CT Differs from National Trend: Top Baby Names are Mason and Emma

Across the nation in 2012, the most frequent names for newborn babies were Jacob and Sophia.  Not in Connecticut.  Here, the leading names were Mason and Emma, choices that were runners-up nationally.

The top ten boys’ names in Connecticut were:  Mason, Jacob, Michael, Liam, Ethan, Jayden, Anthony, Matthew Noah and Ryan.  The top ten girls’ names in Connecticut were:  Emma, Olivia, Isabella, Sophia, Ava, Mia, Emily, Charlotte and Abigail.

Nationally, the leading boys names in 2012 were, Jacob, Mason, Ethan, Noah, William, Liam, Jayden, Michael, Alexander and Alden.  The most frequent girls names were Sophia, Emma, Isabella, Olivia, Ava, Emily, Abigail, Mia, Madison and Elizabeth.

In Connecticut, Sophia also topped the list in 2011, while Alexander was the leading name among boys.    Mason ranked third that year.  In 2010, Michael and Isabella were the most popular names chosen by Connecticut parents. Alexander dropped from number one in 2011 to number 13 in 2012.  Emma jumped from number four in 2011 to the top spot in 2012 in Connecticut.

The data is based on Social Security card application information, and compiled by the Social Security Administration. A decade ago, in 2002, the top names selected in Connecticut were Michael and Emily.  In 1992, Michael and Jessica topped the list.  By 2012, Jessica did not make the top 100 girls names in Connecticut.

Another name on the move – perhaps reflecting the growing popularity of the location in New York (and perhaps Connecticut, too?)  – is the name Brooklyn.  After finishing 75th in 2010 and 76th in 2011, the name jumped to47th in popularity in 2012.    Elizabeth is more popular outside Connecticut, ranked at number 10 nationally in 2012 and at number 20 in Connecticut, up slightly from number 23 the previous year.

Reasons for name selection vary widely.  One of the more recent findings, published in the October 2012 issue of Psychological Science, was developed by researchers Jonah Berger, Eric Bradlow, Alex Braunstein and Yao Zhang of the University of Pennsylvania’s Wharton School.  Writing in the journal of the Association for Psychological Science, they found that names starting with K, such as Karl and Katie, became about 9% more popular after Hurricane Katrina – evidence that parents’ choices about what to call their children are influenced by the sound of names in the news.   It is unclear whether Storm Sandy had a similar effect in Connecticut, since the storm occurred mid-way through the year.

A recent study by Bohan + Ipsos for WhyMomsRule.com found that nearly nine in ten Americans approve of their first names – 31 percent “love it,” 56 percent “like it,” 10 percent “dislike it” and 3 percent “hate it.”  The study also found a marked shift toward “unique” names and away from family and traditional names during the 20th century.  Daughters have more unusual names than sons, and sons have names that are easier to spell than daughters, the study, conducted in March 2013, found.

Closing out the top 100 most popular names in Connecticut were Antonio, for boys, and a three-way tie between Melanie, Serenity and Valentina among girls.  And just in case you’re wondering, in addition to Connecticut, Mason and Emma were the #1 names for 2012 in West Virginia.

Northeast Homes are Older, Smaller than National Average

Applications for new home construction nationwide rose to a five-year high in April, offering evidence that the post-recession housing revival will be sustained, according to Associated Press reports on U.S. Commerce Department data.  Applications for building permits – considered an indicator of future demand - rose 14.3 percent to a rate of 1.02 million, the highest since June 2008.

The new construction data builds on a home ownership foundation that varies across regions.  There are 76 million owner-occupied homes in the United States, and three-quarters of them are in metropolitan areas.  The breakdown:  22 percent in central cities, 36 percent in urban suburbs, 17 percent in rural suburbs and only 25 percent outside of metropolitan areas.

