MONROE, CT — John S. Traynor, president of Cambridge Trust Wealth Management Connecticut, was the keynote speaker of the Fairfield County Commercial Brokers Network’s 25th annual luncheon at Testo’s Restaurant last week.
Traynor gave an in-depth overview of the national and state economies and local brokers networked, and shared news of major deals for commercial and residential projects, as well as listings for properties and what their clients are looking for.
Winthrop E. Baum, owner of WEB Realty Company in Norwalk, founded the Fairfield County Commercial Brokers Network. Among the invited guests, Baum recognized Monroe First Selectman Terry Rooney, Economic and Community Development Director William Holsworth and Monroe Chamber of Commerce President Ray Giovanni.
Holsworth mentioned how changes were made to town regulations to attract new businesses and spoke of the difference between rehabilitation, which is the improvement of one parcel or one building, and revitalization to improve entire areas within a community.
He used the transformation of the former Roberto’s Restaurant building to Testo’s as a recent example of a rehabilitation, and said Monroe has added over 60 new businesses, while creating over 300 jobs in the past year.
Rooney said Testo’s has been thriving in its new location. “This is outstanding to see everyone in this room in a new revitalized building — doing outstanding business by the way,” he said.
Though some residents worry about Monroe being a cut through for traffic, the first selectman said it should not destroy the ability to grow businesses in town. “I argue all the time and say traffic is a good thing,” he said. “If not, let’s board up all the windows and shut off all the lights and let people run through.”
“Monroe has seen a lot of stimulus in the recent year for sure,” Rooney said. “It’s because we work closely with every business owner. We look at you and your clients as a partner with the town. You’re bringing in businesses. You’re bringing in revenue. We have a very kind staff that will work you through the things that you need to do and make sure you don’t make any mistakes.”
Bryan Atherton, of Better Homes & Gardens Real Estate Commercial, Atherton Team, praised Rooney and Holsworth for helping make Monroe more business friendly.
Among the deals shared, he said a new dental practice signed a 10 year lease to move into the former Monroe Pediatrics building at 162 Purdy Hill Road.
Another Monroe property mentioned when brokers shared deals and listings was 415 Main St., where Steve Hodson of Hodson Realty’s commercial division, said 6,000-square-feet of office space is now available.
The economy
In his presentation on the economy, Traynor covered a lot of ground, from interest rates, unemployment and immigration to world trade and the national debt.
Worldwide, U.S. workers are the most productive with $83 of value per hour per capita, according to Traynor. By contrast, some other countries Traynor mentioned were China ($15) and India (about $10).
One of Traynor’s positive observations for Connecticut is that it is the fifth most productive state per capita, because its average worker brings $98 of value per hour.
He said Connecticut’s population is among the oldest with an average age of about 41.
“One of the great things about Connecticut is productivity,” Traynor said. “Older workers, well they know what they’re doing.”
Traynor also said Connecticut has a highly educated workforce.
A big challenge for Connecticut is “the brain drain,” the term used to describe the issue of a state’s college educated youth choosing to live elsewhere.
“We have great educational institutions, but you want to hold onto them,” Traynor said of graduates. “For every 10 kids we educate here, we only hold onto seven of them. As a state, one of the things we have to figure out is how do we hold onto these kids?”
He said Connecticut’s older workers could serve as mentors to the younger educated workers.
Traynor said most young adults are leaving Connecticut for jobs and a different lifestyle, adding Fairfield County is one of the hardest hit areas when it comes to the brain drain.
“In Fairfield County our biggest export is our 22-year-olds,” he said.
