Four Things That Will Grow Our Economy
Connecticut is on the cusp of exciting, vibrant economic growth that could bring excellent job creation, wage growth, revenue growth, and prosperity that touches all citizens.
It’s a bullish forecast, but one that is doable. Like all economic forecasts, however, there are downside risks.
The most alarming is a new budget with tax plans that might torpedo achievable expansion.
Four things could create an exciting scenario:
- First, a low interest rate environment aided by long-term moderate gas prices can kickstart a real housing recovery for the state.
- Second, new natural gas pipelines can bring low-cost energy into our state, lowering clean electric generation costs and providing new low-cost alternatives for businesses, homeowners, and trucking firms.
- Third, continued U.S. expansion into global markets means there are eager customers for the financial services and manufactured goods we make here and sell outside our borders.
- Fourth, manufacturing is back, and the United States is seeing both onshoring and growth. Connecticut is well positioned both in defense industry products (like more submarines, which will lead to years of record defense contracts) and growth in commercial aerospace (which could provide a generation of expansion in that area).
There are threats to that growth.
Certainly the world is still a risky place with terrorists groups like ISIS and flashpoints like Ukraine. In addition, the EU is struggling to grow, and China is in an economic slowdown. All these may create bumps in the road and periodically spark stock markets.
But the clear and present danger here at home is self inflicted. The proposed tax package would cripple new business investment and shatter business confidence in our state. It’s especially threatening when neighbors like Massachusetts, Rhode Island, and New York have lowered or eliminated business taxes and aggressively court our most successful and innovative firms.
We need to reject these proposals and create an environment to grow our state, which will lead to more jobs, wage growth, and opportunities for citizens and their children to stay and thrive in our state.
Let’s work for pro-growth Connecticut!
EXPLORE BY CATEGORY
Stay Connected with CBIA News Digests
The latest news and information delivered directly to your inbox.