Not surprisingly, the oldest homes (51 years old on average) are found in the Northeast, where they are also 15 percent smaller than the national average; the newest homes are in the South – 27 percent larger than the national average and an average of 31 years old.  The average home in the west is 49 years old, in the Midwest 41 years old.

In Fairfield County, only 6.8 percent of homes were built after 2000, and in the entire state that figure is 7.1 percent, the Connecticut Post reported last month.

Nationwide, the median family home size has grown substantially in recent decades.  In 1982 it was 1,520 sq. ft.; by 2007, it was 2,227 sq. ft.

The data indicate an average of 2.6 people per household nationwide, with the percentage of households with children under age 18 greatest in the urban suburbs (37%), followed by rural suburbs (36%), central cities (33%) and those outside of metropolitan areas (30%).

The data, compiled by the websites of the National Association of Home Builders (nahb.org) and trulia.com, was featured in an infographic developed for Quicken Loans in partnership with Ghergich & Co.

The sites also compares Connecticut with national averages in key home-related categories:

• Median Value of Owner-Occupied Housing Units: $166,900 [National Average $119,600]
• Median Price Asked for Housing Units: $136,500 [National Average $89,600]
• Median Household Income: $53,935  [National Average: $41,994]
• Median Family Income $65,521 [National Average: $50,046]
• Per-Capita Income: $28,766 [National Average: $21,587]

U.S. Census data featured by the state Department of Economic and Community Development indicates that Connecticut has 1,371,087 housing units occupied, led by the cities with the largest number of occupied housing units:  Bridgeport 51,255, New Haven, 48,877; Stamford, 47,357; Hartford, 45,124, and Waterbury, 42,761.

Women-Owned Businesses in Region Growing Across Many Fields

They are some of Connecticut’s most successful companies that you've never heard of.  And perhaps a few that you have. What they have in common is ownership. They're owned by women -  in some cases 100 percent owned.

Who are they?

Among the leaders are Farmington-based Companions & Homemakers, which topped a newly published list with 1,600 local employees and 4 local offices, West Hartford’s Companions for Living, with 114 employees, iTech Solutions, also in Farmington, Caring Solutions, Phoenix Manufacturing Inc. and Andrew Associates, all headquartered in Enfield.  The Walker Group (Farmington), Infoshred (East Windsor) The Human Resource Consulting Group (Seymour)Merry Employment Group (West Hartford) and Sandair Systems Inc (Windsor) are also 100 percent owned by women.

The Hartford Business Journal listed the firms as part of their ranking of the largest women-owned businesses (ownership exceeding 50 percent) in the Hartford region.   The 25 firms were led by a top 10 in fields including home health care, aerospace, advertising, information technology staffing, janitorial services, and family maintenance services.  Of the 25 businesses, only 3 were launched since 2000.  The remainder date back to the last century, including two, Post Road Stages (1912) and Beacon Light and Supply Company (1932), to the first half of the century.

The number of women-owned businesses in Connecticut increased 35 percent since 1997 and sales at those firms increased 67 percent, according to a census analysis by American Express Open, released earlier this month.

Women starting their own business have opportunities to learn from others who’ve blazed the trail.  The U.S. Small Business Administration’s Women’s Business Center Program is a national network providing business training, counseling and other resources to help women start and grow successful businesses. In Connecticut, network participants are The Entrepreneurial Center at the University of Hartford, the Stamford/Southwest Women’s Business Center of the Women's Business Development Council in Stamford, and the Naugatuck Valley Women’s Business Center at Naugatuck Valley Community College in Waterbury.

Last week, Connecticut Lt. Gov. Nancy Wyman visited some women-owned small businesses that have received financial assistance from the state’s Small Business Express. The stops included Dottie’s Diner in Waterbury, The Dutch Bulb Lady in Waterbury, Richards Machine Tool Co. Inc. in Berlin, LSC Distribution in Hartford and American Masons & Building Supply Co. in Hartford.

