-year (36 quarters)* $251,535 $176,211 *Note: Equity gain reflects price and principle payments since purchase, prevailing 30-year fixed rate mortgage at time of purchase and a 10% downpayment. Downpayment is not included in total equity Drivers of Local Supply and Demand… Local Economic Outlook Stamford U.S. Not 12-month Job Change (Dec) -39,500 Comparable Emplyoment continues to decline and will Not weigh on demand in some areas 12-month Job Change (Nov) -37,800 Comparable Not 36-month Job Change (Dec) -41,000 Stamford's unemployment situation is worse Comparable than the national average and weighs on Current Unemployment Rate (Dec) 7.6% 6.7% confidence Year-ago Unemployment Rate 3.2% 3.6% Local employment growth is poor and 1-year (12 month) Job Growth Rate -9.6% -5.8% needs to improve Share of Total Employment by Industry Bridgeport-Stamford-Norwalk Area U.S. Natural Natural Resourc 3.3%Natural 12.1 Natural R5.5% Resources/M Resources/ ining/Constru #N/A #N/AMining/Con #N/A #N/A ct Construction struct Government #N/AGovernment #N/AManufacturi Construc 8.5% 5.5% 8.5% 3.3% Other 15.2% Manufacturin 11.1% ng Services ManufacturingOther 7.7% 28.7 Manufac 1.9% g 7.7% 3.8% Services Leisure & 1.9% Trade/Transporta 17.4% 64.7Hospitality Trade/Tr 14.4% 3.3%Leisure & Trade/Trans 8.9% InformationHospitality 3.2% 12portation/Uti Informa1.9% Trade/Transp 9.7% lities ortation/Utilit Financial Activ 9.5% 35.217.4% Financia14.4% ies 14.4% Prof. & Busine 16.1% 59.9 Professi14.4% Information Educational 3.2% Educ. &Educ. Heal t& 18.5% 68.8 & EducatiHealth o16.3% Financial Services Financial Information Leisure &Health Hos 9.7% 35.9 Leisure 8.9% Services Activities 16.3% Activities 1.9% Other Services 3.3% 12.4 Other S 3.8% 18.5% Prof. & 9.5% 14.4% Government 11.1%Business 41.2 96.7% Governm15.2%Professional 96.5% Services & Business #N/A #N/A 16.1% #N/A #N/AServices #N/A #N/A #N/A #N/A14.4% 12-month Employment Change by Industry in the Bridgeport-Stamford-Norwalk Area (Dec - 2020) Goods Producing NA Information -1,000 Natural Resources/Mining/Construction -1,300 Financial Activities -2,100 Natural Resources and Mining NA Prof. & Business Services -7,500 Construction NA Educ. & Health Services -6,200 Manufacturing 0 Leisure & Hospitality -6,300 Service Providing Excluding Government NA Other Services -5,200 Trade/Transportation/Utilities -4,000 Government -4,200 State Economic Activity Index Connecticut U.S. -8.6% -4.4% The economy of Connecticut is still in 12-month change (2020 - Dec) recession, but improved modestly from last -3.1% 1.0% month's -8.75% change 36-month change (2020 - Dec) New Housing Construction Local Fundamentals Stamford U.S. 12-month Sum of 1-unit Building Permits through The current level of construction is 5.1% 688 not comparable Dec 2020 below the long-term average Reduced construction will limit new supply 8-year average for 12-month Sum of 1-Unit 725 not comparable to the market, allowing demand to catch up Building Permits with inventory more quickly Construction is on the rise relative to last Single-Family Housing Permits (Dec 2020) 8.7% 14.5% year, suggesting that the local inventory has 12-month sum vs. a year ago stabilized Construction: 12-month Sum of Local Housing Permits (Historical Average Shown in Red Dashed Line) 1,000 900 800 700 600 500 400 300 200 100 0 State Total Foreclosure Rate vs. U.S Average (U.S. Average in Blue Dashed Line) 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Source: Mortgage Bankers' Association Affordability Long-Term Trend: Ratio of Local Mortgage Servicing Cost to Income (Local Historical Average Shown in Red, U.S. Average in Green) 30% 25% 20% 15% 10% 5% 0% 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Monthly Mortgage Payment to Income Stamford U.S. Ratio for 2020 8.5% 14.4% Historically strong and an improvement Ratio for 2020 Q4 8.7% 13.7% over the third quarter of 2020 Historical Average13.0% 18.0% More affordable than most markets