Connecticut's unemployment rate has fallen to 3.6%, the lowest it has been since September 2019. According to data from the Connecticut Department of Labor, the state added 7,800 jobs in May, with the largest gains seen in the leisure and hospitality sector, trade, transportation, and utilities, and education and health services. The unemployment rate has steadily declined since the state's peak of 10.1% in April 2020.
This drop in unemployment could have a positive impact on the local real estate market. With more people employed and earning steady incomes, there could be an increase in demand for housing. This could lead to an increase in home prices and rental rates, as well as a decrease in the amount of time properties stay on the market. Additionally, the increase in jobs in the education and health services sector could lead to an increase in demand for housing near these job centers.
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