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Title: Competitiveness: Factors that Contribute to Economic Growth in States with Special Reference to State and Local Spending and Taxes

Citation Type: Miscellaneous

Publication Year: 2015

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Abstract: Strengths Connecticut has inherent economic strengths. It is an advanced state economy with a per capita Gross State Product that is 31% higher than the U.S. average and one of the highest in the nation. It has a highly educated workforce; 39.6 percent persons between the ages of 25 and 60 have a bachelor’s degree or higher and ranks second to Massachusetts. 21 percent of Connecticut’s workforce is employed in the high-productivity, high-earnings knowledge-based industries, where Connecticut’s workers annual earnings average $105,000 in 2013. (19 percent of the U.S. workforce is in knowledge-based industries; the figure is 25 percent for Massachusetts. The comparable earnings figure in these same industries for the U.S. overall is $77,000.) Knowledge industries are located throughout the MSAs in Connecticut. All three of Connecticut’s MSAs have about 21 percent of their employment in knowledge-based industries. Since 2012 the Hartford-West Hartford-East Hartford MSA has had a higher employment growth rate for knowledge-based industries than the other two MSAs in Connecticut. The high earnings industries also have a large multiplier and create as many as five local service jobs for each high earning job. Moretti (2010). At the same time, Connecticut has a diverse economy, and with exceptions, its economy is structured like New York and Massachusetts.

Url: http://www.crcog.org/wp-content/uploads/2016/09/CT-Panel-Competitivenes-Final-9.30.15.pdf

User Submitted?: No

Authors: Wasylenko, Michael J

Publisher: Syracuse University

Data Collections: IPUMS USA

Topics: Labor Force and Occupational Structure, Other

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