Tough Winter Equals Down Economy
The harsh New England winter is dragging down the regional economy as consumers spend more on heating their homes rather than on electronics, clothes or a dinner out.
The National Energy Assistance Directors’ Association says the average winter heating bill in New England is expected to climb nearly $300, to about $1,700, up from $1,400 last winter.
Several major retailers have already blamed the harsh winter for contributing to disappointing sales and earnings.
The Boston Globe reports that in the Northeast, natural gas users _ more than half of the region’s households _ are projected to pay an average of $1,100 this winter. Heating oil and propane customers will pay more than double that.
The impact is falling most heavily on the poor and elderly living on fixed incomes.