Recent Trend - Local Mortgage Servicing Cost to Income (Historical Average Shown in Red Dashed Line) 16% 14% 12% 10% 8% 6% 4% 2% 0% 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 Median Home Price to Income Stamford U.S. Ratio for 2020 1.7 2.8 The price-to-income ratio has fallen and is Ratio for 2020 Q4 1.8 2.8 below the historical average Historical Average 2.0 2.7 Affordable compared to most markets Ratio of Local Median Home Price to Local Average Income (Local Historical Average Shown in Red, U.S. Average in Green) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 The Mortgage Market 30-year Fixed Mortgage Rate and Treasury Bond Yield 280 6.0% 240 5.0% 200 4.0% 160 3.0% 120 2.0% 80 40 1.0% 0 0.0% 2015 Q4 Q2 2016 Q4 Q2 2017 Q4 Q2 2018 Q4 Q2 2019 Q4 Q2 2020 Q4 Spread (left axis) 30-Year FRM (Right axis) In the fourth quarter of the year, the 30-year fixed rate hit an all-time low, as investors were skeptical about the recovery of the economy from the pandemic. According to the mortgage finance provider Freddie Mac, the 30-year fixed rate mortgage dropped to 2.76 percent in Q4 2020 from 3.70 percent a year earlier. However, mortgage rates are expected to rise in 2021. As COVID-19 vaccine becomes widely available and additional policy support is on track, the re-opening of businesses will likely put upward pressure to prices. Following the trend of the 10-year Treasury yield, mortgage rates will also increase, but only slightly. NAR is forecasting the 30-year mortgage rate to average 3.0% for the first half of 2021. REALTOR® Price Expectations REALTOR® Price Expectations for the Next 12 Months (U.S. Average in Blue Dashed Line) 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% Source: NAR REALTOR® Price Expectations Connecticut U.S. REALTORS® expect weaker price growth 2020 - Dec 0.0% 2.0% in Connecticut than in the U.S. in the next 12 months. Their price expectations for the local market remained at the same level as a Prior 12 months 0.0% 2.6% year ago. Geographic Coverage for this Report The Stamford area referred to in this report covers the geographic area of the Bridgeport-Stamford-Norwalk metro area as officially defined by the Office of Management and Budget of the U.S. Government. The official coverage area includes the following counties: Fairfield County More information on the OMB's geographic definitions can be found at https://obamawhitehouse.archives.gov/omb/bulletins_default/.
Recommended publications
  • Connecticut Statewide Freight Plan
    November 2017 Connecticut Statewide Freight Plan This page intentionally left blank. LIST OF ACRONYMS AHTD – Annual Hours of Truck Delay ATA – American Trucking Association BPA – Bridgeport Port Authority CIP – Capital Improvement Plan CMAQ – Congestion Mitigation and Air Quality Program CNG – Compressed Natural Gas COG – Council of Governments CPA – Connecticut Port Authority CRA – Connecticut Railroad Association CRFC – Critical Rural Freight Corridors CTDOT – Connecticut Department of Transportation CUFC – Critical Urban Freight Corridors CVISN – Commercial Vehicle Information Systems and Networks DECD – Department of Economic and Community Development DEEP – Department of Energy and Environmental Protection DMV – Department of Motor Vehicles EJ – Environmental Justice EPA – United States Environmental Protection Agency FAA – Federal Aviation Administration FAST Act – Fixing America’s Surface Transportation Act FHWA – Federal Highway Administration FMCSA – Federal Motor Carrier Administration FRA – Federal Railroad Administration FTA – Federal Transit Administration FTIP – Freight Transportation Improvement Program GIS – Geographic Information System GPS – Global Positioning Systems HCAADT – Heavy Commercial Average Annual Daily Traffic HHS – U.S. Department of Health and Human Services HOS – Hours of Service HSIP – Highway Safety Improvement Program ITS – Intelligent Transportation Systems LEP – Limited English Proficiency LRP – Long Range Plan MAP-21 – Moving Ahead for Progress in the 21st Century Act MPG – Miles Per Gallon MPH –
