CBIA Response to August 2023 Employment Report

The state’s largest business organization issued the following response to today’s release of the August 2023 employment report.

“The August job gains are good to see, especially on the heels of the positive July report,” CBIA president and CEO Chris DiPentima said. 

“Even with a downward revision in July’s numbers, the private sector is now finally fully recovered from the jobs lost due to the COVID-19 pandemic.

“There is still work to be done as Connecticut still trails much of the country in job growth since the pandemic and even going back to the Great Recession.

“While the state has added more than 11,000 jobs this year, our labor force—those working and those looking for work—has shrunk by 16,000. 

“Employers have 91,000 open jobs in Connecticut and the continued decline in the state’s labor force is undermining our economy.

“CBIA’s just-released Survey of Connecticut Businesses found that 81% of employers have difficulty finding and retaining employees and 46% say the labor shortage is the greatest threat to economic growth.

“That is indicative of underlying issues for the state economy—issues that policymakers must address, like the cost of living, housing, childcare, and the high cost of doing business—issues that CBIA and the business community continue to put forth solutions for addressing such as private sector investment in housing, restoring the pass-through entity tax credit, and incentives for first-time home buyers.

“Employers are doing their part—it’s time for policymakers to do theirs and help build an economy that provides opportunities for everyone in Connecticut.

“The August report also shows construction employment is at its highest level in years, but the volume of work needs to match that.

“And that can only be accomplished through public-private partnerships that increase DOT capacity to get design projects completed and into the hands of those who can transform our roads, bridges, buildings, and overall infrastructure. 

“O&G Industries vice president Christina Oneglia Rossi said at CBIA’s Sept. 14 economic conference, ‘There is tremendous opportunity for large infrastructure projects that aren’t happening right now.’

“She added that ‘The money is there, so we’re hopeful that some of these projects come to bear because investing in infrastructure has the highest return on investment in terms of job growth and in terms of improving the state economy.'”

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CBIA is Connecticut’s largest business organization, with thousands of member companies, small and large, representing a diverse range of industries from every part of the state. For more information, please contact Scott Beaulieu (860.244.1929).