Monday, August 28, 2017

Will Jobs Follow Apartments?

New Haven and its surrounding area have seen a great deal of apartment activity over the past few years.  While housing prices have remained steady, or even declined, rents have risen by 50% or more in the central city.  The administration is banking on the continued desire of young professionals and empty nesters to live in the city, wherever they may work.

The most recent announcement, of a new apartment high rise, behind the new apartment high rise that used to be the Union Trust building, is a good example.  That site was talked about for years, as the potential spot for a new parking garage, but the selling out of the Union Trust units has led to a plan for more units directly behind it.

Once all of these luxury buildings have gone up, and professionals are living here, why wouldn't they want to work here as well?  And didn't General Electric say, on its way out of Connecticut for Boston, that its biggest concern was the recruiting and retention of talent.  Aetna made much the same argument, as it prepares to pull up stakes in Hartford and relocate to New York City.

It stands to reason that university and other startups, professional firms, and other businesses that depend upon finding educated workers would look in New Haven, if there already exists a population of people living here and working in similar jobs remotely or elsewhere.  So, doesn't it also make sense that we will see a wave of employers opening branches or firms in our city, to take advantage of what people here call the GSCIA (Greatest Small City in America)?  Let's hope so.

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