Earlier this year, a national survey of women business owners (WBOs) conducted by Web.com Group, Inc. and the National Association of Women Business Owners (NAWBO) found a pervasive sense of economic optimism, including a prediction by most WBOs (85 percent) that more women will become entrepreneurs in 2013 than in past years.  WBOs also plan to invest more (38 percent) or the same (54 percent) in hiring this year than they did in 2012 – a positive sign for the economy.

With regard to public policy matters, the top four issues on the minds of WBOs are: the state of the economy (57 percent), health insurance cost and affordability (40 percent), business tax issues (36 percent), and access to a quality workforce (36 percent). Though two in five WBOs said that health insurance costs and affordability are important issues to them, many (71 percent) feel that the Patient Protection and Affordable Care Act (“Obamacare”) will have no impact upon the way they do business.

Startups with Female Directors, Local Connections Have Better Chance of Survival

Newly incorporated companies with one female director have a 27% lower risk of becoming insolvent than comparable firms with all-male boards, according to a team of researchers led by Nick Wilson of Leeds University Business School in the UK and reported in the Harvard Business Review. The effect decreases as the number of female directors rises, suggesting that what matters is diversity rather than the specific number of women on the board. Earlier this year, data developed by a team of researchers at the University of Wisconsin-Milwaukee indicated that companies whose directors include one or more women are 38% less likely to have to restate their financial-performance figures to correct errors than firms with all-male boards. In addition, previous research shows that groups with greater gender diversity generate more-innovative thinking in problem solving.

The new study found that new firms are less likely to face the hazard of insolvency when they have boards with more experienced directors, directors with greater networking relationships, more local directors, more female directors, directors with low levels of recent insolvency experiences and low levels of recent director turnover. Results suggest that the background, experience, networking, gender diversity and composition of new boards are important in determining the trajectory of success or failure of new firms.

The recent research tends to support efforts made during the tenure of Connecticut State Treasurer Denise L. Nappier, who as fiduciary of the Connecticut Retirement Plans and Trust Funds, the state’s pension funds, has advocated for independent directors and gender diversity on boards as part of a comprehensive shareholder activism program aimed at increasing the value of the state’s shares in a range of investments.

The data is also of special relevance to Startup Connecticut, the Connecticut franchise of The Startup America Partnership, which is based on the premise that young companies that grow create jobs. As a core American value, entrepreneurship is “critical to the country’s long term success and it’s time to step up our game,” the website points out. Startup Connecticut’s mission is to “evangelize and celebrate entrepreneurship and innovation” in Connecticut. The most recent Start Up Weekend was held in Storrs in March.

In analyzing the impact of local directors, as compared with those from outside the start-up’s immediate geographic area, the study found that local knowledge local networks and/or relationships reduce insolvency risk. Directors in local networks that have “built trust and loyalty may be receiving more time and support in the surrounding economy. As insolvencies result from unpaid debts, such a local connection may mean that new firm directors face less pressure from creditors and potential insolvency proceedings: they can buy more time from local network members to resolve issues.”

Hartford County Population Losses Go Near and Far, Gains Are Fewer and Closer

Each day in the United States, about 130,000 people move from one county to another.  That’s the bottom line of the new migration patterns released by the U.S. Census Bureau, which include a web mapping application intended to provide users with a simple interface to view, save and print county-to-county migration flows maps of the United States. The data are from the 2006-2010 American Community Survey (ACS).

In Hartford County, for example, there were 17,442 who moved here from a different state, but 20,524 who moved to another state.  In addition, there were 14,982 people who moved to Hartford County from another of the state’s eight counties.  There were also 5,212 people who moved to Hartford County from abroad, according to the Census data.

The American Community Survey (ACS) is an ongoing survey that provides data every year -- giving communities the current information they need to plan investments and services. Information from the survey generates data that help determine how more than $400 billion in federal and state funds are distributed each year.  The detailed data is combined into statistics that are used to help decide everything from school lunch programs to new hospitals, according to the Census Bureau.

