With the 2019 Travelers Championship kicking off tournament play today, AdvanceCT’s Vice President of Research, Alissa DeJonge, welcomes guest Nathan Grube, the Tournament Director, to uncover interesting facts and statistics about Connecticut’s largest sporting event.
Now that schools around the state are finishing up the academic year and the first day of summer is tomorrow, it’s time to think about recreation and outdoor fun. However, every activity that we enjoy also has an effect on the economy. From movies to museums, and from beaches to boutiques, every purchase we make is a bonus to the tourism industry.
In this episode, Alissa DeJonge, Vice President of Research is joined by Mia Ying, AdvanceCT's Research Analyst to share recent research conducted on the Northeast states for a presentation given at the Merge Conference held by the Society for Marketing Professional Services.
As a transplant to Connecticut, I think my favorite time of year here is summer. Everyone talks about how beautiful the state is in the fall, as the foliage takes on those great colors, but I’ll take late spring into summer as everything turns green, the days just keep getting longer, and the temperatures keep going up.
In this episode, Alissa DeJonge and Courtney Hendricson sit down to share highlights from the recent workshop that they led, hosted by the Connecticut Conference of Municipalities, on how global and national trends are affecting Connecticut’s economy and real estate markets, and how uncertainty has implications for businesses and residents.
The retail industry has gone through a substantial transformation over the past decade, and it continues to evolve. Brick and mortar stores still dominate retail sales transactions. However, they are under siege from online competition, causing them to adopt strategies that involve creating unique customer experiences and making customer purchases easier. At the same time, the online threat is evolving; online stores are also working to increase market share, improve the customer experience, and increase profitability. Online retailers are looking for ways to offer more personalized assistance to shoppers, as a way to increase sales, and also decrease the amount of returns.
When the great recession in 2008 hit the economy, recently graduated students in addition to experienced professionals struggled to find jobs. One path to weather the economic storm was delaying entering the job market by continuing school, or going back to school, thereby waiting for a better labor market when the economy turned around. The result is a much more educated labor force today: the percentage with bachelor’s degrees or higher among the population of 18 years old and over increased from 25% in 2005-2009 to 28% in 2013-2017 for the US, and from 32% in 2005-2009 to 36% in 2013-2017 for Connecticut (US Census data, ACS 5-year estimates, 2009 and 2017; calculation by AdvanceCT)—more than a 10% increase from the pre-crisis level.
Such a change in the labor force brings potentially higher labor productivity, paving the road for long-term economic growth, while also contributing to a formidable student debt challenge in the US, which sows the seeds for the next recession. For better or worse, the following two maps take a more in-depth look at how higher education attainment level manifested during this period for each town in Connecticut.
The first map uses different shades to present, at the town level, the percentage with a bachelor’s degree or higher from the population 18 years old and over during the recent period of 2013-2017.
The second map shows the change in this measure from the pre-recession 2005-2009 period to the period of 2013-2017. A blue tone represents an increase from the pre-recession period, while a red tone represents a decrease.
Overall, the increasing trend in higher education rate at the national and state levels hold true across most towns in Connecticut, but not uniformly so—the same measure sees a decrease in many towns. This decrease could be driven by many factors such as local-level migration, decreasing state investments in public higher education—a question beckoning more exploration case-by-case.
The state’s budget issues have precipitated significant financial tightening for many municipalities and agencies across the state. This environment has generated renewed urgency to realize cost savings, while maintaining or increasing the level of service provided. Similarly, businesses that need to improve their performance need a decision-making process to determine where to most effectively spend limited resources.
While preparing an economic outlook for a recent edition of the Connecticut Economic Digest, Alissa DeJonge, AdvanceCT’s Vice President of Research, investigated global and national trends focused on several industries that are in transition - and what these changes mean for Connecticut’s economy and business sectors.