From Knowledge Center
Economic Data & Indicators
This page lists popular sources of economic data and indicators relevant to Connecticut. For further resources and documents, please visit our main page on the Economy of Connecticut.
Economy indicators may be found here: http://www.ctdatahaven.org/dbt/indicators.php?topic=3. As we are developing a new system for visualizing this information, not all of our data sets have been uploaded here. Please contact us directly if you can't find what you need.
For the most recent general socioeconomic profile data on Connecticut towns and counties, please visit our page on Demographics. We have links here to the most recent profiles published by the Census Bureau.
Other Economic Data Resources
National, State and Regional Sources
1. Federal Reserve Bank of Boston New England Economic Indicators Page: http://www.bos.frb.org/economic/neei/articles/sources/index.htm
2. US Department of Labor Guide to Using State and Local Workforce Data http://wdr.doleta.gov/directives/attach/workforcedata_guide.pdf
3. U.S. Census Bureau Decennial Census and American Community Survey: Please see our page on Demographic indicators.
4. U.S. Economic Census (2007 is most recent): http://www.census.gov/econ/census07/
5. U.S. Census Bureau Overview of Economic Statistical Programs http://www.census.gov/econ/overview/ This Overview describes Census Bureau programs that provide statistics about U.S. businesses and governments.
6. Connecticut Municipal Fiscal Indicators http://www.ct.gov/opm/cwp/view.asp?a=2984&q=383170 Municipal Fiscal Indicators is an annual compendium of information compiled by the Office of Policy and Management, Intergovernmental Policy Division (IGP), Municipal Finance Services Unit (MFS). The data contained in Indicators provides key financial and demographic information on municipalities in Connecticut. Municipal Fiscal Indicators contains the most current financial data available for each of Connecticut's 169 municipalities.
7. Spotlight on Poverty: Connecticut page with key data on poverty and economic need, as well as links to articles and studies on the subject. http://www.spotlightonpoverty.org/map-detail.aspx?state=Connecticut
8. United Way 2-1-1 Reports: Contains reports by topic area about calls to Connecticut’s free information and referral service, which helps improve access to various services. http://www.ctunitedway.org/Media/reports.asp
Connecticut Cities and Towns
1. New Haven Socioeconomic Information, Prepared by City of New Haven Economic Development Administrator, 2009-2010. http://www.cityofnewhaven.com/uploads/PDF-Official%20Statement%202009-10FINAL.pdf
Key Definitions of Indicators
1. Median income: Median income is a common measure of the typical income in an area. Median household income, for example, is the level at which half of the households have lower incomes and half have higher incomes. Median family income tends to be higher than median household income because it excludes households with only one person. A household is defined as those living in the same dwelling unit, whereas a family is defined as two or more related individuals in the same household.
According to the first report listed below, for a single parent household with two children (one preschool, one school age) in Greater New Haven in 2005, the self sufficiency rate would be a full time job paying $25.10/hour.
It does not appear that the standard has been updated in Connecticut since 2005, though updated calculations have been recently released for states like New York and Pennsylvania.
See reports below. The second report has a table showing the standard for various family types, from which hourly rates may be calculated:
1. Poverty Data: Where to Find It and What It Tells Us (Indiana Business Research Center) http://www.incontext.indiana.edu/2010/sept-oct/article1.asp
Earned Income Tax Credit
For a full description of and data related to the federal earned income tax credit, got to the Brookings Institution web site here: http://www.brookings.edu/metro/EITC/EITC-Homepage.aspx
Stay tuned for more on the Connecticut state earned income tax credit program.
Key Questions to Answer When Looking at Economic Indicators
1. Are there enough jobs available? Are people in the community making enough income to support their families?
Key outcomes of the economy are jobs, income, and the distribution of icome across different individuals and groups.Knowing which industries are employing the population, to what extent, and whether these industries are declining, growing or remaining stable is an important factor in considering economic policy. One measure of the region's ecomonic health is the extent and distribution of poverty. Individuals and households living in poverty have difficulty securing basic needs such as housing, clothing and shelter. Poverty reflects and results in a host of problems such as unmet nutritional and educational needs, crime and violence, and unequal access to educational opportunities.
Look at: Income, Poverty, Employment
2. What is the value of taxable property?
The property tax base and the income of its residents are major indicators of town's financial wealth. This figure also provides a measure of a community's ability to pay for infrastructure and education. It is a result of land use, housing, and economic development markets and policies.
Look at: Grand List
Our main Knowledge Center page about the economy in Connecticut may be found here.