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Data show Conn. the nation's richest state, with lead growing


RSJ

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Data show Conn. the nation's richest state, with lead growing

ASSOCIATED PRESS

Article Last Updated: 03/27/2008 06:45:32 AM EDT

HARTFORD -- Connecticut remains the nation's richest state and is widening its lead over the other 49.

The U.S. Commerce Department reported Wednesday that total per capita income in Connecticut rose to $54,117 in 2007, up from $50,762 in 2006. The per-person income, the highest in the nation, is 40 percent more than the national average of $38,611.

In addition, the 6.6 percent gain in Connecticut's per capita income from 2006 to 2007 ranked fourth in the United States and was higher than the 5.2 percent national average. Per capita income in Connecticut was helped last year by the continued growth of the financial services industry in Fairfield County. And millionaires comprise about 2.4 percent of the population, double the national rate.

http://www.newstimes.com/latestnews/ci_8714022

Come on up and enjoy the riches.

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New Jersey is number 2 but the cost of living negates a lot of that

True - but when you cash out of your house and other assets when you retire you will have 3-4 times the money than people from other parts of the country, if not more.

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True - but when you cash out of your house and other assets when you retire you will have 3-4 times the money than people from other parts of the country, if not more.

You are such a geographical snob! Jeez - get off that high map of yours.

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You are such a geographical snob! Jeez - get off that high map of yours.

This is the second article I have posted like this and the first thread started. Some people just have a problem with reality, that's all.

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This is the second article I have posted like this and the first thread started. Some people just have a problem with reality, that's all.

I'm not about to get into a real estate value war with you. I don't know that much about it. However, I've seen million dollar homes is places other than the northeast. Just sayin'.

But I'm not so sure your prediction will be true. For example, in Massachusetts - one of the biggest, most profitable companies/employers is Fidelity Investments. Fidelity Investments has recently (past couple of years) closed down many divisions and moved 'em on down south - especially Raliegh. Makes sense - cheaper to do business, and a good education base (Duke, UNC, Etc) to get employees from. Now, if this keep going on - the Northeast losing business to the South - won't values rise there and decrease here?

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I'm not about to get into a real estate value war with you. I don't know that much about it. However, I've seen million dollar homes is places other than the northeast. Just sayin'.

But I'm not so sure your prediction will be true. For example, in Massachusetts - one of the biggest, most profitable companies/employers is Fidelity Investments. Fidelity Investments has recently (past couple of years) closed down many divisions and moved 'em on down south - especially Raliegh. Makes sense - cheaper to do business, and a good education base (Duke, UNC, Etc) to get employees from. Now, if this keep going on - the Northeast losing business to the South - won't values rise there and decrease here?

It is capitalism or an economic darwinism of sorts. As jobs become steamlined and simpler, they move to an area where labor is cheaper as well as the cost of living. The increase in profit from such moves is reinvested in more high skilled labor and more expensive labor. This is what keeps your company on top The northeast has the higest skilled labor pool period. And yes Duke and UNC are good schools, they are not on the level of the Ivy leagues. They are not Penn, Harvard, Yale or the others in the northeast. All of this is because the work ethic in the northeast is second to none.

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It is capitalism or an economic darwinism of sorts. As jobs become steamlined and simpler, they move to an area where labor is cheaper as well as the cost of living. The increase in profit from such moves is reinvested in more high skilled labor and more expensive labor. This is what keeps your company on top The northeast has the higest skilled labor pool period. And yes Duke and UNC are good schools, they are not on the level of the Ivy leagues. They are not Penn, Harvard, Yale or the others in the northeast. All of this is because the work ethic in the northeast is second to none.

Do you really beleive that or are you just trying to bait Ward and Beav? ;)

I disagree with the work ethic thing - I really do. Just because the "norm" down in the southeast is to slow it down a bit, not act like your in a panicked frenzy to get from point a to point b, does not mean they have a compromised work ethic. It means they don't buy into the stress they way we yankees do.

