Economic news brings its own risks

5/15/07
Economic forecasts are notoriously unreliable — there are simply too many variables to make consistently accurate predictions. But to hear a group of developers last week discussing the future of southwestern Connecticut, all signs are pointing up.
Six development gurus met in Shelton on Friday to talk up their projects and the overall economic health of the region, and there was nothing but happy talk. Listening to speakers like Robert Scinto, of R.D. Scinto Inc., and Nancy Hadley, Bridgeport’s director of economic development, you’d never guess out-of-control housing prices and constantly doubling electric bills were forcing people of limited means to reconsider their commitment to this state.
After all, why scrimp to afford a miniscule lot in Seymour when the same money could get you double the house and room to grow down South? The speakers didn’t say.
What they did offer was a familiar rundown of projects in the works or on the table, and it is impressive. Housing units and proposals are sprouting up all over Bridgeport, and the Valley is poised to make a real comeback.
Event moderator Joseph McGee of The Business Council of Fairfield County cited the continuing expansion of the New York City business sphere, with tentacles of money reaching ever deeper into Connecticut. But he also struck an important note of caution: If communities don’t invest in housing that everyday workers can afford, the economy faces a collapse. People have to live somewhere, and not everyone has a hedge fund to run.
Speakers also touched on the importance of mass transit, and cited a proven fact: If there is access to New York, people will come. A high-speed rail connection to Manhattan from just about anywhere will attract people, especially the rich.
But community leaders have got to keep in mind the housing needs of the not-so-rich. People are being priced out of the state, and it’s a dangerous trend for Connecticut’s future. A new spate of luxury condos can look great for a community’s bottom line, but the area demands planning on a regional level to give people of more modest means a real chance to make a start here.
Of we can keep going the way we are, and watch all of our smart young people move to North Carolina.