Connecticut Overview While economic conditions vary across the state, Connecticut employment projections are positive, ...
While economic conditions vary across the state, Connecticut employment projections are positive, yet lower than the national average because the state economy is relatively mature. Known as the insurance capital of the world, Connecticut has a strong base of finance and insurance companies. However, increased regulation of these sectors resulting from the financial crisis could present challenges to the Connecticut job market.
Connecticut Job Opportunities
Halfway between New York City and Boston, Connecticut is home to an educated, productive workforce of 1.9 million. Besides finance and insurance, employment in Connecticut is driven by bioscience, aerospace, medical technology and defense. Emerging technologies, including alternative energy and digital media, also figure into Connecticut work opportunities.
The trade, transportation and utilities industry is Connecticut's top employment sector. Other critical areas include government and professional/business services. Trade, transportation and utilities; leisure and hospitality; and professional/business services each have most recently reported the strongest percentage growth, while government and finance employment has declined.
Connecticut Employment Trends
Connecticut's employment conditions are trending positive. The state's unemployment rate, which peaked at 9.4 percent, was around 8 percent in early 2012. Connecticut payrolls, which declined for two years during the recession, have shown positive growth since mid-2010. Online hiring has been expanding, although volume dropped off in early 2012 and is still well below prerecession levels.
Moody's Analytics expects Connecticut jobs to increase 1.2 percent between Q2 2012 and Q2 2013, just off the 1.3 percent growth expected in the US job supply during that time.