CBIA BizCast: Laying a Foundation for Economic Growth

Since it was formed in 2023, the CBIA Foundation for Economic Growth & Opportunity has focused on charting a course for sustained economic growth in Connecticut that leads to greater opportunities for all residents.

Foundation director Dustin Nord joined the CBIA BizCast to discuss the organization’s mission and growth.

Nord joined the foundation in September 2024.

“The foundation presented a really cool opportunity to have that platform to look at and see, what are the areas that that Connecticut can be better,” Nord said.

“Where can we make tangible recommendations to be a better state?”

‘Bit Like Magic’

Nord previously worked at AdvanceCT and has a passion for economic data and research.

“It’s a little bit like magic, the things that come out of the data,” he said. “And it’s just the opportunity to help other folks see what, what I see in that data.”

Nord joined the foundation around the same time the organization released its Opportunity Connecticut report.

“What we’re hoping that we can maintain with Opportunity Connecticut is that continual improvement.”

CBIA Foundation’s Dustin Nord

The report is a long-term roadmap for boosting the state’s competitiveness, retaining and attracting investment and talent, fostering innovation, expanding career pathway opportunities, and growing a vibrant economy.

He said a key to the report’s success is ensuring that it’s a living document—consistently tracked and updated.

“I think that’s where previous reports fell short,” he said.

“What we’re hoping that we can maintain with Opportunity Connecticut is that continual improvement.”

Important Conversations

Nord said that while the foundation is focused on long-term thinking and doesn’t advocate for any specific legislation, nearly two-thirds of the recommendations in Opportunity Connecticut have seen some kind of an update so far.

Those include efforts this past session to address critical issues like energy, housing, and regulatory reform.

“I feel confident that the Opportunity Connecticut report helped start some of those conversations, and push those conversations in a in a bipartisan, cooperative way,” he said.

As part of effort to track and update the foundation’s research, Nord has spent much of the last year diving deeper into the impact of issues including tariffs and the state’s housing shortage on the Connecticut economy.

“Everybody has a labor shortage around the country right now, but Connecticut is acute.”

Nord

The foundation this month released its new By the Numbers: Tracking Connecticut’s Economic Competitiveness reference guide.

The resource tool details key economic data points and trends, highlighting where Connecticut compares with other states in critical areas.

And a key area of focus is the state’s labor force.

“Everybody has a labor shortage around the country right now, but Connecticut is acute,” he said.

“I think we’re seeing that in the data in terms of persistently high job openings and very low unemployment.”

Anecdotal Information

Nord said that while his research is based on data, it’s also important to have anecdotal information.

The foundation holds forums and roundtables throughout the year to gain insight from stakeholders including business, nonprofit, and education leaders.

“Some of that anecdotal information helps inform where to look,” he said.

“It helps inform what, what types of data points do I need to look for.

“This requires people to participate in in our processes here in Connecticut.”

Nord

“If there is data to support what people are feeling, then I want to be able to show that.”

Nord said that while the research he and the foundation are doing is a critical piece of improving the state’s economy and creating new opportunities for residents, it requires buy-in from everyone.

“While we can provide a lot of great research, and I can provide a lot of great forums, and I can give ideas to the advocacy team—ultimately, this requires people to participate in in our processes here in Connecticut.”

“If they want to make their voices heard, then I then I encourage them to do that.

“And I hope that this helps inspire some people to do that.”

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