    [Show full text]
  • Connecticut Economic Outlook for 2011-2012: a Perspective from Sacred Heart University Students in Business Economics John F
    Sacred Heart University DigitalCommons@SHU WCOB Student Papers Jack Welch College of Business Spring 2011 Connecticut Economic Outlook for 2011-2012: A Perspective from Sacred Heart University Students in Business Economics John F. Welch College of Business Sacred Heart University, [email protected] Follow this and additional works at: http://digitalcommons.sacredheart.edu/wcob_sp Part of the Growth and Development Commons, and the Public Economics Commons Recommended Citation John F. Welch College of Business, "Connecticut Economic Outlook for 2011-2012: A Perspective from Sacred Heart University Students in Business Economics" (2011). WCOB Student Papers. Paper 5. http://digitalcommons.sacredheart.edu/wcob_sp/5 This Presentation is brought to you for free and open access by the Jack Welch College of Business at DigitalCommons@SHU. It has been accepted for inclusion in WCOB Student Papers by an authorized administrator of DigitalCommons@SHU. For more information, please contact [email protected]. 1 SACRED HEART UNIVERSITY John F. Welch College of Business CONNECTICUT ECONOMIC OUTLOOK FOR 2011-2012: A Perspective from Sacred Heart University Students in Business Economics Final Research Project for EC392 – Economic and Financial Forecasting Instructor: Dr. Lucjan T. Orlowski - Professor and Chair, Department of Economics and Finance Spring 2011 2 Outline: Nontechnical Summary by Christopher LeBeau, Joseph Lucibello 1. Outlook for the Real Economy of Connecticut by Brian Barrett 2. Labor Market Developments by Timothy Sadowski, Courtney Kidd-Kadlubek, Tyler Locatell 3. The Public Sector: Feasibility of Restoring Fiscal Discipline by Brian Peterson, Michael DeRose, Mehmet Sahan, Vincent Spevack, James Tsavaris 4. The Housing Market: Expecting a Rebound? by Matthew Choiniere, Adrianna Bianco, Lusiano Dadario, Mario Valenti, Agata Witelus 5.
    [Show full text]
  • Robinson Cole NUALANUALA E
    Case 1:17-cv-04843-ERK-RLM Document 32 Filed 04/02/18 Page 1 of 6 PageID #: 762 Robinson Cole NUALANUALA E. DRONEYDRONEY 280 Trumbull Street Hartford, CT 06103-3597 Main (860) 275-8200 Fax (860) 275-8299 [email protected] Direct (860) 275-8346 Also admitted in Massachusetts and New York By ECF April 2, 2018 Hon. Edward R. Korman United States District Judge Eastern District of New York United States Courthouse Room 918 Cadman Plaza East Brooklyn, NY 11201 Re: Rosado v. Pruitt, Case No. 17-cv-04843 (ERK)(RLM) Dear Judge Korman: Non-parties, the Connecticut PortPort Authority, the Electric Boat Corporation, the Connecticut Marine Trades Association, Cross-Sound Ferry Services, Inc., the SoutSoutheasternheastern Connecticut Council of Governments, the LowerLower Connecticut River Valley Council of Governments, the South Central Regional Council of Governments, and the Western Connecticut Council of Governments (collectively, the "Connecticut“Connecticut Amici")Amici”) respectfully submit this joint letter motion, on consent of all parties to this action (except ththatat Intervenor Plaintiff Town of Southold and the EPA Defendants take no position),1 forfor leave to: 1. Allow the Connecticut Amici to appear as amici curiae in support of the Defendants, United States Environmental Protection Agency ("EPA"),(“EPA”), E. Scott Pruitt, Deborah Szaro, and the Connecticut Department of Energy and Environmental Protection ("DEEP")(“DEEP”) (collectively, the "EPA“EPA Defendants"),Defendants”), in this administrative appeal. 2. Submit a joint amici curiae brief in connection with thethe EPA Defendants'Defendants’ forthcoming motion and cross-motion for judgment on the pleadings. 1 1 AmicusAmicus Town of Riverhead does not object to the Seven Connecticut Amici'sAmici’s request.
