Benchmarking Connecticut 2006 News: Global and Regional Trends Provide Focus for State Investment
11/30/2006
Contact:
Kristi Sullivan, 860-571-6213
A study released today by the Connecticut Economic Resource Center, Inc. (CERC) entitled Benchmarking Connecticut 2006: Determinants of Economic Growth shows that globalization, regional trends and urban markets are among some of the key external forces that are shaping Connecticut's economic future.
"The goal of the study was to achieve a greater understanding and gain insights into some of the drivers of economic growth in the state," said Jeff Blodgett, vice president of research at CERC, who led the team that produced the report. "Our mission was to conduct fact finding that gives policy makers the information and tools needed to effectively create and successfully maintain long-term strategies addressing Connecticut's economic future."
The report was prepared by CERC with contributions from the Federal Reserve Bank of Boston's New England Public Policy Center, the Connecticut Department of Labor's Office of Research, and the University of Connecticut's Center for Economic Analysis. Their collaboration explored in-depth factors impacting growth in the Connecticut economy including national policies, regional forces such as income and productivity levels, housing, transportation, demographics, and state issues such as industry structure, and urban markets. The findings show that while the state performs well in certain areas, it must address its challenges to remain competitive. Based on these challenges, the report identifies priority areas of focus, which if positively impacted, could contribute to ensuring sustainable future growth for the state. (See attached page for further detail.)
William Bromage, president of Webster Bank, a sponsor of the report, said, "The study reveals a paramount need to focus on these areas to address our state's future competitiveness. As a Connecticut business, we believe this research provides a basis for public sector to act upon, and we stand ready to work together as a public-private partnership to move forward."
Recognizing Governor Rell's current commitment to addressing improvements in transportation infrastructure, urban development, education and training, and affordable housing - the report underscores the effort that has been initiated and provides the rationale for increasing levels of support going forward. "The passage of several bills during the 2006 legislative session, including those to phase out the property tax on manufacturing machinery and equipment and to invest more in transportation upgrades, demonstrates policy makers' commitment to improving the overall health of the Connecticut economy," said John R. Rathgeber, president and CEO of the Connecticut Business and Industry Association. "Focusing on our workforce, infrastructure and business costs will help make the state more competitive for economic development and job creation."
CERC released its report, Benchmarking Connecticut 2006: Determinants of Economic Growth, at a news conference at Northeast Utilities auditorium along with the Federal Reserve Bank of Boston and support from with support from Webster Bank, The Mohegan Tribe, NewAlliance Bank, TD Banknorth, Konover Development Corporation, International Council of Shopping Centers, Anthem Blue Cross/Blue Shield, NewAlliance Foundation, and Wiggin & Dana.
"This project is phenomenal," said Bruce Katz, vice president at the Brookings Institution and founding director of the Brookings Metropolitan Policy Program. "Many other states are doing the research on similar issues as the first step in formulating strategic economic plans. We commend CERC and its business sponsors on this endeavor because it can help position Connecticut and its businesses for a more prosperous future."
To obtain the full report following the press conference, visit www.cerc.com/benchmarks. For questions and interview opportunities, contact Kristi Sullivan at CERC at 860-571-6213 or e-mail ksullivan@cerc.com.