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November 2005 — Vol. 83, No. 9

FROM THE PRESIDENT

Keeping our economy growing

By Kenneth O. Decko

CBIA President and CEO

 

Where is Connecticut’s economy headed in the next few years?

At the moment, there are a few positive trends. The state has made some gains in recovering from the last recession. Jobs are slowly coming back, housing starts are still strong, construction activity is up, and personal income continues to grow, although not as fast as the U.S. average.

But there are also some significant problems that could pose long-term threats to Connecticut’s key industries if they’re not dealt with. Health care costs, energy costs, taxes and transportation infrastructure all need to be addressed.

So does education. Even though the test scores of Connecticut high school students are up and our students continue to do better than most other states’, that isn’t good enough. A recent international study reveals that America’s young people are falling further behind other industrialized nations’ in academic performance. This is very troubling. In a high-cost state like Connecticut, companies must use advanced technologies and brain power to stay competitive in world markets. They especially need people with strong science, technical and math skills.

Connecticut can compete in the global marketplace — as long as our elected officials make it a top priority to improve our state’s business climate. Doing that will enable us to maintain our high quality of life and provide well-paying jobs for state citizens and good career opportunities for our young people. It will also generate the tax revenues needed to support necessary social programs.

CBIA is now putting together a list of steps state legislators and the governor’s administration must take during the 2006 General Assembly session. Our recommendations will reflect the results of our annual member survey on public policy issues, as well as suggestions from our member councils and the Board of Directors.

Please feel free to contact us about what changes you think are needed to make companies like yours more competitive and better able to create and retain jobs. Call our public affairs director, Lisa McGuire, at 860-244-1109.