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This thread is going to be interesting. I do think that RSJ brings up a good point. If you make more money and can afford the higher cost of living -- eventually you can cash out and benefit. Then move wherever you want.

I like NJ. But Conn and NJ are very similar IMO. I spent the day on Long Island yesterday. No offense but I will pass on that one.

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Do you really beleive that or are you just trying to bait Ward and Beav? ;)

I disagree with the work ethic thing - I really do. Just because the "norm" down in the southeast is to slow it down a bit, not act like your in a panicked frenzy to get from point a to point b, does not mean they have a compromised work ethic. It means they don't buy into the stress they way we yankees do.

Look we can go back and forth on things like work ethic all day. I have my opinion and you may have yours, which is fine. All I know is facts are facts and economics are economics. Hedge funds, pharms, and cutting edge defense technology are just three of the industries that keep CT and NJ where they are in the rankings. And I'm not talking about Pharm jobs like taking the pills from the big bottle and putting them into the little bottle or stamping the box with a warning label. I'm talking about the developement of new products or R&D. That's why you hear about pharms moving or cutting jobs. Look at the types of jobs they are moving or cutting and you will see that it is mostly jobs and careers that are outdated and have been made to be very easy because of machines, or computers or both.

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Look we can go back and forth on things like work ethic all day. I have my opinion and you may have yours, which is fine. All I know is facts are facts and economics are economics. Hedge funds, pharms, and cutting edge defense technology are just three of the industries that keep CT and NJ where they are in the rankings. And I'm not talking about Pharm jobs like taking the pills from the big bottle and putting them into the little bottle or stamping the box with a warning label. I'm talking about the developement of new products or R&D. That's why you hear about pharms moving or cutting jobs. Look at the types of jobs they are moving or cutting and you will see that it is mostly jobs and careers that are outdated and have been made to be very easy because of machines, or computers or both.

...or software developers and software quality control engineer positions that are easily replaced in India as long as you don't mind being driven absolutely crazy because you can't understand what some of them are sayin....been there and done that :P

I understand what you are saying. I see the MIT and Harvard folks on the commuter rail into Boston everyday. These are the folks that make this region churn. As long as these institutions, and the teaching hospitals and the Raytheon's of this area continue to exist - we be ariiit.....but don't sell the southeast short. They are gaining fast.

Plus! - The winter in my neck of the Northeast sucks donkey testies and I want out soon enough and quite frankly, I think I'm tenacious enough to find a decent job anywhere - again, I think.

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...or software developers and software quality control engineer positions that are easily replaced in India as long as you don't mind being driven absolutely crazy because you can't understand what some of them are sayin....been there and done that :P

I understand what you are saying. I see the MIT and Harvard folks on the commuter rail into Boston everyday. These are the folks that make this region churn. As long as these institutions, and the teaching hospitals and the Raytheon's of this area continue to exist - we be ariiit.....but don't sell the southeast short. They are gaining fast.

Plus! - The winter in my neck of the Northeast sucks donkey testies and I want out soon enough and quite frankly, I think I'm tenacious enough to find a decent job anywhere - again, I think.

you didn't mention NorthEastern?;)

BTW the MIT and Harvard grads have already moved to the South, One step

ahead of you so to speak

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...or software developers and software quality control engineer positions that are easily replaced in India as long as you don't mind being driven absolutely crazy because you can't understand what some of them are sayin....been there and done that :P

I understand what you are saying. I see the MIT and Harvard folks on the commuter rail into Boston everyday. These are the folks that make this region churn. As long as these institutions, and the teaching hospitals and the Raytheon's of this area continue to exist - we be ariiit.....but don't sell the southeast short. They are gaining fast.

Plus! - The winter in my neck of the Northeast sucks donkey testies and I want out soon enough and quite frankly, I think I'm tenacious enough to find a decent job anywhere - again, I think.

