STAMFORD, Conn. Fairfield Countys economic recovery may be complete in 2016, according to a recent study.
We should get back to where we left off in 2008, Steven Lanza, executive editor of the Connecticut Economy and a University of Connecticut economics professor, said during a presentation in Stamford on Monday of his publications findings.
Helping the area regain its economic strength is the expected addition of jobs, which should increase by about 2,500 in the next year, Lanza said. The added jobs should also lower the unemployment rate in the region to about 7 percent from 7.5 percent, he said.
One reason for the increase in jobs may be that despite lower wages in the area, people are working more hours, which is usually a sign that business is going well and more help is needed, he said.
Over the past year, the area has also shown improvements in adding jobs, the study said. The Bridgeport-Stamford area has increased its labor force by 0.1 percent, decreasing its unemployment rate from 8.3 percent to 7.4 percent, and the Danbury areas labor force increased by 1.8 percent to lower the unemployment rate from 7 percent to 6.3 percent, the publication said.
The state has recovered by 56 percent of its gross domestic product, and it ranks third in the nation in gross domestic product per capita and fifth in gross domestic product growth, Lanza said. Connecticut was hit worse during the 1990 recession, he said.
The Connecticut Economy is a quarterly journal published by the University of Connecticut that tracks developments in the states economy.