Local Economy Shows Signs of Rebound

From the Middletown Department of Planning, Conservation and Development

MIDDLETOWN NOVEMBER STATISTICS REPORT

↑       Local Economy- Unemployment dropped 0.5% to 7.9%, the first time unemployment has dropped below 8% since December 2009. This month two new matrixes are introduced, measures of Middletown’s innovativeness and creative economy. Tradename registrations are up 23% over 2009. Job opportunities retreated from September, but are at a level that should help either control the unemployment rate or reduce it. Using counts of patents, Middletown is twice as innovative as the state and the country as a whole. Using a search algorithm to identify creative industries web pages updated in the past 30 days. Compared to towns similar in size to Middletown, on a per capita basis Middletown has a creative economy that is 40% larger than its peers. Compared to the top ten most populous Connecticut cities, Middletown on a per capita basis is 55% smaller.

 

↓       Housing- Housing is sending mixed signals either indicating a bottom or some additional declines. The “robosigning” foreclosure scandal may be behind the 68% drop in foreclosures from last month. Foreclosures have been this low since before 2008. Building permits are up 23% for the same period of 2009.

 

↓       Web Presence- All measures show reduce presence on the web for Middletown.

 

For full report go to:  http://www.middletownplanning.com/documents/MStat_Report_Nov2010.pdf