Why is hartford so poor

Aetna, the insurance giant, is leaving Hartford, where it was founded years ago. In early , General Electric announced that it would move its global headquarters from Fairfield, Connecticut, to Boston.

The second answer is: People are leaving. It's rare for any state to actually shrink, but Connecticut's population has been falling for three straight years. Meanwhile, only Michigan, Ohio, and Mississippi had slower job growth than Connecticut did over the last two decades, according to Jed Kolko, the chief economist at Indeed, a job site.

Although Connecticut is one of the most reliably blue states in the country, liberals regard it as a microcosm of the national scourge of inequality. In the five years after the financial crisis, the incomes of the top 1 percent in Connecticut grew 17 percent, while the incomes of everyone else dropped about 2 percent, according to my colleague Alana Semuels. The so-called Gold Coast in southwest Connecticut is one of the richest places in the world.

The richest 0. This 0. This is a problem, because the investment income of financiers is volatile. Capital Gains Red Lines. The typical resident pays both hefty state income taxes among the 10 highest in the country and high local property taxes the third-highest. UBS has moved to Manhattan. GE has moved to Boston. Leaving Connecticut because of the high taxes and relocating to Boston is like leaving Connecticut because of the cold winters and moving to… well, Boston.

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Necessary Necessary. Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously. A pipe dream? Absolutely, in the current environment, in which suburbs believe they can separate their fate from those of cities and urban policy has been reduced to magic-bullets solutions such as new stadiums or state empowerment zones or the healing power of faith-based institutions.

A stronger Hartford—or Waterbury or New Britain or Bridgeport—will mean a stronger state and stronger regions. There will be a lot less sprawl and a lot more energy and investment in places bypassed by the new economy. Unlike Providence, they are not fortunate enough to bask in the glow of a major metropolis like Boston.

Yet they can be better, more livable places if the cities, regions and state embrace real reform. Related Books. Global Cities By , and. Related Topics Transportation Industry U. Metro Areas U. States and Territories. More on U. Metro Areas. The Avenue America has an infrastructure bill. What happens next? Kane , and Andrew Bourne. They hold the key to our collective future Amy Liu and Alan Berube. Post was not sent - check your email addresses!