Hartford County’s strongest outward bound numbers are reflected elsewhere in Connecticut, and to North Carolina.  The top losses of population were:  827 people to Tolland County, 743 to Windham County, 305 to Wake County in North Carolina, 299 to Providence County in Rhode Island, and 286 to New London County, 261 to Worcester County, MA and 226 to Mecklenburg County in North Carolina.

The population gains in Hartford County were led by other parts of the state, and New York City.  The top six:  1,005 people from New Haven County, 599 from Fairfield County, 555 from Brooklyn, 548 from the Bronx, and 368 from Middlesex County and 300 from Westchester.

The web mapping application provides data for Hartford, Windham, New Haven, Middlesex, Tolland, Fairfield, Litchfield and New London counties.  In addition to the maps, the data can also be imported into spreadsheets.

Connecticut Ranks #3 in Ultra-High Net Worth Individuals Per Capita

Connecticut has the third highest percentage of ultra-high net worth individuals per capita, according to an analysis developed by the cable business network CNBC.

The network’s website noted, on America’s tax filing deadline day, that “one of the enduring legacies of the Occupy Wall Street movement” from a year ago is the term "One Percent," referring to the percentage of top wage earners in the United States - those who make an annual income of $343,000 or more. But even more selective at the top is the subset of the population known as "ultra-high net worth," or UHNW.

UHNW individuals are defined by David Friedman, president of the global wealth intelligence firm Wealth-X, as individuals with a net worth of at least $30 million, after accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other assets.  The firm estimates that 59,805 such individuals live in the United States.

Using figures provided by Wealth-X, population data from the U.S. Census Bureau and the insights offered by Friedman, CNBC.com developed the list of the 10 states with the most UHNW individuals on a per capita basis.   Connecticut ranked third, between Montana and New York.

The network reported that “In Connecticut, the primary driver of wealth is the financial services sector, with most of the rich individuals in the state having made their money in this business.”  UHNW individuals living in Connecticut, according to CNBC, include Vornado Realty Trust CEO Michael D. Fascitelli, whose net worth is approximately $700 million; and Raymond T. Dalio of Bridgewater Associates, who lives in Westport and has a net worth of approximately $10 billion.

A surprising number one:  Wyoming.  An example, and an explanation by CNBC:  Christy Walton, the widow of John T. Walton, heir to the Wal-Mart empire. According to Wealth-X, her net worth is $25.7 billion. Wyoming is an example of the type of state that the very wealthy are finding an ideal tax haven. "This is a strategy in a lot of states," Friedman told CNBC. "A fusion of natural assets, in terms of what the state has to offer from a tourist perspective, combined with a low tax regime. It has the ability to offer executives a place of rest, and to get away from everything."

The top 10 states with ultra-high net worth individuals, per capita:

10. Vermont

Number of residents per UHNW individual: 4,635 UHNW population: 135     Total population: 625,741

9. Illinois

Number of residents per UHNW individual: 4,615 UHNW population: 2,780     Total population: 12,830,632

8. Wisconsin

Number of residents per UHNW individual: 4,391 UHNW population: 1,295     Total population: 5,686,986

7. Texas

Number of residents per UHNW individual: 4,269 UHNW population: 5,890     Total population: 25,145,561

6. Rhode Island

Number of residents per UHNW individual: 4,048 UHNW population: 260     Total population: 1,052,567

5. California

Number of residents per UHNW individual: 3,401 UHNW population: 10,955     Total population: 37,253,956

4. Montana

Number of residents per UHNW individual: 2,910 UHNW population: 340     Total population: 989,415

3. Connecticut

Number of residents per UHNW individual: 2,657 UHNW population: 1,345     Total population: 3,574,097

2. New York

Number of residents per UHNW individual: 2,255 UHNW population: 8,595     Total population: 19,378,102

