Connecticut contains a mere 1 percent of the total national population across fifty states, but its metropolitan areas occupied three spots in 24/7 Wall Street’s list of cities residents are fleeing.
A study of Connecticut’s population loss conducted by the Office of Policy and Management shows that Connecticut is experiencing a “slight loss” of individuals earning more than $5 million per year. The loss of high earners could be especially problematic for a state that relies heavily on its highest income tax bracket for state revenue.
The city of Danbury has been experiencing a renaissance in the past few years, which has the city moving in the opposite direction as the rest of the state. Although Connecticut has been experiencing a net loss of population, Danbury has increased its population by 8 percent since 2000; while Connecticut’s credit rating has decreased, Danbury recently earned a AAA rating; Connecticut’s state employee pension system is among the most underfunded in the nation, while Danbury’s is nearly fully funded into the foreseeable future.