Student Loans Grow; Home Ownership Pushed Back 5 Years, on Average

An analysis on the cost of student loans and home-buying nationwide finds that it takes graduates with the average student loan debt of $28,950 about 5 years longer to save a 20 percent home down payment. Thereafter, these graduates have almost $50,000 less in home equity 15 years after graduation compared to debt-free graduates, according to an analysis by GoodCall, The Real Cost of Student Loans. In Connecticut, where 62 percent of students graduate with debt averaging $29,750, above the national average, and home prices tend to be higher than in most states, the challenge is particularly acute.  Delaware has the highest average student loan balances, at $33,808. Utah has the lowest, with $18,921, according to data compiled by the Institute for College Access & Success and included in the report.

Nationally, average debt for new bachelor’s degree recipients rose at more than double the rate of inflation from 2004 to 2014, but in some states it grew even faster.  In Connecticut, the percentage of graduating students with debt rose from 57 percent in 2004 to 62 percent in 2014; the average amount of debt increased by 57 percent (20^th highest increase among the states), from $18,906 to $29,750.

Homeownership has generally fallen over the past decade, and for college graduates with student loan debt, the downward trend is even more marked, according to research by the Federal Reserve Bank of New York, the report indicates. What is clear, the report notes, is that after college, graduates with student debt must use part of their income to pay down loans. This means less income is available for saving compared to debt-free graduates.

It also means that graduates with student loan debt will have to save at a higher rate than their debt-free counterparts to buy a home sooner. This points to another challenge student loan borrowers face: making tough decisions over whether to pay student loans off as quickly as possible or save for big purchases like a home, the report explains.

Waiting longer to buy a home can mean missing out on accruing home equity, an important part of building wealth and financial security over the long term. Home equity is how much of the home’s current value is owned by the homeowner. This is calculated by taking the current market value, which typically grows year over year, and subtracting any remaining mortgage payments.

A recent Harvard study noted in the report revealed the consequences for wealth building that these financial decisions can have over the long-term, where college-educated households with student loan debt were found to have significantly less in assets, cash savings, and net wealth compared to college-educated households without student loans.

Among the report’s key findings regarding the home buying timeline:

• A 23-year-old debt-free college graduate today will be ready to buy a home with a 20 percent down payment in 2021 at age 28. That’s five years earlier than the 33-year-old average home buyer today.
• Graduates with $12,000 in student loan debt can expect to save until 2022 before they’re able to put a 20% down payment on a median price home.
• A 23-year-old graduate with $28,950 in student loan debt today will be saving until 2026 before she can make a 20% down payment on a home, at age 33 – the current average age for home buying.
• Graduates with $50,000 in student loans will be saving until age 36 in 2029 before they’ll have enough for a 20 percent home down payment.

The report also highlights the impact of student loans on the age at which people decide to get married, their job choices, starting salaries and retirement savings – and the impact those choices have on their ability to pay off student loans.

Best Bargain for Retirees? Waterbury Ranks 10th in the USA

Headed towards retirement?  Keep Waterbury in mind.  A new ranking of the best bargains for retirees has the Brass City holding down the final slot on the top ten list.  The list, developed by the website GO Banking Rates and running on the CBS Moneywatch website, ranks Waterbury as the 10^th best town in the country for retirees. The site said of Waterbury: “Waterbury is in New Haven County on the Naugatuck River, close to Hartford and New York City. Waterbury has a colonial history with historic houses, and the downtown is clean and has many trees. You will find art and cultural events, and great health care facilities.”

A 2015 report by the Government Accountability Office found that about half of households led by people ages 55 and older have no retirement savings at all. Among households with retirement savings, the median amount of those savings is just $104,000 for households ages 55-64, and $148,000 for households ages 65-74. Such modest savings make it difficult to keep up with expenses during retirement. Americans 65 years of age or older average nearly $44,686 in annual expenses, according to the Bureau of Labor Statistics.

And Waterbury, apparently, can make those dollars go further.  The GOBankingRates website ranking considered several local factors, including:

• Housing — rental prices for a one-bedroom apartment, rounded to nearest dollar.
• Percentage of retirees — in the local population as of April 1, 2010.
• Walkability — scores ranging from 25 for Montgomery, Ala., to 65 for Allentown, Pa.
• Safety factors — scores ranging from 6 for Rochester, N.Y., and Louisville, Ky., to 30 for Boise, Idaho.

