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Stuart Varney, former co-anchor of CNN's Moneyline Newshour, now a Fox News Business Reporter spoke at the Spring Conference of S.I.O.R. (Society of Industrial Office Realtors La Quinta California last week. He predicted that the numbers on the economy will be the strongest yet when they are reported at the end of the first quarter of 2006. He claimed to be bold but he is absolutely bullish on the economy. He cited our relationship as consumer of China's products as a current mainstay of our economy.

At just about the same time, Boston Economist Frederick Breimeyer addressed Bank Executives attending the BankWorld 2006 conference. According to The Periodical "The Commercial Record", Breimeyer's view of the Economy's Future 'Not Cheery'. He cited rising interest rates and the changing mortgage market along with a steady unemployment rate as major indicators predicting the economy's slower growth.

So what does it all mean? It means that no one has a crystal ball. We can look at what is happening in the Connecticut Real Estate market, specifically, The New Haven County Market today. More properties are coming to market for sale. The Real Estate Market is brisk. New Haven and it's surrounding towns, from Branford to Wallingford and Hamden have all seen shortages of Investment property and Commercial Property for more than two years now. But, more properties are coming to the market. Unfortunately, particularly in the investment arena, they remain overpriced and do not cash flow well.

Connecticut also continues to see it's manufacturing base decline. Simkins Industries announced this morning that they will close their New Haven plant in August. This after a year of difficulty reaching terms with the Labor Union. 160 people will be out of work. On the other hand, our retail sector is Booming. Ring's End lumber will shortly open in Branford. Ikea's parking lot is always full in New Haven. The Criterion Art Cinema is adding screens downtown and Madison is getting a day spa, run by the successful owner of Oasis nails. This will be the fifth or sixth store in the local chain. Home prices on the Connecticut Shoreline remain steady. Connecticut's luxury homes have seen a drop off in sales, but that is more a correction than a trend. All in all, the future remains bright in Connecticut and we are in Mr. Varney's corner. - kristin

April 28, 2006

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