Rhode Island is also doing well, particularly the industrial and suburban office markets. Conditions in Connecticut are mixed, although vacancy rates have declined slightly. Nonbank Financial Services Respondents at insurance companies report increases in revenue in the range of 10 to 20 percent in the third quarter of 1997 compared to the third quarter of 1996. New sales were due mostly to mutual funds, variable annuities and variable life insurance. Employment is increasing at the majority of respondents.
Contacts note continued shortages of technology personnel.
While most wages and salaries at insurance companies are rising at a 4 percent pace, compensation for computer programmers is up 8 to 10 percent. NEEP expects employment growth to slow from its current 2 percent annual pace, averaging 1.5 percent over the 1997-2001 forecast period. The regional unemployment rate is expected to deviate very little over the forecast horizon from its recent 4.0 to 4.5 percent range. To comment on this site, please fill out our feedback form.