Each city was given a weighting for each of the criterion and was ranked based on the overall score.  The top 20:

1. Boise, Idaho
2. El Paso, Texas
3. Allentown, PA
4. Grand Rapids, MI
5. Champaign, IL
6. Charlottesville, VA
7. Lincoln, NE
8. Bloomington, IN
9. Cedar Rapids, IA
10. Waterbury, CT
11. Colorado Springs, CO
12. Missoula, MT
13. Rochester, NY
14. Greensboro, NC
15. Fort Worth, TX
16. Billings, MT
17. Phoenix, AZ
18. Lexington, KY
19. Omaha, NB
20. Columbus, OH

The City of Waterbury’s website highlights “the sense of neighborhood identity and pride is so important that Waterbury has some of the most active neighborhood associations in the state.”  The site explains that “their efforts focus on protecting the small-town character and livability of their communities as they plan neighborhood block parties, concerts and beautification projects.  And with over twenty distinct and diverse neighborhoods-- many with their own commercial center, park, school, and sports associations-- there is truly a place for everyone in Waterbury.  These well-preserved and diverse neighborhoods are often recognized as one of the city's greatest assets.”

The original settlement of Waterbury – the 9^th largest city in New England - dates back to 1674 and the city's name is reference to its proximity to the Naugatuck River and its many tributaries which flow through the heart of the city.

https://youtu.be/4MZDO2vFPjA

Connecticut to Join The Boston Fed's "Working Cities Challenge" to Help Communities Improve Economic Outcomes

Connecticut will be the latest state participating in the Federal Reserve Bank of Boston’s Working Cities Challenge competition, an economic development effort that builds cross-sector collaboration and leadership to solve challenges affecting urban communities. Businesses and organizations from the private sector throughout the state, along with state government, have played a significant role as a catalyst in bringing the Working Cities Challenge to the Land of Steady Habits. As part of this initiative, cities in Connecticut will have the ability to apply for competitive funding to be used toward addressing local issues in a sector of their choosing, be it education, workforce development, small business development, or other areas that can improve economic outcomes for residents. This summer, the Boston Fed will begin conducting meetings across Connecticut to provide more information about the Working Cities Challenge. Cities will be able to apply for design grants in the fall of 2016.

The Boston Fed will lead the competition, providing technical support and staff resources.  A steering committee composed of local and national partners will determine the cities in Connecticut that will be eligible to apply.  An independent, expert jury that does not include the Boston Fed will select winning cities.

The Boston Fed launched the program in Massachusetts in 2013, building on research that identified cross-sector collaboration and leadership as the key ingredients in resurgent smaller cities across the county. The State of Rhode Island has also joined Massachusetts as a participating site of the Working Cities Challenge.

Funding for the competition prize awards will be provided both by the State of Connecticut, which has committed $1 million, and an additional $2 million commitment from private partners.  The Doris Duke Charitable Foundation, The Kresge Foundation, Living Cities, NeighborWorks America, The United Illuminating Company, Stanley Black & Decker, Boehringer Ingelheim, Travelers Companies, Inc., The Hartford Foundation for Public Giving, Webster Bank, Eversource Energy, Liberty Bank Foundation, Hartford HealthCare, Barnes Group, Hoffman BMW of Watertown/Hoffman Auto Group, United Technologies Corp., Charter Communications, and Fairfield County’s Community Foundation have all committed to participating in the challenge.

“This Working Cities Challenge is about delivering collaborative, transformative projects that will improve the economic outcomes in our cities, creating strong, resilient, and inclusive communities,” Governor Malloy said.  “To build a stronger Connecticut, we must build upon the strengths of our urban areas, and I commend the Boston Fed for their leadership on this effort.  We look forward to working with them in support of Connecticut and cannot thank our private partners enough for their participation.”

