When the Wealthy Downsizes, Who Is Affected?

The very first stirrings of the spring season in Fairfield County in Connecticut is evident – the leaf blowers are all a-buzz, the dump trucks filled to the brim with mulch are all over town. But this spring-summer season in Fairfield (incidentally, one of the richest counties in the entire United States of America) is in the process of being shaped up as a tough and resilient one. And this is not just for the homeowners who work in the neighboring state of New York, but also for many other workers and landscapers employed by them.

Fate-Wealth Tie-Up

Many people belonging to such an industry understand that there is a tie-up between wealth and real estate – as well as the stock market. This is according to Bob Heffernan, who is the executive director of Connecticut Nursery and Landscape Association. Bob Heffernan mentions that the industry of the state is able to generate around one billion United States dollars worth of revenues each year. Furthermore, their efforts resulted in being able to employ around forty eight thousand individuals as well. In order to paint a picture of the size of wealth located in this county, it is important to look at the figures coming from the Connecticut Expos – a group which is in charge of organizing several high-end home showcases located in the country. Their average prices for homes in the Darien region was around one million and one hundred and sixty five thousand dollars last year in 2008. In the New Canaan area, it was around one million and four hundred and fifty five thousand dollars. Greenwich village topped their list, with the price of the average home at just a little bit below two million dollars.

Cut Backs

The current situation, however, sees these Connecticut homeowners cutting back - with effects seen and felt by other people as well. Tony Femia, the owner of Femia Landscaping and Site Development, says that this also results in the Wall Street guys suffering and that it is also partly trickling down. He has had billionaire clients who are quite famous who are also now cutting back as well. Femia mentions that he lost around two out of eighty clients in lawn maintenance for this season alone. But he also says that the remaining clients are also cutting back especially in lawn services. Because of this, he was forced to lay off fifteen of his thirty staffers and is planning to keep fifteen trucks off the road. In another light, some landscapers are faring much better. Most of them work with their clients in a direct manner, which are also probably cutting back and are not in danger of mowing down around two acres by themselves. Traders, meanwhile, are deeply struggling to get even more work done.