    [Show full text]
  • DOCUMENT RESUME ED 360 523 CE 064 258 TITLE Perspectives On
    DOCUMENT RESUME ED 360 523 CE 064 258 TITLE Perspectives on Education. INSTITUTION Connecticut State Councilon Vocational-Technical Education, Hartford. PUB DATE Apr 93 NOTE 43p. PUB TYPE Viewpoints (Opinion/PositionPapers, Essays, etc.) (120) EDRS PRICE MF01/PCO2 Plus Postage. DESCRIPTORS Adult Education; *CooperativePrograms; *Coordination; *EconomicDevelopment; Educational Policy; Educational Quality;Education Work Relationship; Employment Programs;Federal Legislation; Federal Programs;Integrated Curriculum; *Job Training; LaborForce Development; Postsecondary Education; Public Policy;Secondary Education; State Programs; Statewide Planning; *Vocational Education IDENTIFIERS *Carl D Perkins Voc andAppl Techn Educ Act 1990; Connecticut; *Job Training PartnershipAct 1982 ABSTRACT The Connecticut State Councilon Vocational-Technical Education made recommendations to improve education that wouldhelp students prepare for the work force. The council evaluatedthe following: its belief statement; the Connecticut economy; thestate's ability to support technical jobs; and education andtraining for work in Connecticut, including both the Carl Perkins Actand the Job Training Partnership Act (JTPA)programs and coordination of the two programs. The council's 18 recommendationsincluded the following: (1) the state should put more resources into informingdistricts about state-purchased appliedcurricula; (2) the Connecticut Department of Education should provide additional guidanceand support to school districts as they choose and put intouse technology,
    [Show full text]
  • Connecticut Aquatic Nuisance Species Management Plan
    CONNECTICUT AQUATIC NUISANCE SPECIES MANAGEMENT PLAN Connecticut Aquatic Nuisance Species Working Group TABLE OF CONTENTS Table of Contents 3 Acknowledgements 5 Executive Summary 6 1. INTRODUCTION 10 1.1. Scope of the ANS Problem in Connecticut 10 1.2. Relationship with other ANS Plans 10 1.3. The Development of the CT ANS Plan (Process and Participants) 11 1.3.1. The CT ANS Sub-Committees 11 1.3.2. Scientific Review Process 12 1.3.3. Public Review Process 12 1.3.4. Agency Review Process 12 2. PROBLEM DEFINITION AND RANKING 13 2.1. History and Biogeography of ANS in CT 13 2.2. Current and Potential Impacts of ANS in CT 15 2.2.1. Economic Impacts 16 2.2.2. Biodiversity and Ecosystem Impacts 19 2.3. Priority Aquatic Nuisance Species 19 2.3.1. Established ANS Priority Species or Species Groups 21 2.3.2. Potentially Threatening ANS Priority Species or Species Groups 23 2.4. Priority Vectors 23 2.5. Priorities for Action 23 3. EXISTING AUTHORITIES AND PROGRAMS 30 3.1. International Authorities and Programs 30 3.2. Federal Authorities and Programs 31 3.3. Regional Authorities and Programs 37 3.4. State Authorities and Programs 39 3.5. Local Authorities and Programs 45 4. GOALS 47 3 5. OBJECTIVES, STRATEGIES, AND ACTIONS 48 6. IMPLEMENTATION TABLE 72 7. PROGRAM MONITORING AND EVALUATION 80 Glossary* 81 Appendix A. Listings of Known Non-Native ANS and Potential ANS in Connecticut 83 Appendix B. Descriptions of Species Identified as ANS or Potential ANS 93 Appendix C.
    [Show full text]
  • State Economic Impacts of the University of Connecticut
    State Economic Impacts of the University of Connecticut Prepared by: Rigoberto A. Lopez, Mahdi Fallahi, and Steven Lanza Department of Agricultural and Resource Economics Department of Economics University of Connecticut Fall 2019 ECONOMIC IMPACTS OF THE UNIVERSITY OF CONNECTICUT EXECUTIVE SUMMARY This report ascertains and documents the significance of the University of Connecticut (UConn) to the State of Connecticut’s economy.1 Because UConn purchases goods and services from other industry sectors and hires local labor, its economic impacts cascade throughout the entire state economy. This study uses FY 2018 data on University operational and capital expenditures, employment, and labor income for the main and regional campuses (Storrs, Greater Hartford, Stamford, Avery Point and Waterbury) as well as UConn Health. It estimates the total economic impacts of the University as a whole and of each campus through the use of the IMPLAN input- output model, which channels UConn spending into statewide impacts on output, employment, labor income, and value added to the state economy. The analysis reveals that UConn’s FY 2018 total impact on the state’s economy was significant, as summarized by the following: • $5.3 billion impact on statewide economic output, generated directly from UConn and through spillover effects on other industries and households. • 26,000 jobs supported through $2.6 billion in labor income that accrues not just directly from UConn but also from business-to-business and household spending. • $2.8 billion in value added to the state economy—the best measure of UConn’s contribution to gross state product—given by the difference between the value of output and the cost of raw materials (i.e., money left in the hands of residents and businesses).
