Housing Report for Norwich-New London

Norwich-New London recorded a median home value in 2005 of $237,400, accounted by the American Community Survey. This is less than the State of Connecticut 2005 median home value of $271,500 and greater than home value of $167,500 across the United States during the same year.

Looking across the State of Connecticut, Norwich-New London stands 1 of the 4 metro areas by percentage growth in residential real estate. The metro area is positioned 273 of 361, compared to percent change of residential structures in other metropolitan areas throughout the United States.

Norwich-New London has a relatively high percentage of high-priced residential real estate. For the year 2005, the American Community Survey reported that 10.4 percent of the areas residential property was valued over $500k.

There seems to be a limited amount of affordable housing in Norwich-New London, Connecticut. In 2005, only 9.6 percent of housing was valued under $125k.

In Norwich-New London, the real estate market was made up of 114,805 homes in the year 2005. This MSA has gone through a medium level of growth in the number housing units, adding in all 3,396 housing units since the year 2001, or 3 percent.



Data Source: U.S. Census Bureau

Employment Report for Norwich, Connecticut -- Annual 2005 Industry Summary

A well-paying sector in Norwich is the utilities industry with wages that annually pay $89,534. From the year 2001, the annual average wages in the industry have grown by 5.7 percent or $4,865. The State of Connecticut has a similar job market in the utilities sector, placing near the top of sectors according to average 2004 industry pay.

In Norwich, Utilities, Manufacturing and Agriculture, forestry, fishing and hunting are the three industries with the highest location quotients. The Utilities industry has a US LQ in the region of 3.18. In other words, the percent of total jobs in the Utilities industry is 3.18 times more than the average percent in the United States, revealing signs that Norwich specializes in Utilities.

Utilities has the largest employers in Norwich Metro Area. The industry averages 119 workers per each place of employment, being greater than the US industry average of 34 and greater than the State of Connecticut average of 57 for the Utilities industry.

Management of companies and enterprises from 2001-2005 had the highest increase in employment in Norwich, growing in new jobs by 44.1 percent. This is greater than the United States industry change in employment of 1.6 percent. The State of Connecticut experienced a change in employment in the sector of -11.7 percent, in the period of time since 2001.

The Norwich-New London Metropolitan Area ranks 170 of 363 throughout the US according to the relatively size of the employment base in the year 2005. This ranking has slipped behind since the year 2001, when it was ranked 169 of 363 Counties.

Administrative and waste services since the year 2001 lost the most jobs in the Norwich Metro Area. The industry lost a total of 609 jobs during the period, or 16.1 percent of the employment in the industry. This made up a total of 27.8 percent of all Metro Area employment losses since 2001.

In Norwich, Manufacturing, Health care and social assistance, and the Retail Trade sectors are the largest industries, in terms of total number of jobs in 2005. The Manufacturing produces the largest number of jobs in the area accounting for 19.4 percent of all jobs throughout the region, totaling 17,433 people employed. The Health care and social assistance and Retail Trade sectors provide 16.3 and 16 percent of all employment.



Datasource: U.S. Department of Labor. Bureau of Labor Statistics. Quarterly Census of Employment and Wages (QCEW).