1. Wyoming

Number of residents per UHNW individual: 1,911 UHNW population: 295     Total population: 563,626

Amtrak ridership breaks all-time records, local corridor sees increase

Amtrak ridership increased in the first six months of fiscal year 2013, with ridership in March setting a record as the single best month ever in Amtrak’s history.  Ridership grew 0.9 percent from October 2012 to March compared to the prior year, despite disruptions from weather, including Superstorm Sandy.  Amtrak said 26 of 45 routes had rider increases during the period and monthly records were set in October, December and January. Ridership on the New Haven – Springfield shuttle grew from 33,196 in March 2012 to 36,962 in March 2013, an increase of 11.3 percent.  Ridership from October 2012 through March 2013 grew by 5.2 percent from the same period a year earlier.  The Acela Express ridership dropped off slightly amid the record-breaking numbers, likely due to service interruptions due to Superstorm Sandy, down 2.5 percent last month compared with a year ago.

The numbers are encouraging as plans continue to move forward for dramatic improvements and expansions of service on the 62-mile New Haven-Hartford-Springfield (NHHS) corridor in the coming years.  Amtrak is continuing the installation of underground signal and communication cables, required to upgrade signal and communication systems for the NHHS rail corridor.

Work this month is scheduled in Newington, Hartford and Windsor.  The NHHS rail service project will connect communities, generate sustainable economic growth, help build energy independence, and provide links to travel corridors and markets beyond the region, officials say.

The new NHHS rail service will operate at speeds of up to 110 mph, cutting travel time between Springfield and New Haven to just 78 minutes. When the new service is launched in 2016, travelers at New Haven, Wallingford, Meriden, Berlin, Hartford, Windsor, Windsor Locks, and Springfield will board trains hourly during the peak morning and evening rush hours and every 90 minutes during off-peak periods. When all the planned improvements are completed, trains will operate every 30 minutes during peak periods. The full program also includes future, new train stations at North Haven, Newington, West Hartford, and Enfield.

Nationally, long-distance routes with ridership growth in the October-to-March period included the New York City to Georgia route, the Palmetto, up 10.5 percent, and the Coast Starlight, which operates between Los Angeles and Seattle, up 10 percent.  Amtrak said ridership was up 9.8 percent on the Illini/Saluki, which operates between Chicago and New Orleans; 8.9 percent on the San Joaquin in California, 8.6 percent on the Piedmont in North Carolina and 8.2 percent on the Wolverine route in Michigan.

Amtrak officials say they expect to end the fiscal year at or above last year’s record of 31.2 million passengers.  The sixth annual National Train Day will be celebrated around the country on May 11.

Amtrak is America’s Railroad®, the nation’s intercity passenger rail service and its high-speed rail operator, with more than 300 daily trains – at speeds up to 150 mph (241 kph) – that connect 46 states, the District of Columbia and three Canadian Provinces. Amtrak operates intercity trains in partnership with 15 states and contracts with 13 commuter rail agencies to provide a variety of services.

Women-Owned Firms Propel Economic Growth, CT Ranked #22

Connecticut ranks 22^nd in the “economic clout” of women-owned firms, according to a new study which averages each states’ ranking in the growth of the number, revenue and employment levels of women-owned firms between 1997 and 2013. The number of women-owned businesses in Connecticut increased 35 percent since 1997 and sales at those firms increased by nearly 67 percent,  in an analysis of U.S. Census data by American Express Open.  The review of state-by-state and national data estimates the number of Connecticut businesses owned by women increased to 97,800 this year. Those businesses will have $15.5 billion in sales and employ 92,200 workers in 2013, according to The 2013 State of Women-Owned Businesses Report.   Connecticut firms exceeded the national average in hiring employees (up 17 percent in the state vs. 10 percent nationally) and in sales growth (67 percent vs. 63 percent).

