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There is Good News in Connecticut's Economy

Posted on by Bob Santy

Hello and welcome to the October edition of the CERC e-news. I’d like to spend a bit of time talking about our Celebrate CT! event, which is coming up on December 5th. We’re going to hold it at Infinity Hall in Hartford - and we’re moving to a new location as our old location has gotten pretty tight. We hope to have a celebration with a little different vibe, and hope that you will come and join us.

I’d like to talk about some things in Connecticut that we can celebrate, and share some of the themes we’re hearing from around the state - from the regions submitted candidates for awards.

First of all, there is good news in the state’s economy and I think that’s something we haven’t had in quite a while, so we should be happy about that. For one thing, we’re seeing growth in manufacturing jobs in Connecticut and that’s reflected in some of the nominations we’re getting for awards at the Celebrate CT! event. There’s also a lot of turnover in manufacturing firms, because guys with hair about my color are retiring and they need to be replaced. It’s not just replacing those jobs, but we have new demand in Connecticut with Electric Boat and some of the other defense manufacturers, so there’s a real opportunity to actually grow our population and bring people with high levels of skills into our state to fill those jobs because we just can’t meet all of the demand ourselves with all of the people we have here. Manufacturing growth is great!

We have earned back all of the private sector employment that we lost during the recession. Sometimes we seem to emphasize that we haven’t earned back all of the jobs - well what’s the difference? The difference is public sector jobs, and we’ve actually cut the state employment by 10% over the last few years because of our fiscal crisis, and I don’t think anyone would say we just should have kept all of those people on the payroll as we were trying to bring our state budget back into balance. I think the critical factor here is that we’ve earned back the private sector jobs - and that’s key.

Some things are happening that we should be happy about. We still have some things we need to fix, but Connecticut’s economy is growing again.

What are we going to be doing on December 5th at the Celebrate CT! event? For one thing, we want to thank the partners who have been with us for the last eight years of the Malloy administration for the contributions they have made to Connecticut’s economy. And we’d also like to welcome the Governor-elect into the economic development fold. We have invited the candidates to join us on the night, and it would be nice if that happens.

Again we’ll be at infinity Hall in Hartford giving out awards, and some of you may remember that last year we had a lot of breweries, and this year it looks like we’ll have a few distilleries, so we could have some fun with that as well!

As I mentioned manufacturing is growing, healthcare is growing in our state, and we’re bringing technology-based companies to the state - blockchain companies into the state - so there are some very interesting things happening.

We’re creating great places, and we hear that from a lot of the regions around the state of Connecticut. That there is a lot happening in our downtowns, which is so important. And we understand and are starting to deal with our transportation problems as well.

I do want to make sure you know that there are sponsorship opportunities if you want to be amongst the 200 or so great economic developers that night and be recognized - we’d love to have you sponsor the event. Tickets for the event are available - go to our website to purchase tickets.

Hope to see you on December 5th!