Connecticut’s population is just below 3.6 million. Recent (2013-2017) migration patterns are somewhat counterbalancing Connecticut’s aging trend, as more children (ages 17 and under) and working-age residents are moving to the state than are leaving.
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Connecticut’s population is just below 3.6 million. Recent (2013-2017) migration patterns are somewhat counterbalancing Connecticut’s aging trend, as more children (ages 17 and under) and working-age residents are moving to the state than are leaving.
However, more college-age and retirement-age residents are leaving than are moving to Connecticut. There is still a large segment of retirement-age population in Connecticut, and they are behind much of the demand for healthcare services.
In addition to these demographic trends, technological advances abound and are affecting the economy in numerous ways. For instance, an increasing number of processes are becoming automated — such as self-checkout kiosks in many retail locations and algorithms that personalize marketing messages to potential consumers.
Automation will continue to disrupt labor markets in more industries, having workforce implications. However, there can also be an opportunity for Connecticut’s software companies to thrive because of the increasing demand for services.
Another trend that is affecting the entire economy is the ability to process more data more quickly. The way each of us has portable computers at our fingertips in the form of smartphones is one trend, and companies are using more complex data systems to find more efficient ways to promote products. Much data is being generated and data storage has increasing importance.
Consumers and the workforce are data-savvy, and companies are using data to stay ahead in terms of understanding their markets. There are opportunities for fintech and insurtech companies to expand their markets in Connecticut.
The greater use of advanced materials in manufacturing processes is an industry trend that has tremendous opportunity for the advanced-manufacturing sector in Connecticut. The state has several companies that are part of the advanced-manufacturing supply chain and can apply these materials to new innovations and to enhance other processes.
The retail industry continues its transition because of the effect of online shopping. Traditional storefront retailers that remain profitable will adopt a hybrid approach of retaining less inventory on-site and enhancing the shopping social experience.