    [Show full text]
  • Of CONNECTICUT’S FOREST BASED ECONOMY 2015 North East State Foresters Association I
    the ECONOMIC IMPORTANCE of CONNECTICUT’S FOREST BASED ECONOMY 2015 North East State Foresters Association I. Introduction Thank you for taking time to learn about the econom- ic importance of Connecticut’s diverse forests. With close to 60% of its land area in forest, Connecticut ECONOMIC ranks sixteenth as the most heavily forested states in the nation. Many enjoy and appreciate our State’s woodlands for their beauty, recreation values, and private and public drink- ing water protection. We can thank the families and individ- uals who own over 70 percent of these woodlands for these Chris Martin, Connecticut State Forester benefits that contribute immensely to our quality of life. IMPORTANCE While most Connecticut woodland owners do not own their property for the sole purpose of forest product production, their individual decisions to sustainably manage and harvest some of their trees occasionally, collectively makes a significant contribution to Connecticut’s forest-based economy and acts as an incentive to retain ownership in its current-use. This analysis is but one of several identical studies conducted for each New England State CONNECTICUT’S and New York. The data therefore can be combined as a whole or by sub-region. This is an important consideration as the Northeast’s “wood basket” or as some might say “wood shed” extends beyond individual state borders, especially in Southern New England. In other words it is quite common for trees harvested in Connecticut to be manufactured into hardwood flooring, furniture, cabinetry, or fuel for heat or energy hundreds of miles away in other northeast states.
    [Show full text]
  • Board of Directors
    Board of Directors Meeting Date June 28, 2019 Board of Directors Mary Sotos Binu Chandy Deputy Commissioner of Energy, Deputy Director, DEEP DECD Betsy Crum Shawn Wooden Former Executive Director, Women’s Treasurer, State of Connecticut Housing Institute Thomas M. Flynn Matthew Ranelli, Secretary Managing Member, Coral Drive Partners LLC Partner, Shipman & Goodwin LLP Eric Brown Kevin Walsh Senior Counsel, CT Business & Industry GE Energy Financial Services’ Power and Association Renewable Energy John Harrity President, Connecticut State Council of Machinists June 21, 2019 Dear Connecticut Green Bank Board of Directors: We have a regularly scheduled meeting of the Board of Directors scheduled on Friday, June 28, 2019 from 9:00 to 11:00 a.m. in the Colonel Albert Pope Board Room of the Connecticut Green Bank at 845 Brook Street, Rocky Hill, CT 06067. On the agenda we have the following items: - Consent Agenda – review and approval of prior meeting minutes for April 26, 2019 and extension of previously approved C-PACE transactions. Also, included is a report-out for Q1 through Q3 of our Loan Loss Framework. - Committee Recommendations – the Budget & Operations Committee will be recommending the review and approval of the FY 2020 targets and budget for the Green Bank. We have provided a memo summarizing the key elements of the targets and budget, along with a cash flow analysis (coming June 25th). You will also see a memo that summarizes the progress made on our Sustainability Plan from the organizational restructuring that ensued following the “sweeps” in December 2017. And we will also propose an adjustment to the FY 2019 budget so that the budget to actuals better reflect the situation.
    [Show full text]
  • The Connecticut
    THE CONNECTICUT ECONOMIC DIGEST Vol.7 No.3 A joint publication of the Connecticut Department of Labor & the Connecticut Department of Economic and Community Development MARCH 2002 2001: A Recession Odyssey By Jungmin Charles Joo, Associate Research Analyst, DOL ARTICLES hat an economic odyssey Recession?" the author of that W 2001 turned out to be. The article arrives at another conclu- Economic Review of long streak of yearly solid job sion, working with data on the Year 2001 ................................... 1-5 growth finally came to an end. previous year's benchmark and First Quarter 2002 Business The newly released revised different criteria for recession.) Climate Index ............................... 7 annual average data confirmed Last year’s downturn was that Connecticut nonfarm em- marked by severe job cuts in ployment declined in 2001 by 0.6 manufacturing and very weak percent, or 10,800 jobs, after employment growth in the ser- having added jobs in the last vices industries. It marked the eight years. The revised data ninth recession, on an annual show that Connecticut's season- average basis, in Connecticut ally adjusted total nonfarm since nonfarm employment employment peaked in July estimation began in 1939. As 2000, and rebounded somewhat the chart below shows, the in the beginning of 2001 before longest recession with the largest ALSO INSIDE starting its descent. Since number of jobs lost (-141,200, or employment is a prominent 8.7 percent) occurred during the Housing Update.................................. 7 measure of recession and recov- 1989-92 period (the years of Economic Indicators ery, July 2000 likely marks the annual average employment of Employment ......................................
