Fairfield University economics professor Edward Deak announces Connecticut Economic Outlook for 2006

Fairfield University economics professor Edward Deak announces Connecticut Economic Outlook for 2006

Unemployment rates in Connecticut have risen above the U.S. average and Connecticut job growth has underperformed the country as a whole, according to Edward J. Deak, Ph.D, The New England Economic Project (NEEP) Connecticut Model Manager and Roger M. Lynch Professor of Economics at Fairfield University.

Dr. Deak, who is frequently sought by the media for his economic forecasts and commentary for economic stories, has released his newest biannual report of the NEEP's forecast for Connecticut. One of the most jarring facts is that in the past year, Connecticut unemployment has climbed from 4.8 percent in August 2004 to 5.4 percent in August 2005, 0.5 percent higher than the national rate. The last time the Connecticut rate was higher than the national rate was in 1997.

The Waterbury region had the highest rate of unemployment rate at 6.6 percent, followed by Willimantic-Danielson at 5.8 percent, Hartford and New Haven tied at 5.5 percent, and Bridgeport-Stamford at 5.0 percent. Eight of the nine market areas showed an unemployment increase in the past year.

In addition to this unfavorable comparison, Connecticut job gains from September 2003 to August 2005, at 54 percent, have underperformed U.S. recovery, with gains from May 2003 to August 2005 at 153 percent.

However, Connecticut is expected to make a slow but steady recovery, with 18,200 new positions in 2005 and 17,600 positions in 2006.

As for higher education, Connecticut set an all-time high for the third consecutive year for undergraduate and graduate students at 172,740 students enrolling in the fall 2004 semester. Total minority enrollment at Connecticut colleges is 21.1 percent, which is higher than the Connecticut population at 18.5 percent. Connecticut continues to have a highly educated workforce, with 88.8 percent holding a high school diploma, and 34.5 percent possessing a bachelor's degree or higher (compared to 85.2 percent and 27.7% percent respectively nationwide).

To interview Dr. Deak, call him at (203) 268-608

Posted On: 11-09-2005 10:11 AM

Volume: 38 Number: 101