“We are pleased to bring the Working Cities Challenge to Connecticut and are thankful to Governor Malloy for his support of the effort, as well as the Hartford Foundation, the Doris Duke Foundation, Living Cities, The Kresge Foundation, and many others,” Boston Fed President Eric Rosengren said.  “The partners have come together to make it possible to bring the competition to Connecticut – precisely the model of cross-sector collaboration that forms the basis of the Working Cities Challenge.  This competition focuses on the residents of the state’s postindustrial cities – places with unique assets that taken together can help to build civic leadership infrastructure, which our research shows is a key component of economic resurgence.”

“Collaboration among the nonprofit, private, public and philanthropic sectors and residents is fundamental to ensuring our communities thrive,” Linda J. Kelly, President of the Hartford Foundation for Public Giving, said.  “We are proud to support the Working Cities Challenge as a proven approach for the coordination across multiple systems and stakeholders that is necessary to strengthen our urban centers and benefit the entire state.”

 “It’s gratifying to see the strong support from Connecticut companies, foundations, and the Malloy administration for the Working Cities Challenge under the thoughtful  leadership of the Boston Fed,”  James C. Smith, Chairman and CEO of Webster Bank, said.  “By encouraging the development of civic infrastructure as a prerequisite to physical infrastructure, the Working Cities Challenge promises to revitalize Connecticut’s smaller cities economically and transform the lives of inner city residents.”

“Across the country many, many communities lack cohesive leadership to make use of their disconnected assets,” Rip Rapson, President and CEO of The Kresge Foundation, said.  “The Working Cities Challenge offers a short-term incentive for smaller communities to come together for a prize.  But its true value will be felt when those communities find the long-term benefits of collaborations that engage citizens to right economic wrongs and provide for widespread opportunity.”

 Working Cities video

Encore Entrepreneurs Look to Start New Businesses in CT

To paraphrase a commercial phrase from years ago, it isn’t your grandfather’s entrepreneurship.  In fact, the new version isn’t only for twenty- and thirty-somethings.  The fifty- and sixty-somethings are, in increasing numbers, looking to launch what AARP describes as “encore entrepreneurship.”  And the infrastructure to give those new entrepreneurial notions a boost is growing too, including in Connecticut. The most recent gathering, at the reSET business factory in Hartford, brought solid attendance and an array of experts to work with individuals with a full career under their belt, but nonetheless looking to start their next career. 

AARP and the U.S. Small Business Administration (SBA) hosted the free educational and networking “Boot Camp” seminar for Connecticut entrepreneurs and small business owners.  reSET, usually populated by a predominantly younger set of entrepreneurs, indicated that age and entrepreneurship are not mutually exclusive, and Community Developer Brandon Serafino went on to explain the availability of working space, expert mentors and consultants is areas ranging from law to accounting to marketing on hand to provide guidance.

Nora Duncan, state director of AARP, led the program presentations and described a strong portfolio of services available – and some surprising numbers that reflect the strength of encore entrepreneurship nationwide.

It turns out, she said, that there is research to show that not only do more older people start businesses but also that businesses started by older people are actually more successful on average.

A study by the Kauffman Foundation found, for example, that the average and median age of U.S.-born tech founders was thirty-nine when they started their companies. Twice as many were older than fifty as were younger than twenty-five.

A recent report in Business Insider indicated that one in three new businesses in the U.S. were started by an entrepreneur age 50 or older.  Describing “running a business as the new retirement,” the news report cited an infographic in easylifecover that highlighted those aged 55-64 in the U.S. have actually had the highest rate of entrepreneurial activity in the last 10 years, noting that the founders of McDonald's, Coca Cola, and Kentucky Fried Chicken – among others - were all over 50 when they established their businesses.

The interactive “Boot Camp” event at reSET – open to people of all ages with a special focus on the 50 and over –included short presentations from local resource organizations, networking opportunities and valuable information on the programs and tools available to potential business owners.  Attendees were updated on the necessary steps and tools to launch a business, and had opportunities to talk one-on-one with local mentoring organizations, lenders, small business advisors and community leaders for advice and assistance.

AARP state offices and U.S. Small Business Administration District Offices are in the midst of hosting events for Encore Entrepreneurs specifically designed for those age 50 and older who want to start or grow a small business.  Summer of Encore Mentoring events are being conducted during June, July and August, in Connecticut and around the country.  (Next event is June 29 at CCSU)

Among those on hand at the reSET event in mid-June were representatives of the Office of Secretary of State (where new businesses are registered), Hartford Economic Development Corporation, and the Connecticut Small Business Development Center.  SBA Connecticut District Director Anne Hunt outlined the businesses expertise available at offices throughout the state to support business start-ups and help navigate the hurdles that new businesses face.

