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Prospects for Economic Growth in 2014
Federal Reserve Bank VP addresses business community
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Stamford, CT | Added on January 15, 2014 At 12:34 PM

The 2014 economic outlook for Fairfield County is positive, says Rae Rosen -- Vice President and Senior Economist of the Federal Reserve Bank of New York.

"The prospects for growth this year are much better in Fairfield and in the U.S. overall," said Rae Rosen.

According to the Bureau of Labor Statistics, The national Unemployment Rate in October 2013 was 7.3 percent.  Connecticut came in at 7.9 percent, with Fairfield County at 7.2 percent.  Rosen says since the recession, the state of Connecticut has replaced a little over half of the jobs lost.

"In Fairfield County, we haven't replaced all the business and professional services.  Leisure and hospitality, which is usually driven by fast food restaurants hasn't come back to the extent it was.  We haven't seen a rebound in construction.  So there's room for a lot of growth," said Rosen.

"Fairfield County has the ability -- with their incubators at UConn Stamford -- they've got the ability to incubate tech companies which are really exciting and they're the wave of the future.  You could also incubate small entrepreneurs, and that's where the job growth is."  

Rosen addressed the business community in Stamford Wednesday.  The event was hosted by The Business Council of Fairfield County. 


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