The recession has caused a dramatic increase in unemployment. In Connecticut businesses are closing and jobs are being lost at an alarming rate. Connecticut’s
unemployment rate peaked at 8.8% in October 2009. Since March 2008, Connecticut has lost approximately 4,495 jobs per month. Based on data collected by DataCore Partners Inc., that’s a loss of 85,400 jobs, or 5 percent of Connecticut’s employment base.
To learn more about unemployment in Connecticut according to the Hartford Courant click here.
The Hartford Courant reported on November 20th that the state has seen the largest quarterly increase in foreclosures and seriously delinquent home loans in over 30 years.
"As of Sept. 30, Connecticut had 37,022 residential mortgages in foreclosure or 90 days or more past due — one in every 14 mortgages." - Hartford Courant
The recent economic downturn has affected many of our neighbors throughout the region; unemployment is on the rise, people are losing their homes through foreclosure, and families face significant uncertainty about their financial future. The need for basic services- housing and food- is growing, as more and more people find themselves in difficult financial situations. The need for food is at its peak with over 44% awarded in funding from EFSP for food assistance in Greater New Haven alone.
