Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York September 5, 2002

Second District Unemployment Rates Source: Bureau of Labor Statistics.

Recent Trends in Regional Employment Percent change from 12 months earlier Percent Stamford United States Source: Bureau of Labor Statistics, FRBNY calculations. New York City Connecticut

Personal Income Percent change from 4 quarters earlier Percent United States New York Percent Source: Bureau of Labor Statistics, FRBNY calculations. Connecticut

Percent United States New York Percent Wages and Salaries Percent change from 4 quarters earlier Source: Bureau of Labor Statistics, FRBNY calculations. Connecticut

Home Prices Percent change from 4 quarters earlier Percent Source: Office of Federal Housing Enterprise Oversight. United States New York Connecticut

Permits for New Single Family Homes Percent change from 12 months earlier Percent Source: U.S. Bureau of the Census. United States Connecticut New York City

Percent of Residential Mortgage Loans with Installments 90 Days Past Due Percent Source: Mortgage Bankers Association New York Connecticut United States

Percent of Residential Mortgage Loans in Foreclosure Started During the Quarter Percent Source: Mortgage Bankers Association Connecticut New York United States

Top 5 States by R&D Expenditures 1999 New Jersey Massachusetts New York Michigan California Source: National Science Foundation, 1999 Connecticut

Industrial R & D Concentration Percent of Gross State Product The Top 20 states take more than 80% of the total for R&D Source: National Science Foundation, 1999; Bureau of Economic Analysis; FRBNY Calculations Percent

Top Five States for R&D Funding Source: National Science Foundation, FRBNY Calculations Note: Michigan components are not released due to disclosure issues. 1999

Labor Force Percent change from 12 months earlier Percent Source: Bureau of Labor Statistics United States New York City Stamford Connecticut

Source: U.S. Bureau of the Census, Highest Degree Obtained Percent of population 25 years old and older

New York ConnecticutNew Jersey Massachusetts Fairfield to Northern New Jersey 0.1% Northern New Jersey to Fairfield 0.9% Percent of Workers That Commute from Outside Area of Residence Source: U.S. Census Bureau Westchester to Fairfield 7.2% Fairfield to Westchester 3.7% NYC to Fairfield 2.3% Fairfield to NYC 0.8% Mass to Hartford 3.7% Hartford to Mass 0.1%

Source: Bureau of Economic Analysis, FRBNY calculations. United States New York Output per Employee in Manufacturing Sector Connecticut

Source: Bureau of Economic Analysis, FRBNY calculations. United States New York Output per Employee in Business Services Connecticut

Connecticut Total Exports Percent Change Year/Year Source: Massachusetts Institute of Social and Economic Research

Major Exports from Connecticut Percent Change Year over Year Source: Massachusetts Institute of Social and Economic Research

U.S. Average $40,280 Alaska New Jersey Maryland Connecticut Minnesota New York Source : U.S. Census Bureau, Current Population Survey. $ National Ranking Median Household Income Average

Fairfield Hartford Boston NYC Median Household Income and Higher Education Source: U.S. Census Bureau, Census 2000 Percent of Population Age 25 and above with a Bachelor’s Degree or higher Stamford Washington, D.C. Denver Baltimore Phoenix Chicago Los Angeles

Business and Consumer Services Employment Percent change from 12 months earlier Percent United States Source: Bureau of Labor Statistics, FRBNY calculations. New York City Connecticut Stamford

Manufacturing Employment Percent change from 12 months earlier Percent United States Source: Bureau of Labor Statistics, FRBNY calculations. New York City Connecticut Stamford

Health and Social Services Employment Percent change from 12 months earlier Percent Hartford United States Source: Bureau of Labor Statistics, FRBNY calculations. * Social Services not included. New York City Connecticut

Office Vacancy Rates Quarterly Percent *Missing data for 2000 Q2 & Q3 Source: Coldwell Banker. United States- Metropolitan NYC Metropolitan Stamford-Metropolitan Northern New Jersey Boston-Metropolitan*

Consumer Price Index Percent change from 12 months earlier Percent Source: Bureau of Labor Statistics. United States New York and Northeastern New Jersey United States - Services

New England States by Venture Capital Investments Source: PricewaterhouseCoopers MoneyTree Survey, Q Q2

Government Employment Percent change from 12 months earlier Percent Stamford United States Source: Bureau of Labor Statistics, FRBNY calculations. New York City Connecticut

Household Median Adjusted Gross Income Source: Internal Revenue Service, Statistics of Income.

Migrant Taxpayers Aggregate Adjusted Gross Income $ Billions Source: Internal Revenue Service, Statistics of Income.

Net Domestic and International Migration April 1990 to July 1999 Source: U.S. Bureau of the Census, 2000.

Civilian Participation Rate in the Labor Force Source: U.S. Department of Labor. *New Jersey Department of Labor.

Education Advantage Percent of U.S. Degrees Awarded % of U.S. Source: U.S. National Center for Education Statistics, 2000

Employment in Business Services Percent change from 12 months earlier United States New York City Stamford Source: Bureau of Labor Statistics Connecticut