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This is an annual project for the students in professor Lucjan T. Orlowski’s economic and financial forecasting class.
Two representatives of the group, Kimberly Ball and Adrien Viani, recently presented their findings during a forum at the John and Marisa Martire Business & Communications Center at SHU.
The students examined the real Connecticut economy, structural changes to the economy, labor market developments, state budget outlook, the housing market and the financial sector of the state.
The students reported that Connecticut’s rate of 6.4 percent unemployment is above the national average of 5.5 percent and places the state 42nd in overall unemployment rankings.
Regarding the housing market, the students found that prices for homes in Connecticut are close to double the national averages for comparable properties, and tax rates are prohibitively high compared to major cities in other states. They found that home ownership has plummeted from 70.5 percent in 2009 to 67.4 percent in 2014, while rental vacancy rates have steadily declined.
When they looked at the financial sector of Connecticut’s economy, the students found that despite being home to many financial institutions, the state’s banking sector continues to lag behind the national average.
The other students who participated on the project are Adria Abboud, John Brownell, Kenneth Byram, Matthew Cole, James Cooksey, Kyle Czarnecki, Anthony Dolisi, Jonathan Flood, Scott Gaffney, Vincent Iannitelli, Margaret McCabe, Raymond Satagaj, Steven Sullivan and Emma Trapani.
“This was a wonderful growth opportunity to be able to collaborate with all of my classmates on such an interesting research topic. I have gained a great deal of insight into the economic outlook for Connecticut and was able to apply the skills I learned in our forecasting class to create a cohesive, detailed analysis of whether or not the housing market in the state will rebound in the near future,” said Ball.
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