The SBA-AARP strategic partnership is designed to jointly counsel, train, and mentor encore entrepreneurs on small business creation. For many 50+ individuals, officials say, entrepreneurship training is the toolkit that empowers them to use their experience, knowledge, and skills to become business owners and job creators. Since the partnership began in 2012, the SBA and AARP have educated more than 300,000 existing and budding potential encore entrepreneurs nationwide.

reSET serves all entrepreneurs, but specializes in social enterprise ― impact driven business with a double and sometimes triple bottom line. In addition to providing co-working space and accelerator and mentoring programs, reSET aims to inspire innovation and community collaboration, and to support entrepreneurs in creating market-based solutions to community challenges. The organization’s goal is to “meet entrepreneurs wherever they are in their trajectory and to help them take their businesses to the next level.”

Connecticut Is 2016’s 2nd Best State for Working Dads; Two Norwalk Businesses Earn Spot Among Nation’s Top 50 for New Dads

Working fathers in Connecticut are in a great place, according to a newly released analysis.  Connecticut is ranked only behind only Minnesota as the 2^nd Best State for Working Dads, a glimpse of good news as Father’s Day approaches. Nearly 93 percent of dads with kids younger than 18 in the labor force, according to the personal-finance website WalletHub, which conducted an in-depth analysis of the Best & Worst States for Working Dads.

The top 10 states were Minnesota, Connecticut, Vermont, Massachusetts, New Jersey, Wisconsin, Iowa, Kansas, Virginia and North Dakota.  At the bottom of the list were Mississippi, West Virginia, Alaska and Nevada.

WalletHub analyzed the work-life balance, health conditions, financial well-being and child-rearing environments for working dads in the 50 U.S. states and the District of Columbia, using 20 key metrics, which range from day care quality to male life expectancy.

To identify the best and worst states for working dads, WalletHub analyzed the various factors in the work-life balance that affect paternal roles in the 50 states and the District of Columbia, focused on four key dimensions of fatherhood: 1) Economic & Social Well-Being, 2) Work-Life Balance, 3) Child Care and 4) Health.  Among the 20 factors included were parental leave policy, commute time, day care quality, pediatric services, median income, unemployment rate, and mental health.

Leading to its overall ranking of second in the analysis, Connecticut was 13^th in “economic and social well-being,” third in “work-life balance,” eighth in “child care,” and third in “health.”  Among the sub-categories, Connecticut was:

• 2nd – Male Life Expectancy at Birth
• 2nd – % of Kids Younger than 18 with Dad Present Living in Poverty
• 2nd – “Parental Leave Policy” Score
• 6th – Access to Pediatric Services
• 6th – % of Men Who Report Adequate or Any Physical Activity
• 7th – Male Uninsured Rate
• 14th – Average Freshman Graduation Rate for Men
• 16th – Mortality Rate due to Heart Disease per 100,000 Men
• 17th – Mean Hours Worked per Day Among Males
• 19^th - Median Income for Families (Dad Present) with Kids Younger than 18 Years, Adjusted for Cost of Living

Among the nation’s top businesses for new dad, an analysis by the website Fatherly, determined that two Connecticut-based companies – alcoholic beverages producer Diageo and financial data and analysis provider FactSet, earned slots in the top 50.  Fatherly is a digital lifestyle guide for men entering parenthood.

Just a handful of states had companies on the list:  California (18), New York (9), Oregon (4), Massachusetts (3) and Georgia, North Carolina, Washington DC, and Connecticut, with two each.

Norwalk’s Diageo ranked 34^th, and was praised for policies that include “employees receive up to 8 hours of school activity leave (up to 40 hours per year) so you won’t have to miss your kid’s big game or school play.”  FactSet, headquartered in Norwalk, ranked 46^th.  The company was praised because it “recently upped it’s paternity leave from one week to 4.”  FactSet has 8,000 employees in 21 countries.  Diageo is a global leader in beverage alcohol with iconic brands in spirits, beer and wine, producing well-known brands from more than 200 sites in over 30 countries.

