CBIA Response to November 2024 Employment Report

The state’s largest business organization issued the following response to today’s release of the November 2024 employment report. 

“November’s small increase of 300 jobs again reflects that Connecticut’s job growth is trapped in a frustrating holding pattern,” said CBIA president and CEO Chris DiPentima. 

“The state has gained 9,600 jobs in the past year—at 0.6%, that’s the slowest in the region and fifth slowest in the country.

“That stagnant growth stands in contrast to the significant gains being experienced in other states in the region and across the country.

“We have the job openings—73,000 of them—but with 1.3 open positions for every unemployed person, we don’t have the people to meet that demand.

“Connecticut’s labor force—the number of employed residents plus those actively looking for work—is down 1.5% since the beginning of the pandemic.

“Employers are playing their part—their top investment priority is attracting and retaining employees, while wage growth remains strong.

“Average hourly earnings rose 4.7% to $38.32 over the last 12 months, while private sector weekly earnings increased 5% over the same period to $1,287.55.

 “Connecticut’s voluntary quits rate (1.8%) is the second-lowest in the region and sixth lowest in the country, further demonstrating the overall stability of private sector workplaces. 

“Now policymakers must play their part—when the General Assembly session begins next month, lawmakers must examine every proposal through this lens: ‘How will this bill make Connecticut more affordable?’

“CBIA’s Reimagine Connecticut policy solutions feature a range of recommendations that will address the high costs of housing, childcare, healthcare, and energy.

“These policy solutions, supported by a bipartisan group of 70 lawmakers, will help us seize the moment and expand our workforce, grow our economy, and improve our quality of life.”

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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).