As of 2013, it is estimated that there are over 8.6 million women-owned businesses in the United States, generating over $1.3 trillion in revenues and employing nearly 7.8 million people. The American Express analysis showed Connecticut still lags behind the 59 percent national average in growth among women-owned businesses since 1997.

Driving Growth

Between 1997 and 2013, when the number of businesses in the United States increased by 41%, the number of women-owned firms increased by 59%— a rate 1½ times the national average.

The report noted that in the six years since the beginning of the recession in 2007, private sector job growth in the United States has come from two main sources: large, publicly traded corporations, and privately-owned majority women-owned businesses.

Women of Color

In 1997, there were just under 1 million (929,445) firms owned by women of color, accounting for one in six (17%) women-owned firms. That number has skyrocketed to an estimated 2,677,700 as of 2013, now comprising one in three (31%) women-owned firms.

The number of firms owned by Latinas are estimated at 944,000 as of 2013, according to the analysis. These firms employ 408,100 workers and generate an estimated $65.5 billion in revenue. Latina women own 36% of all Latino-owned firms, employ 20% of the workers employed by Latino-owned firms, and contribute 16% of the revenue generated by Latino-owned businesses. While nationally 11% of women-owned firms are owned by Latinas, they comprise the greatest share of all women-owned firms in New Mexico (29%), Texas (25%), Florida (24%) and California (20%).

Across All Industries

The states with the fastest growth in the number, employment and revenues of women-owned firms are the District of Columbia, North Dakota, Nevada, Wyoming and Georgia. The states with the lowest growth in the number of women-owned firms between 1997 and 2013 are: Alaska (12%), West Virginia (23%), Iowa (23%), Ohio (27%) and Kansas (27%).  Among the nation’s 25 most populous metropolitan areas, the fastest growing for women-owned firms are San Antonio TX, Portland OR, Houston TX, Riverside CA, and Washington DC/MD/VA.

Women-owned firms continue to diversify into all industries. The industries with the highest concentration of women-owned firms are: health care and social assistance (53% of firms in this sector are women-owned, compared to a 29% share overall), educational services (45%), other services (41%), and administrative support and waste management services (44%).

The industries with the lowest concentration of women-owned firms (in industries contributing 2% or more of the business population) are construction (where just 7% of firms are women-owned), transportation and warehousing (11%) and finance and insurance (20%). All other industries are close to the 29% share in all industries—illustrating that women-owned firms are staking a claim in all sectors of the U.S. economy.

Connecticut's overall ranking at #22 falls between Pennsylvania and West Virginia.

Reductions in Financial Aid Would Harm CT Students in Independent Colleges

Leaders of the state’s independent colleges and universities are expressing concern about the impact on their students of proposed plans that would merge the state’s three financial aid programs into one and substantially reduce funding over the next four years. The proposal would restrict both the amount of funds that financial aid directors may award needy Connecticut students and to whom they may award the funds, points out Judith Greiman, president of Connecticut Conference of Independent Colleges.  Because the revamped system would no longer considering the cost of attendance, students at private colleges would be disproportionately impacted.

The plan is part of Gov. Malloy’s budget proposal is now being considered by the legislature.  It consolidates the longstanding financial aid programs into a single Governor’s Scholarship Program.  University of Hartford President Walter Harrison said the plan “will begin, brick by brick, to dismantle the strong array of independent colleges and universities” in Connecticut.

“While we understand the difficult budget issues that continue to impact state services, we must point out that the three primary state-funded financial aid programs, CICS, CAPCS and Capitol Scholars, have been substantially cut in the past two budgets and in the FY 13 rescission,” Greiman told the legislature. “This comes at a time of historically high student need. Cutting need-based grant aid any further will only hurt Connecticut’s students and families.”

The proposal also shifts funding from the two need-based aid programs to a program that determines financial aid based on need and merit.  In addition, for the first time it would reduce the amount of grant funds available to students by using some of the money to pay for state agency administrative costs.