The top companies were Netflix, Spotify, Facebook, Patagonia, Bank of America, Pinterest, Google, Microsoft, Twitter, Airbnb, Johnson & Johnson, Accenture, MasterCard, Intuit and Intel.

In addition, nine small businesses described as “leading the way,” were change.org (San Francisco), Laughing Planet Café (Portland), Upworthy (New York), Blue Corona (Maryland),  Badger Balm (New Hampshire), Square Root (Austin), Able Lending (Austin), Happy Family (New York) and ustwo (New York).

When Fatherly’s 50 Best Places To Work For New Dads was a year ago, nearly half the companies featured offered between one and 2 weeks of paid leave to fathers. Twelve months later, 7.5 weeks is the average, 35 percent of companies offer between 6 and 8 weeks, and another 12 companies offer between 10 weeks and a full year, the website pointed out, attributing much of the increase to tech companies, which make up nearly a third of companies on the top 50 list.

Data used to create the WalletHub report were obtained from the U.S. Census Bureau, the U.S. Bureau of Labor Statistics, the Council for Community and Economic Research, the Centers for Disease Control and Prevention, the National Center for Education Statistics, the National Partnership for Women & Families, the American Urological Association, the Social Science Research Council, Child Care Aware of America and WalletHub research.

Nine in Ten CT Residents Have a Usual Source of Care, But 3 in 10 Haven’t Seen Doctor in Past Year

A new federal report finds that all but 10.1 percent of Connecticut residents had a usual source of medical care during 2014 – tied for the sixth lowest percentage among the states.  The same report found great variation among states but, on average, 17.3 percent of Americans lacked a usual source of care. Vermont led the country with only 2.8 percent of residents reporting they do not have a regular care site, according to data compiled by the Centers for Disease Control and Prevention’s National Center for Health Statistics, followed by Delaware at 6.8 percent.

Even in Connecticut there remains room for improvement as nearly 3 in 10 – 29.6 percent - of Connecticut residents had not seen or talked to a general doctor during the last year, slightly better than the national average. Vermont also led the country in that statistic, with 84 percent having seen or spoken with a physician during the previous year.

The percentage of adults without a usual place of medical care ranged from 2.8 percent in Vermont to 26.7 percent in Nevada.  The percentage of adults who did not have a general doctor visit in the past 12 months ranged from 15.9 percent in Vermont to nearly have the state’s population - 48.1 percent - in Montana.

The federal data indicated that nine states (Nevada, Idaho, Texas, Oregon, Wyoming, Kentucky, Arizona, Alaska, and Florida) had a higher percentage of adults without a usual place of medical care compared with the national average (17.3%).

Conversely, Vermont, Delaware (6.8%), Massachusetts (7.5%), Wisconsin (9.5%), Hawaii (10%), Connecticut (10.1%), Rhode Island (10.1%), New Hampshire (11.6%), North Dakota (11.9%), South Dakota, New York, Alabama, Iowa, Maine, and Pennsylvania had a lower percentage of adults without a usual place of medical care compared with the national average.

Eleven states (Montana, South Dakota, Alaska, Nevada, New Mexico, South Carolina, Idaho, Nebraska, Texas, Florida, and California) had a higher percentage of adults who had not seen or talked to a general doctor in the past 12 months compared with the national average (34.0%).  Vermont, Delaware, Virginia, Pennsylvania, Michigan, Wisconsin, New Hampshire, Oklahoma, and Ohio had a lower percentage of adults who had not seen or talked to a general doctor in the past 12 months compared with the national average.

Connecticut, at 29.6 percent, ranked just outside the top 10 states in the second quartile, but just below the national average.

Also of note, the study found little impact on these metrics of states’ decisions to expand Medicaid or create a state-based health insurance exchange. The federal analysis concluded that “continued state-specific monitoring will be helpful in identifying and tracking state and regional disparities in health care utilization over time.”

The National Health Interview Survey is a multipurpose health survey conducted continuously throughout the year by the National Center for Health Statistics (NCHS). Interviews are conducted in person in respondents’ homes, but follow-ups to complete interviews may be conducted over the telephone. The federal report was authored by Lindsey I. Black and Jeannine S. Schiller, with the National Center for Health Statistics, Division of Health Interview Statistics.

