Liberty Bank Website Button

What’s Up With Connecticut’s Population?

What’s Up With Connecticut’s Population?

What’s up with Connecticut’s population? It’s not uncommon to hear claims that the state is losing population … Millennials are moving away, it’s too expensive to live here, housing is not affordable, business is declining, jobs are lacking, taxes are increasing. There’s also the ever-present assertion that the state will lose its wealthiest residents if our income-tax structure changes.

But, what are the real numbers? According to the US Census, Connecticut was one of seven states that lost residents between July 1, 2017, and July 1, 2018 (losing a net of 1,215 people). Births offset deaths by 3,736, but the migration statistics tell the tale. Fewer people entered the state than left, showing a loss of over 5,000 residents. [This number includes the migration of foreign-born, domestic-born, and members of the armed services to and from Connecticut.]

A December 26, 2018 article in the Hartford Courant explored population migration to and from the state, its possible drivers, and its effect on the state’s fiscal stability. It’s a mixed bag of upside and downside observations with no real definitive solutions:

  • An analysis published in 2016 in the American Sociological Review concluded the wealthy generally are “embedded elites” and not “transitory millionaires.”
  • The number of Connecticut households that reported earning more than $1 million erupted upward by 124 percent between 2002 and 2007.
  • The need for employment is still one of the main reasons people move while home and business ownership — most common among high-income households — promote stability.
  • The ratio of income leaving Connecticut versus that moving into the state is larger now than it was for most of the past two decades.
  • Connecticut lost $16.33 billion in annual federally adjusted gross income between 1992 and 2016 according to howmoneywalks.com.

One conclusion the article draws is that the biggest losers [of population] rank among [those with the] highest income in the nation. It observes, “In other words, the people moving out of rich states usually are richer than the people moving in, year after year.”

Bottom line you can count on Liberty Bank Foundation’s continued support of things like affordable housing and education for economic success to make Connecticut a great place to work and raise a family.

read the article