Job growth was less than expected in August, with some sectors regaining all lost momentum since the recession and some still struggling.
Catherine Smith, Connecticut’s economic development commissioner, told Big Data Download, the state has outperformed the nation over certain sectors in the past year.
Construction, educational services and health care have seen more job increases compared with the nation, according to Smith. Jobs in the arts and recreation sector also have outperformed the nation, with an almost 9 percent increase in positions, thanks in part to a jump in tourism advertising.
Connecticut’s finance and insurance sector is continuing its efforts to recover since the economic crisis. It's down about 1.7 percent in jobs the past year, according to Smith.
She said, “Overall the job level for financial services and insurance together has declined but there are some real winners that are growing in this space, we’re actually seeing a movement for some very big companies, like Bridgewater.”
Bridgewater Associates is the world's largest hedge fund, managing about $120 billion in assets. It’s been working out terms to open a new office in the city of Stamford in 2016. The plan is being criticized by Stamford residents, saying it would saddle them with higher property taxes and other problems.
Smith seems positive on the state’s finance sector. “We’re seeing a lot of growth” for some of the big companies that are going to be winners whether they’ll be in financial services, insurance, hedge funds or venture capital, said Smith.
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