CT An Also-Ran Among States in Entrepreneurial Growth, Despite Some Gains

Connecticut ranks 13^th among the nation’s 25 smaller states – and 36^th overall - in the growth of entrepreneurship, according to a new study and state-by-state analysis by Kauffman Foundation.  A year ago, the state ranked 17^th among the smaller states, slightly improving its ranking in the latest data.  The rate of start-up growth in Connecticut increased to 45.5 percent in the 2016 report, compared with 23.6 percent the previous year. The “share of scale-ups” also increased, from 1.29 percent in last year’s analyses to 1.33 percent this year.  Scale-ups measures the number of firms that started small but grew to employ fifty people or more by their tenth year of operation as a percentage of all employer firms ten years or younger.

One metric that dropped slightly measured high-growth company density – the number of private businesses with a least $2 million in annual revenue reaching three years of 20 percent annual revenue growth normalized by total business population.  Connecticut moved from 55.1 a year ago to 48.8 in the 2016 report.  Both researchers and entrepreneurs have suggested density as a key indicator of vibrancy in entrepreneurial ecosystems, and there is high variation on this indicator across U.S. states, according to the report.

The Kauffman Index of Growth Entrepreneurship, released this week,  is an indicator of business growth in the United States, “integrating several high-quality sources of timely information into one composite indicator of entrepreneurial business growth.”

In rankings by industry, Connecticut ranked in the top five among the 25 smaller states in two five categories – 3^rd in Business Products & Services and 3^rd in Software.  The state was ranked outside the top five in high-growth companies in the IT Services, Advertising & Marketing and Health industries.

Overall, the Growth Entrepreneurship Index rose in 2016 in thirty-nine states in the last year, indicating a continued return of broad-based business growth, the report concluded.

• Among the twenty-five largest states, the five states with the highest Growth Entrepreneurship Index were Virginia, Maryland, Arizona, Massachusetts, and Texas.
• Among the twenty-five smallest states, the five states with the highest Growth Entrepreneurship Index were Utah, New Hampshire, Delaware, North Dakota, and Oklahoma. (Connecticut ranked 13^th)

While most states experienced an increase in growth entrepreneurship activity, changes in state rankings— which measure relative yearly performance across states, as opposed to performance relative to a state’s own growth entrepreneurship rates in the previous year—were different. Twenty-three states ranked higher than they did last year, seven experienced no changes in rankings, and twenty ranked lower, the report pointed out.

"Growth entrepreneurship directly contributes to the economy through creating jobs, innovation and wealth," said Arnobio Morelix, senior research analyst at the Kauffman Foundation, which conducts the annual study.

Virginia took first place in growth entrepreneurship activity among the 25 largest states, followed by Maryland, Arizona, Massachusetts and Texas. Kauffman researchers said it is no coincidence that two of the top states include the highly entrepreneurial Washington, D.C., metro area. Among larger states, 12 ranked higher than they did last year, four experienced no change in rankings and nine ranked lower.

Among the 25 largest states, the five that experienced the biggest increase in rank from 2015 to 2016 were North Carolina (15 to 8), Alabama (13 to 9), Ohio (16 to 12), Tennessee (18 to 14) and Arizona (6 to 3).

The five large states that saw the greatest decrease in rank in 2016 were, with a tie for fifth place, New Jersey (8 to 20), Pennsylvania (10 to 16), Illinois (14 to 17), Wisconsin (20 to 23), Louisiana (4 to 6) and South Carolina (11 to 13).

Among the 25 smallest states, Utah led growth entrepreneurship activity, followed by New Hampshire, Delaware, North Dakota and Oklahoma. Eleven states ranked higher than they did last year, three experienced no change in rankings and 11 ranked lower.

The five small states that saw the biggest increase in rank were Mississippi (22 to 10), Wyoming (23 to 15), North Dakota (11 to 4), Nevada (15 to 8) and Connecticut (17 to 13).