    [Show full text]
  • Public Comments Re E.O
    From: Randy To: DEEP ClimateChange Subject: Comments on Executive Order No. 3 Date: Friday, November 08, 2019 5:01:48 PM I hope to see more the governor more publicly 'connecting the dots' between decarbonization goals, green building, and community and economic development through socio-economic innovations and cross-sector synergies that help renew Connecticut's aging infrastructure, economic base, and resilience capacity. For example: Circular Economy (https://www.ceguide.org/Strategies-and-examples/Make/Dematerialization), WELL Building (https://www.wellcertified.com), B3 Benchmarking (https://www.b3mn.org), and Project Drawdown (https://www.drawdown.org). Through support for initiatives like these, Connecticut citizens and businesses may be inspired to both share and rebuild the wealth of our beautiful, renewable natural resource assets. By linking carbon-smart lifestyles with regenenerative environmental benefits and economic drivers, you will help assure Connecticut's sustainable, resilient future - and our state's positive contribution to the growing global commitment to restoring health to our small and fragile planet. Randall Anway, AIA New Tapestry, LLC PO Box 4066 Old Lyme, CT 06371 (203) 623-3156 (c) www.new-tapestry.com From: Kane, Leslie To: DEEP ClimateChange Subject: Public Participation Comments on GC3 Date: Wednesday, November 06, 2019 7:15:35 PM Attachments: image001.png Comments by Audubon Connecticut Leslie Kane, Managing Director Please accept these comments on a several of the questions for which you are seeking comment. 1. Which sectors and systems will be impacted by climate change and its related hazards and in what way? No comment 2. What additional science and data are needed to better understand and address the expected impacts of climate change on vulnerable communities and ecosystems in Connecticut? The National Audubon Society has just completed our latest report, Survival by Degrees.
    [Show full text]
  • Q3 2020 TEMPLATE.Xlsm
    New Haven-Milford Area Local Market Report, Third Quarter 2020 including the impact of COVID-19 on the local economy Today's Market… Median Price (Red Line) and One-year Price Growth $300,000 25% 20% $250,000 15% $200,000 10% $150,000 5% 0% $100,000 -5% $50,000 -10% $0 -15% 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Local Price Trends Price Activity New Haven U.S. Local Trend Current Median Home Price (2020 Q3) $280,000 $309,100 1-year (4-quarter) Appreciation (2020 Q3) 12.9% 11.6% Prices continue to grow relative to last year 3-year (12-quarter) Appreciation (2020 Q3) 1.0% 22.2% 3-year (12-quarter) Housing Equity Gain* $2,900 $56,167 Gains in the last 3 years have extended the 7-year (28 quarters) Housing Equity Gain* $53,700 $102,233 trend of positive price growth after the recession 9-year (36 quarters) Housing Equity Gain* $44,600 $139,867 *Note: Equity gain reflects price appreciation only New Haven U.S. Conforming Loan Limit** $510,400 $765,600 Most buyers in this market have access to FHA Loan Limit $331,760 $765,600 government-backed financing Local Median to Conforming Limit Ratio 55% not comparable Note: limits are current and include the changes made on January 1st 2020. Local NAR Leadership The New Haven-Milford market is part of region 1 in the NAR governance system, which includes all of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut.
    [Show full text]
  • 2010 Connecticut Maritime Economic Impact Study
    ECONOMIC IMPACT STUDY OF MARITIME INDUSTRIES IN CONNECTICUT Prepared for: Connecticut Maritime Coalition, Inc. P.O. Box 188 Stonington, CT 06378 Connecticut Department of Economic & Community Development 505 Hudson Street Hartford, CT 06106 Prepared by: Apex Companies, LLC 58H Connecticut Avenue South Windsor, CT 06074 FXM Associates 53 County Road Mattapoisett, MA 02739 February 2010 Economic Impact Study of Maritime Industries in Connecticut February 16, 2010 Connecticut Maritime Coalition, Inc., “Organizational Center for the Connecticut Maritime Cluster” www.ctmaritime.com Contents - Page 1 TABLE OF CONTENTS EXECUTIVE SUMMARY ............................................................................................................1 1.1 Study Purpose and Objectives .......................................................................12 1.2 Scope of Work, Focus, and Methodology ......................................................12 1.2.1 Primary and Secondary Sources ........................................................13 1.3 Background and History .................................................................................15 1.4 Report Organization ........................................................................................17 2.0 PLANNING CONTEXT..................................................................................................19 2.1 Connecticut Maritime Industry Stakeholder Interviews ................................19 2.2 National Marine Transportation System.........................................................25
    [Show full text]