Connecticut businesses and residents often times cannot afford to live comfortably in what has been called one of the most expensive states to live and work in.
According to the Connecticut Post, although the state has the country’s highest per-capita income, it comes with a very high cost of living that has caused both individuals and businesses to leave.
Companies such as Aetna Inc. and General Electric Co. were once considered “Connecticut stalwarts” but have since left the state, the Post said.
“In a statement at the time of its announcement, [Aetna] said it needed to relocate headquarters to attract ‘knowledge economy’ talent,” the Post said.
This exodus of companies, combined with inconsistency on Wall Street, has caused Connecticut’s revenue to greatly fluctuate.
According to the Post, last year Connecticut took in $18.2 billion- a number that was greater than the two years prior but less than the $20.1 billion it took in during the 2013 fiscal year.
Connecticut’s unstable economy is one of the many factors contributing to the state having one of the country’s highest costs of living.
According to Zillow, the median price of homes sold in Connecticut is almost $250,000, compared to the median price of homes sold in Texas, which is $170,000.
Often times, Connecticut residents are unable to afford the rising costs of living in the state, which led to Connecticut’s net loss of 8,000 residents last year.
According to the bi-annual Occupational Employment Statistics (OES) mail survey, the mean hourly wage of Connecticut residents is $28.36, making the mean annual salary $58,971.
However, numbers vary greatly by industry, as people in management occupations make a mean annual salary of approximately $136,000, while social and human service assistants make a mean annual salary of around $407,000.
The cost and quality of life in Connecticut also varies greatly per region of the state.
While cities like Greenwich boast multi-million dollar mansions, cities like Bridgeport, Hartford and New Haven have greater financial troubles.
Bridgeport Mayor Joseph Ganim told the Post part of the city’s financial troubles stems from its financing of services like a courthouse and a larger hospital for all of Fairfield County, despite the county housing far wealthier towns than Bridgeport.
Ganim said the city relies on the state’s help, but the state could do more.
“If we’re going to do better, we need to do better for our urban centers,” Ganim said. “Dollars are falling less on the big cities who have to service some of the most vulnerable and the most needy.”
Gabriella Debenedictis is a staff writer for The Daily Campus. She can be reached via email at firstname.lastname@example.org.