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April 2006 — Vol. 84, No. 3

FROM THE PRESIDENT

State can do more to attract
and retain businesses

By John R. Rathgeber

CBIA President and CEO

 

Like every state, Connecticut would like to see more businesses set up operations here because of the jobs and tax revenues they bring. And it certainly wants to keep the companies it already has, since most job growth comes from a state’s existing economic base.

That being the case, state policy-makers should, first of all, do what they can to help companies that are already here be competitive. That means constantly working to improve our business climate in the three priority areas identified by CBIA’s board: competitive costs; workforce skills; and dependable infrastructures for transportation, energy and telecommunications.

We’re pleased that the legislature has been taking some positive steps. For example, they’re looking into eliminating the corporate tax surcharge as well as the property tax on manufacturing machinery and equipment. They’re also pushing for additional infrastructure improvements and support for education, including early-childhood initiatives that will help children be better prepared to succeed in school.

Besides improving our business climate, the state would be wise to take a more strategic approach to identifying out-of-state companies, including foreign companies, that can operate competitively in Connecticut. The state did that in the 1970s, for example, when it successfully targeted precision manufacturing firms in northern Europe as good prospects for Connecticut because they needed what our state had to offer: highly productive, innovative workers; support for education; and a good quality of life.

The state also should realign its economic development agencies and tools to make it easier for companies to access them, and do more effective outreach so businesses know what help is available. One way to reach out to state businesses is through CBIA, local chambers and other business groups. We all would be happy to help the state expand our economy.