Discussing the students helped by the state grants, Martha Shouldis, President of St. Vincent’s College in Bridgeport, told the legislature’s Higher Education committee that almost one-half of nursing graduates in the state, for example, are educated at private colleges.   She pointed out that students are “not only educated here but have a record of gaining employment here in Connecticut – they are an important part of the state health care labor pool now and in the future.”

CCIC has highlighted the role of the 16 independent institutions on Connecticut.  The schools:

• Enroll 31% of all college students statewide including 45% of four-year minority students.
• Award 44% of all degrees granted in Connecticut in 2010-11, including 44% of all Bachelor’s, 64% of all Master’s and 58.5% of all Doctoral and 57% of all Professional degrees.
• Award 57% of all degrees received by minority students (four-year and above).
• Award 53-72% of four-year and above degrees given in key economic development cluster areas.
• Provided almost $65 million annually in need-based institutional financial aid to Connecticut undergraduates in 2010-11.

The CCIC institutions include Albertus Magnus College, Connecticut College, Fairfield University, Goodwin College, Mitchell College, Quinnipiac University, Rensselaer at Hartford, Sacred Heart University, St. Vincent’s College, Trinity College, University of Bridgeport, University of New Haven, University of Hartford, University of Saint Joseph, Wesleyan University and Yale University.

Young Adult Unemployment Rates Persist at High Levels, Education Remains Key Factor

Analyzing the enduring economic effects of youth unemployment, a new report by Demos outlines a serious job crisis, especially those with less education and individuals of color.  Surveying a full year of U.S. Bureau of Labor Statistics data from 2012, Stuck: Young America’s Persistent Jobs Crisis shows that 18 to 34 year-olds make up 45% of the total share of the unemployed population nationwide and continue to face a serious jobs gap—with 4.1 million new jobs needed to return to pre-recession levels of employment. Among the report’s key findings:

• Young adults gained little ground in 2012. Altogether, there are more than 5.6 million 18 to 34-year-olds, 45 percent of all unemployed Americans, who are willing and able to take a job, but have been shut out of opportunities for employment.
• Young adult Hispanic workers experience unemployment rates 25 percent higher than those of whites, while African Americans face rates approximately double.
• The greatest differences were attributed to education: the unemployment rate for 18 to 24 year olds with a Bachelor’s degree was 7.7% compared to 19.7% for those with a high school diploma.
• In 2012, the labor force participation rate of 18 to 24 year olds declined to its lowest point in more than four decades.
• Workers with a four-year degree are 9 to 12 percentage points more likely to be in the labor market than workers with a high school diploma in every age group. The unemployment rate for workers with a high school diploma is twice as high as unemployment among workers with a Bachelor’s degree

The findings update data provided in 2012 to the Connecticut Commission on Children and Connecticut Workforce Development Council, which indicated that teenage labor force participation had dropped 48.2 percent over the past 22 years across the US, and employment rates were lowest among teens of color.   The Commission and Council held a public forum on youth unemployment last year, noting that “For young people, the Great Depression isn't a history lesson - it's a current event.  While the overall unemployment rate hovered around 8 percent last summer, it stood at 17.3 percent for those between the ages of 16 and 24.”  The new Demos report suggests that progress has been negligible in the year since.

Demos is a public policy organization “working for an America where we all have an equal say in our democracy and an equal chance in our economy.”  The organization is led by former Connecticut Secretary of the State Miles Rapoport, and has offices in New York, Washington and Boston.   The new report indicates that if job growth continues at 2012 levels,  “it will be another ten years before the country recovers to full employment. Even then, workers under 25 will face unemployment rates twice the national average.”

The Demos report recommends that “Public investment to directly employ young adults—especially young adults of color and those without a college degree—could address the jobs crisis facing this generation, contribute to the recovery through increased consumer spending, and accomplish the kind of strong, stable, and diverse society that we envision for our future.”