State Residents Pessimistic About State Economy, Upbeat About Personal Finances, Survey Finds

The state’s budget crisis, and months of fiscal wrangling at the State Capitol, appears to have taken a toll on the economic outlook of Connecticut residents.  Despite growing optimism about their personal financial situation, state residents are increasingly pessimistic about the state’s finances and employment prospects, and are preparing to do some personal belt-tightening as a result. In the latest InformCT Consumer Confidence Survey, for the first quarter of 2016, the percentage who believe that the Connecticut economy is improving has dropped 10 points from the first quarter of 2015 to the first quarter this year, from just over one-third (34%) of state residents to just  under one-quarter (24%).

A year ago, when asked about current business conditions in Connecticut versus six months prior, 29 percent said conditions were better and only 22 percent said they were worse.  That break-down has now flipped, with 22 percent stating “better” and 29 percent saying business conditions are worse.

A majority of respondents (56%) said they intend to make some (41%), or significant (15%), cuts to their personal budget, as a result of budget cuts at the state level.  Only four in ten say that state cuts will have no effect “on me personally.”  Asked what the state should do to best remedy the budget shortfall, six in ten (59%) urged the state to reduce spending while four in ten (43%) suggested raising taxes on the top 1% of income households.

The quarterly survey is released by InformCT, a public-private partnership that provides independent, non-partisan research, analysis, and public outreach to help create fact-based dialogue and action in Connecticut.  Administered by researchers from the Connecticut Economic Resource Center, Inc. (CERC) and Smith & Company, the analysis is based on the responses of residents across Connecticut and addresses key economic issues, providing a glimpse of the public’s views.

Regarding the employment picture, state residents increasingly believe that although there are jobs available, but 6 in 10 believe there are “not enough.”  And 42 percent are concerned that either their job, or their spouse’s job, is in jeopardy - up from 33 percent in the previous quarter, and the highest level the quarterly survey has seen in the past year.

When it comes to their own finances, state residents are markedly more upbeat.  One-third (32%) say they are better off than 6 months ago (up from 24% in the previous quarterly survey) and 44 percent believe they will be better off six months from now than they are today, a jump of 10 points from last quarter.  More than 8 in 10 residents (83%) say that from a personal financial standpoint, they will be much better off, somewhat better off, or about the same, six months from now.

State residents continue to be persistent in their view that Connecticut is a good place to live and raise a family, with 48 percent expressing that view, and only 29 percent disagreeing – a number that hasn’t budged much during the past year.  Yet, the percentage of respondents who say they are likely to move out of the state in the next five years has increased to its highest level in five quarters, to 43 percent, after hovering between 32 percent and 39 percent with that view in the four quarterly surveys of 2015.

Perhaps driven by economic necessity, the public’s view of regionalism – long an anathema in Connecticut – indicates receptivity.  Four in ten now believe that services such as public safety, public health, libraries, education and animal control “could effectively be delivered regionally.”  And 52 percent believe that the best way to grow the economy is to invest in local schools, transportation choices and walkable areas, versus 48 percent who view recruiting companies to the area as the best way to grow the economy.

Hartford Foundation Growth Responds to Community Needs

The Hartford Foundation for Public Giving, the community foundation for 29 communities in Greater Hartford, awarded more than $33 million in grants to the region’s nonprofit agencies and educational institutions in 2015, according to the organization’s newly released annual report. The Foundation’s 2015 grantmaking was based on the recognition that "a vibrant and strong Greater Hartford region requires that all residents, especially those with the greatest need, have equitable opportunities to achieve and flourish," the report stated.  In order to make this possible, the Foundation provided support to nonprofit and public entities that "work to ensure everyone has access to the resources and services they need to thrive."

The Foundation invested 30 percent of its grants in education from birth through high school, and new and renewed college scholarship, according to the report. Grants for family and social services received 20 percent; health – 11 percent; arts and culture – 11 percent; community and economic development – 19 percent, general – 5 percent and summer programs – 4 percent.

“Thanks to the support of our generous donors, the Hartford Foundation, working with our many community partners, is leading and participating in collaborative approaches to harness resources and increase community impact,” said Linda J. Kelly, president of the Hartford Foundation.

The Foundation received gifts totaling $17.5 million and established 29 new funds, including a new giving circle, the “Black Giving Circle Fund,” to address issues facing Greater Hartford’s Black community.