The MIT and Harvard folks are definitly a big part of it. There is also other sectors like the fact that there is a lot of old money here. Also NYC and Boston are great cities that have a ton to offer. And while you may be itching to get out, there is someone else itching to get in so they can get their piece of the pie. Money has a way of making weather tolerable. Again though weather is a grey area in this equation though. Some like the 4 seasons that the northeast provides and love the winter, while others will tolerate the 8-12 weeks of the bitter cold. Also there are folks like my parents who live 50% in CT and 50% in Florida and will perhaps downsize someday - but never leave the area all together because they have grandchildren, and children here. There are areas of the country that will become poplular to move jobs to and will inflate quickly. But it is ussually not real inflation of steady long lasting jobs. Just look at the housing bust. Most of those places where artificially inflated in the same way. Again, someday I will be looking to get out of the northeast too (if I could convince my wife). But certainly not until my kids are done with College.

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i think all places are great if u like them,

people in other areas may get less mony over time on house etc, but they opt for a better quality of life, in thier opinion, when the yare younger, as opposed to 'cashing' out in retirement age..

It all depends on how you prioritize your life, what comes 1st..

Its al lgood, if it makes you happy..

As far as talent pool, most of these companies want south cause the kids from schools up north, want to move south or west..

that was main IBM complaint. the kids didnt want to stay up north, and most big companies pay basically same no matter where you live,,

as far as high school and college opportunities, i dont really see any differnce if u r in a city suburban area in south (definitly out in country is a problem, up north so populate di doubt u have these ruf pockets, other than the city ghettos )..

the kids ther eand up north have same places to pick from..

my sons both had ivy league, accepted at quite a few,,but chose UNC cause it was Top25 academics in US News and was 15 K room/board,,save the cash for Grad school,,you get hired based on where u go to school last, not where u learned to drink beer..

and if u go to a top tier undergrad, u will get into a top tier grad program,,after all, med/law school is 80% lsat/mcat, 20% gpa..

JGB had Law school acceptances from all top law schools, Ivy and otherwise.

In the end, Conn. is a beautiful place, I visit there every year on way to our cabins at Cape Cod..I always stay in Sturbridge for a day..

Ilived right over border from Ct. when I was in Husdon Valley NY..

very nice..

every where is great...

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i think all places are great if u like them,

people in other areas may get less mony over time on house etc, but they opt for a better quality of life, in thier opinion, when the yare younger, as opposed to 'cashing' out in retirement age..

It all depends on how you prioritize your life, what comes 1st..

Its al lgood, if it makes you happy..

As far as talent pool, most of these companies want south cause the kids from schools up north, want to move south or west..

that was main IBM complaint. the kids didnt want to stay up north, and most big companies pay basically same no matter where you live,,

as far as high school and college opportunities, i dont really see any differnce if u r in a city suburban area in south (definitly out in country is a problem, up north so populate di doubt u have these ruf pockets, other than the city ghettos )..

the kids ther eand up north have same places to pick from..

my sons both had ivy league, accepted at quite a few,,but chose UNC cause it was Top25 academics in US News and was 15 K room/board,,save the cash for Grad school,,you get hired based on where u go to school last, not where u learned to drink beer..

and if u go to a top tier undergrad, u will get into a top tier grad program,,after all, med/law school is 80% lsat/mcat, 20% gpa..

JGB had Law school acceptances from all top law schools, Ivy and otherwise.

In the end, Conn. is a beautiful place, I visit there every year on way to our cabins at Cape Cod..I always stay in Sturbridge for a day..

Ilived right over border from Ct. when I was in Husdon Valley NY..

very nice..

every where is great...

agree 100% with this post. Life is full of trade offs.

I have absolutely no regrets being raised in upstate ny. loved the schooling/ working in the rocky mts. love living here.

the whole key is being happy where you are

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This thread had lot of potential too. Damn.

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