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Main Street in New Canaan is one of the areas in Fairfield County that could attract millennials who want to be able to walk to restaurants, stores and the train from their homes.
Photo: File PhotoMain Street in New Canaan is one of the areas in Fairfield County that could attract millennials who want to be able to walk to restaurants, stores and the train from their homes.
Main Street in New Canaan is one of the areas in Fairfield County that could attract millennials who want to be able to walk to restaurants, stores and the train from their homes.
Main Street in New Canaan is one of the areas in Fairfield County that could attract millennials who want to be able to walk to restaurants, stores and the train from their homes.
From the 1980s through 2008, Fairfield County was “punching above its weight” in terms of economic prosperity, employing some of the most esteemed financial professionals in the country. Since the recession of 2009, Fairfield County, along with the rest of the state, has lost many of the financial services jobs that the county was once well-known for.
At the same time, demographic trends started seeing new university graduates remaining in their college cities or moving to the biggest cities across the U.S. As a result, Fairfield County has one of the lowest percentages of millennials (24- to 39-year-olds) of any county in the nation. The state has suffered as a result of this phenomena and now must reverse these effects by creating the most desirable place in the nation for companies to do business. To do so, we must first ensure Fairfield County has a long-term and sustainable talent pool — which starts with millennials.
When looking at census data and the differences in the county between 2010 and 2018, the change in the millennial population is telling of what the future might bring — and it’s not the prettiest picture. Over that time, the number of millennials in the Fairfield County area went down by 0.2 percent, even though there was a 3.8 percent increase nationally. Combined with the state’s weak overall job growth in 2019, which only added 1,900 total net jobs (0.5 percent), with private sector employment increasing by 2,200 positions (0.6 percent), it’s clear that Fairfield County has fallen behind.
Millennials want to be in cities where they can work, play and live. So, how do we entice this part of the workforce to settle in Fairfield County?
Over the past decade, if not longer, the state has spent millions of dollars providing incentives for companies to set roots in urban areas of Connecticut. But it’s time to shift a portion of that focus to incentivizing suburban communities to make them as much of a draw for millennials as urban areas or other suburban locations.
A millennial’s needs and desires differ from past generations. While their parents — the baby boomers — are known as the NIMBY (not in my back yard) generation, millennials want to be able to walk to restaurants, stores and the train. While they will be attracted to the suburbs because of the great schools, low crime and beautiful (albeit modest) landscapes, they really want to live in walkable, livable and playable cities, which is something Fairfield County currently lacks.
That being said, it’s clear that in order to attract millennials, the county’s planning boards must reevaluate their criteria and goals. The state should start directing funds formerly used to attract corporations to communities that participate in the new “suburban plan” — for Connecticut communities. The state needs to incentivize its communities to create different kinds of development that focus on attracting millennials to Fairfield County — jobs and the companies and corporations will follow.
The next round of development projects, particularly the kind of development that takes place, is going to be very important. This is where it’s critical to consider the positive impact of smart suburban planning and well-targeted incentives. When looking at towns that have seen the most growth, the growth is taking place around expanding town centers, as millennials are interested in living in cities where they can work, play and live. For example, locations in Ridgefield, New Canaan, Rowayton and Old Greenwich have a vibrant core while also maintaining the neighborhood charm typical of small towns. Some of these neighborhoods were villages already, while others have been adapted with zoning adjustments, allowing for more density around town centers. In either case, these will the cornerstones of our ability to attract the millennial migration out of urban areas.
In an economy where unemployment is low and companies are basing locational decisions on their ability to attract and retain workforce capital, state and local governments should attempt to attract the workforce that employers are seeking. Instead of incentivizing companies to relocate to Connecticut, we should incentivize local municipalities to create new village-like developments that will entice millennials to migrate here. The state could provide additional incentives through either grant programs or tax breaks that facilitate these developments. Once the millennials choose to live here and begin to put down their roots, there is a good likelihood that they will stay.
Bottom line: instead of trying to lure companies to Connecticut, lure the millennial workforce by enhancing the state’s lifestyle offerings. Considering millennials are the largest generation to date, attracting this workforce will cause companies to move here with little or no incentive.
Jim Fagan is the managing principal of Cushman & Wakefield’s Stamford and Westchester County offices.
"Opinion" - Google News
February 28, 2020 at 12:00PM
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Opinion: People and talent first; companies will follow - CT Post
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