Mar 18, 2018

Hartford’s Promise of Economic Growth is Attracting Residents

With a predicted ten-year future job growth of over 30%, almost half a million multi-year grants dedicated toward workforce development, and various development projects down the line, Hartford’s economic growth has been attracting prospective employees and residents.

A continuous increase in rent prices in cities like New York and Boston has made Hartford an affordable option to work and live in. Additionally, Hartford has an abundance of opportunity for growth when it comes to business development and penetrating the market. Recently, a young couple from Portland, Oregon moved to Hartford to start their own business after realizing the collaborative environment that Connecticut provides. “The Connecticut business community is close-knit and friendly to newcomers” the couple quoted, explaining how Hartford is filled with opportunities.

Recently, it has been proposed that a new neighborhood will be erected, linking Hartford’s North End to the urban core along Main Street, with Dunkin Donuts Stadium as the focal point between the two. Likewise, older buildings in downtown are currently being redeveloped, evolving downtown Hartford into a collaborative and vibrant neighborhood.

At the corner of Trumbull Street, two vacant buildings are in the process of being developed into beautiful, boutique apartments, with indoor basketball courts, movie theaters, rooftop bars, and much more. Developers Girona Ventures and WonderWorks Construction, who recently established Spectra Boutique Apartments has the goal of attracting people to live downtown and boost the city life beyond the typical work week, as stated in this Hartford Courant article.

With the abundance of jobs in Hartford and young professionals who want to live downtown, it’s evident that the city is meeting the demand for new units in the city. Apartment units are quickly filling up, with occupancies well over 90%, as stated in CRDA (Capital Region Development Authority) Annual Report.

 

story and soilThroughout the city, exciting new restaurants and cafes are opening, seeing this prospective growth and peoples demand for things to do in Hartford and places to eat. Bear’s Smokehouse owner, Jamie MacDonald, opened two new restaurants in downtown in in this previous year alone, seeing opportunities to expand the dining options in Hartford. Story and Soil, a recently opened cafe located in Frog Hollow across from the Capitol Loft apartments, was established in the hopes of becoming a hub for people to gather, and organize important things that are going on in the city.

With the increase of downtown Hartford’s population, affordable rental options, and the city’s tight-knit community, there’s no denying that Hartford has a strong promise of economic growth.