The Big Bang theory has it that about 13.8 billion years ago an explosion marked the beginning of the expansion of the universe. The word we’re fixed on here is “expansion.” The American economy is experiencing an economic expansion, and as long as the expansion continues, investor confidence appears ready to hang on for the ride. Last week we witnessed new milestones as major stock market indexes continue to rise.

The S&P 500, a broad index of of stocks, crosssed over the 5,000 level for the first time ever. The S&P 500 rose for the 14th week out of 15 by last Friday’s close, something that hasn’t happened since Richard Nixon was in the White House in 1972. The Nasdaq Composite, a tech stock barometer, also climbed, continuing a winning streak for the 15th week that it hadn’t seen since 1997. So did the Dow Jones Industrial Average, a basket of 30 stocks. All three indexes ended the week with gains.

Investors have been buoyed by strength in the labor market — a job-growth report showing employers added 353,000 jobs — and by solid corporate earnings.

In Connecticut, the economic picture also remains positive, according to the Connecticut Business and Industry Association. Real GDP grew by 4.7 percent in the state in the third quarter last year, which was slightly below the national average of 4.9 percent but double the rate for all of 2022. In November, Connecticut’s Department of Labor reported job growh for the third month in a row. And in the Hudson Valley, private sector jobs rose to 809,800, an increase of 6,100, over the year that ended in December, according to the New York State Department of Labor. Two of the New York region’s private sectors — health care and social assistance — posted year-over-year growth of at least 5.2 percent, the department reported.

Yet we have another set of data points that don’t relate to any kind of metaphorical Big Bang expansion at all. In an economy hallmarked by steady growth, approximately one in four households in our local region struggles to make ends meet.

According to the Connecticut United Ways, in its 2022 Alice report, an acronym that stands for Asset Limited, Income Constrained, Employed, 25 percent of the households in Northwest Connecticut earn more than the Federal Poverty Level but less than the basic cost of living in the area. The basics include: housing, food, child care, health care, technology and transportation. The United Way in the Dutchess-Orange County Region, reported in 2021 that the same percentage — 25 percent — of households in Dutchess County fell into the Alice category.

There are economic and market reports that set records, reflecting positive growth and aspirations for a continued expansion — with chronic shortcomings in the mix. In 2023 there were 1,111 households on waiting lists for affordable rental housing in the 21 towns that comprise the Northwest Hills Council of Governments. It’s a similar story in Dutchess County, where, according to DATAUSA, 19.5% of the population was living with severe housing problems in 2022. From 2014 to 2022, the percentage expanded by 1.1%.

Latest News

Demolition of Millerton’s fire-damaged highway and water building begins

Demolition crews from BELFOR Property Restoration began demolishing the fire-ravaged Water and Highway Department building in the Village of Millerton on Monday, Oct. 27

Photo by Aly Morrissey

MILLERTON — The long-awaited demolition of Millerton’s Highway and Water Department building began Monday, Oct. 27, marking a major milestone in the village’s recovery from the February fire that destroyed the facility.

The demolition, handled by BELFOR Property Restoration, is now underway. Eddie Collins Park, located next to the site, remains open to the public, though visitors are asked to steer clear of the demolition area.

Keep ReadingShow less
Keane Stud developers present environmental impact analysis

A preliminary draft of an impact analysis study for a Keane Stud subdivision application drew residents to a Planning Board meeting on Wednesday, Oct. 22.

Photo by leila Hawken

AMENIA — Residents had the opportunity on Wednesday, Oct. 22, to weigh in on the proposed Keane Stud subdivision, a plan that would divide roughly 605 acres into 27 mostly residential lots, during a meeting of the Amenia Planning Board.

The session was part of the State Environmental Quality Review Act process, following the board’s decision that a Draft Environmental Impact Statement should be prepared to evaluate potential environmental and scenic impacts from the project.

Keep ReadingShow less
Amenia investigates budget officer over use of clerk’s signature
Amenia Town Hall on Route 22.
Nathan Miller

AMENIA — Amenia budget officer Charlie Miller has been accused of submitting the town’s tentative budget with an old signature from Town Clerk Dawn Marie Klingner.

Klingner said she reported the issue to the Town Board in executive session on Oct. 3, prompting members to assign the town’s labor attorney, Robert Schofield, to investigate.

Keep ReadingShow less
Local, county candidates gather for NorthEast-Millerton Library forum

Millerton and North East residents crowded into the NorthEast-Millerton Library Annex on Friday, Oct. 24, to hear from 10 candidates seeking office.

Photo by Christian Murray

MILLERTON — A crowd of about 60 people filled the NorthEast-Millerton Library Annex for a political Q&A session with candidates for local and county offices on Friday, Oct. 24.

Panels of candidates rotated across the stage, answering questions submitted beforehand and impromptu questions from audience members in the room.

Keep ReadingShow less