Tuesday, August 17, 2010

Local Economy Remains Weak

From the Middletown Planning, Conservation and Development Department

↓       Local Economy- Employment remains weak. There are modest improvements in the number of vacancies advertised, up 33%, and increased business activity relative to trade name registrations, up 53%. The positive jobs outlook for Middletown is in contrast to the communities in the region, which seem to have stall in job growth in recent months. Since only of quarter of position advertised in Middletown will go to Middletown, the slowing of hiring in the greater Hartford region is a drag on our unemployment situation.
↑       Housing-  Number of sales for both Single-family dwellings and condos are up versus a year ago and inventories are at manageable levels. Prices continue to edge downward, by they may have crossed an important threshold. Compared the historic prices Single-family homes are not 1.5% cheaper than historic averages compared to rental prices. Compared to incomes prices might need to come down a little more. Prices did reach as much as 30% over historic trends near the peak of the housing boom.
↓       Web Presence- Middletown’s web presence on search engines decreased, and there was not enough web activity for the term “Middletown” for Google to  post any 3 month or 1 month rising search activity.

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