Rocky Hill: Strongest Economic Growth in the Region
Rocky Hill showed the strongest economic growth in Greater Hartford over the past five years, while North Stonington had the strongest growth across Connecticut, according to the latest Connecticut Town Economic Index.
The index for the October issue of the CT Economic Digest shows that all cities and towns except Sprague, which stayed the same, showed some economic improvement between 2014 and 2015.
Hartford's economy continued a slow ascent, mirroring the rest of Connecticut cities' and towns' gradual recovery from the 2008 recession. From 2012 to 2015, Hartford's index rose steadily, although not as fast as either New Haven's or Stamford's, the report stated.
But from 2010 to 2015, North Stonington outpaced all of its peers with a growth rate of 36.6 percent, followed by Kent (+32.1 percent), Eastford (+31.2 percent), Canaan (+30.2 percent), and Rocky Hill (+29.5 percent).
The CTEI, an annual composite index of all 169 cities and towns in Connecticut, measures overall economic health using four indicators – business establishments, employment, wages and the unemployment rate. The CTEI was developed last year by the state Department of Labor's Office of Research. Commissioner Scott D. Jackson called the gradual recovery promising.
"As Connecticut's economy continues to recover from a long and difficult recession, this report mirrors our ongoing recovery, showing increases in the number of business establishments, employment levels and wages, along with an improvement in the 2014 to 2015 unemployment rate," Jackson said in a statement. "While we still face economic challenges, this report and recent announcements regarding Sikorsky and Pratt and Whitney's commitment to Connecticut represent more good news for our residents and communities."
Report: Rocky Hill Shows Strongest Economic Growth In Region