Steven Lanza, an economist at the University of Connecticut, announced on Monday that job growth in the state would only increase minimally throughout 2012.
Lanza reported in an interview that the progress for job growth in the state will depend tremendously upon job creation on the national level. On average, national economists predict that job growth nationwide will peak at 2% early in 2012, but will only rise to 2.5% by the end of the calendar year.
According to Lanza, this would only create an estimated 1,700 jobs quarterly across Connecticut next year.
However, with the state seemingly so dependent on a rebound from the national level, while the housing market still sits stagnant and many of President Obama’s economic stimulus measures come to an end, it appears that 2012 will be another depressed year in Connecticut.
During the economic recession which began in 2008, the state has lost approximately 100,000 jobs. And with job growth at a peak of 3% each year, only 10,000 - 12,000 jobs would be created each year in the state, thusly requiring 10 years or more for Connecticut to return to its unemployment levels before the recession struck, Lanza said.