December 30, 2019 — Book of ListsEdition

Q&A talks to Gregory Woodward, president of the University of Hartford, about the major issues facing higher ed in 2020.

Q&A talks to Cynthia C. Merkle, president and CEO of Danbury-based Union Savings Bank. Merkle is also the first female chair of the Connecticut Bankers Association.

Q&A talks with Dr. John F. Rodis, president of St. Francis Hospital and Medical Center about what’s ahead for his hospital and the broader industry in 2020.

Q&A talks to state Comptroller Kevin Lembo about efforts to lower healthcare costs at the state level as well as more broadly. He’s got pressure to make headway — Gov. Ned Lamont’s two-year budget requires Lembo and other members of the Health Care Cost Containment Committee to find ways to save $180 million over the biennium in efficiencies that don’t reduce worker benefits.

Q&A talks to Mark Ojakian, president of the Connecticut State Colleges and Universities (CSCU) system, about efforts to fill the state’s manufacturing workforce pipeline in 2020 and beyond.

Q&A talks with Eric Brown, vice president of manufacturing policy and outreach at the Connecticut Business & Industry Association, about the major issues facing the state’s manufacturing industry in 2020.

Q&A talks to Realtor and Greater Hartford Association of Realtors Board President Rob Levine about the outlook for the region’s residential real estate market in 2020.

In 2019, the Greater Hartford office market saw tenants looking for ways to become more efficient — typically resulting in companies downsizing their square footage.

All indications are that in 2020 Connecticut will continue to lose population. This population loss in turn causes the housing market to stagnate or even to decline (as it has in many areas).

Assuming the U.S. economy avoids a recession in 2020, Connecticut’s economy will continue to grow. Average employment through October is up more than 7,000 jobs above the first 10 months of 2018, a faster pace of job growth than we’ve seen during the first 10 months in each of the past three years.

The Connecticut economy has shown clear signs of decelerating in many of its economic metrics as real state GDP has actually declined by 7 percent between 2008 and 2018.

Connecticut will likely end 2019 having gained 6,000 jobs for the year. Even so, the state will still come up 3,000 jobs short of its 2008 high-water mark of 1,699,000 jobs, measured on an annual basis.

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.

Connecticut is struggling. While steadily adding jobs since 2010, total employment is still about 17,000 jobs below its 2008 peak, and the real value of state output contracted until 2018, shrinking nearly 10 percent.

Worries over a U.S. recession in 2020 are way overblown. We are seeing a global slowdown and impacts from trade troubles across the U.S., but not at a level likely to derail modest growth through 2020.

Welcome to our 2020 Book of Lists publication. This annual issue has been beefed up again this year with an economic forecast, which is aimed at helping inform the region’s business, civic and nonprofit leaders as they plan and strategize for 2020.