Private Sector Job Growth on Record Pace
Connecticut’s private sector job growth is on record pace in 2018, driven by big gains across a number of key industries.
The state Department of Labor’s monthly jobs report shows private sector employers added 26,300 jobs in the 12 months through November.
While the state lost 500 jobs overall in November, the labor department revised October’s initially reported gain of 1,500 jobs to an increase of 3,000 for that month, with the private sector accounting for 2,600 of those gains.
“If you take a look at where we are headed for year-over-year growth, the numbers are quite strong,” said CBIA economic adviser Pete Gioia.
“We are on track for one of the best years of growth in more than three decades.”
The unemployment rate fell one-tenth of a point in November to 4.1%, four-tenths higher than the national rate.
Connecticut has regained 91% of the 119,100 total jobs lost in the 2008-2010 recession. The private sector has recovered 115% of its recession losses. Private sector job growth over the last eight years is 7%, compared with New England at 12% and the U.S. at 17%.
The state’s private sector job growth rate over the last eight years is 7%, compared with New England at 12% and the national average of 17%.
Gioia said Connecticut can match those growth rates—if policymakers focus on the state’s fiscal issues and allow businesses to better compete on a regional and national basis.
"Gov.-elect Lamont has said that we need a laser-like focus on economic growth, and we couldn't agree more.
"We must do what we can to sustain this momentum and make sure that we don't do anything to derail it."
Private sector job growth over the last eight years is 7%, compared with New England at 12% and the U.S. at 17%.
Construction leads all industry sectors in job growth over the last 12 months, adding 6,400 positions or 11%.
Professional and business services gained 5,900 jobs (2.7%), followed by leisure and hospitality (5,800; 3.8%), and educational and health services (5,700; 1.7%).
The manufacturing sector now employs 164,300 workers, growing by 2,400 positions (1.5%) year-over-year.
Gov.-elect Lamont has said that we need a laser-like focus on economic growth, and we couldn't agree more.
"Those are very encouraging numbers, particularly in construction, professional services, manufacturing, and financial activities," Gioia said.
"Those are key sectors for Connecticut, the major drivers of our economy."
Three sectors have year-over-year losses, led by government (-3,300; -1.4%), which includes state, local, and federal governments and the state's two casinos.
The trade, transportation, and utilities sector shed 2,600 positions (-0.9%) and information lost 100 jobs (-0.3%).
Five of the state's six labor market areas posted gains over the last 12 months, led by Hartford with 9,800 jobs (1.7%).
Bridgeport-Stamford-New Haven added 5,500 jobs (1.4%), followed by New Haven (3,700; 1.3%), Norwich-New London-Westerly (1,800; 1.4%), and Danbury (1,300; 1.7%).
Waterbury lost 300 jobs (-0.4%) in the 12 months through November.
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