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Job Growth Slowing in Fairfield County

Fed Reserve Economist Shares Regional Outlook

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By:
Stamford, CT | Added on February 26, 2015 At 09:00 AM

In comparison to New York city, the employment growth in Fairfield County has slowed.  

That's according to Joseph Tracy, executive vice president and senior advisor to the president of the Federal Reserve Bank of New York, who gave his own take on the national economic outlook at the Stamford Marriott Hotel Wednesday morning. 

"Because we haven't had the employment growth in Fairfield County, we're not seeing the recovery in house prices to the extent that we saw in New York City, but they have certainly recovered more there," said Tracy. "I think it would be hard to see house prices recover at a faster rate here if we don't get stronger employment growth as well," said Tracy. 

The program was organized by the Fairfield County Information Exchange, an initiative of The Business Council of Fairfield County and sponsored by Deloitte. Fairfield County is the only part of Connecticut that falls under the scope of the Federal Reserve Bank of New York. 

"The fact that the county and the state have been lagging in employment growth and it looks like also lagging in wage growth, that doesn't help in terms of demand for housing," said Tracy.  

Tracy says in contrast to New York city, Fairfield County continues to face slow growth in financial services and a decline technological services. 

"There's a lot of research that suggests a lot of employment growth, especially during expansions, comes from small and growing businesses, not from established firms," said Tracy. "So that would suggest, one area to look at in Fairfield County and Connecticut more broadly is, are there more things that we can do to help people who are interested in starting up businesses in hopes that we can foster more of those start ups and some of them will be successful and add a lot to the local growth."   

Tracy also tells us although Fairfield County has had challenges in transportation services, sectors where it can potentially see the most growth is in health services.  

"Another one is in the health sector," said Tracy. "Trying to make sure Connecticut is also growing in that sector and for the New York area leisure and hospitality is obviously a big area of growth and that's also a potential where Connecticut could try to be participating in that as well." 

 


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