Discussion Paper

Fairfield County Weathers Job Losses in Finance

Abstract: Fairfield County, comprising the southwestern corner of Connecticut, is sometimes thought of as an affluent “bedroom community” outside New York City—a place filled with commuters taking home large paychecks. On average, it’s indeed one of the most affluent counties in the United States, with a median household income of $80,000. Yet a fairly small minority of working residents—fewer than one in ten—actually commutes to the Big Apple. Fairfield County has a sizable industry base of its own. In particular, the finance industry, based largely in Stamford and Greenwich, accounts for a disproportionately large 9 percent of the county’s employment and generates 27 percent of aggregate income. These proportions aren’t only well above the respective nationwide averages, but are even slightly higher than they are for New York City. Fairfield is also a major hub for corporate headquarters: The proportion of jobs in management of companies is more than twice the nationwide average and, again, higher than it is for New York City. Manufacturing (largely aircraft) is also somewhat prevalent, though not nearly to the same extent it was a couple of decades ago: It’s fallen by more than half since 1990. An economic and demographic profile of Fairfield County can be found on our District Profile page.

Keywords: Stamford; Fairfield; Bridgeport; employment;

JEL Classification: R1;

Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2013-12-30

Number: 20131230