“Our newly adopted strategic plan, with its focus on equity and opportunity, prioritizes learning from birth through college, vibrant communities and family economic security,” Kelly said. “We look forward to amplifying our efforts to address community needs to meet the broad-based and changing issues in our region, and create pathways to opportunity for all residents.”

The annual report highlights the wide variety of work the Foundation has supported throughout Greater Hartford, including:

Alliance District Grants (Bloomfield, East Hartford, Windsor): More than $1.5 million was awarded to three Greater Hartford school districts to establish or deepen each district’s partnerships with family and community, to improve student outcomes and promote equitable educational opportunity throughout the region.

• Bloomfield was awarded a grant to significantly expand Bloomfield Public Schools’ family and community partnerships supporting an extended school day and increasing yearlong support of student learning.
• East Hartford Public Schools received a grant to develop a new Teaching and Learning Center and other strategies that will enable it to support children’s learning, development, and success through increased family, school, and community partnerships.
• Windsor Public Schools received a grant to establish a new Office of Family and Community Partnership to develop families, school staff, and community partners’ knowledge, skills, and other capacities to engage in productive partnerships focused on student success.

The Hartford Foundation has approved $3.95 million over three years in grants and technical assistance to support the Career Pathways Initiative, a collaborative, crosscutting approach to providing residents with education and workforce training that places them on a trajectory to ascend a career ladder in industries that have job openings. The initiative targets low-literate and low-skilled residents of the Capitol Region, including single parents, at-risk youth, immigrants, homeless heads of household, former offenders, and others who need a broad range of coordinated services to be successful. The initiative enhances or expands existing programs and pilots new approaches.

Journey Home was awarded a three-year, $199,197 grant to support the region’s Coordinated Access Network, a collaboration of services providers whose goal is to establish a coordinated region wide placement and referral system for homeless individuals and families.

The Nonprofit Support Program continues to be a critical source of capacity building and knowledge sharing among our region’s nonprofit organizations.  In 2015, 218 nonprofits were awarded 96 grants totaling $1.74 million. These grants included support for technical assistance, strategic technology, human resources, board leadership development, executive transition, financial management and evaluation capacity.

Metro Hartford Progress Points, a partnership between the Hartford Foundation and eight other regional entities, launched the second edition of the Progress Points Report which focused on access to better schools, better jobs and stronger neighborhoods.

Since its founding in 1925, the Foundation has awarded approximately $654 million in grants.

Noah and Sophia Were CT's Most Popular Newborn Names in 2015

Connecticut’s most frequent names for newborns in 2015 were Noah and Sophia, according to the Social Security Administration.  Nationwide, Noah topped the list for boys, but Emma was number one for girls. Among the baby girls, Connecticut’s top three names selected were Sophia, Emma and Olivia.  Nationwide, the names were the same but the order was different – Emma, Olivia and Sophia.

Among the boys, Mason was number 2 in Connecticut and number 3 nationwide. Alexander, Connecticut’s third most popular name for boys, placed eighth nationally.

In 2014, Mason and Olivia topped the list of most popular baby names in Connecticut, with Noah, Alexander, Emma and Sophia not far behind.  In 2013, Olivia again was atop the girls list, but William ranked first among the baby boys.

The source of the data is a 100 percent sample based on Social Security card application data.

The top 10 names for boys in Connecticut in 2015 were Noah, Mason, Alexander, Liam, Benjamin, Jacob, William, Michael, Logan and Matthew.  For girls, Connecticut’s top 10 were Sophia, Emma, Olivia, Isabella, Ava, Mia, Charlotte, Emily, Abigail, and Madison.

Since the beginning of this decade, as most elementary school teachers can likely attest, the most popular boys names in the U.S. are Jacob, Noah, Mason, William and Ethan; for girls, the leaders have been Sophia, Emma, Isabella, Olivia and Ava.  In the first decade of this century, the top names were Jacob, Michael, Joshua, Matthew and Daniel for boys; Emily, Madison, Emma, Olivia, and Hannah for girls.

A century ago, the list was very different.

The top girls names between 1900 and 1909 were Mary, Helen, Margaret, Anna, Ruth, Elizabeth, Dorothy, Marie, Florence, and Mildred: among the boys it was John, William, James, George, Charles, Robert, Joseph, Frank, Edward and Thomas.