CBIA: Job Numbers Highlight Need for Action

Connecticut’s latest employment numbers highlight the need for legislative action to drive job and economic growth, the state’s largest business organization said today.

The state added just 900 jobs in November, bringing the year-to-date total to a modest 3,900 jobs.

“That’s only 0.2% compared with 1.5% on the national level. We’re still quite weak,” CBIA economic adviser Pete Gioia said today.

“If you look at the state’s own figures on key economic indicators from 2010 to 2018, Connecticut lags every other state in New England, let alone the U.S. average, particularly in terms of jobs, GDP, and population.”

Gioia said a report released Nov. 20 by the state’s Office of Policy and Management also noted that Connecticut has regained just 16% of high-paying jobs lost during the 2008-2010 recession.

 “When you take all this information together, it should send up an enormous red flag for our legislature,” he said.

“They’ve got to concentrate on the economy. They’ve got to find ways and pass legislation that encourages businesses to invest and create jobs in this state.”

Gioia noted Connecticut has made progress toward stabilizing its finances, citing a Dec. 17 Moody’s report highlighting the state’s growing reserve fund.

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 Joe Budd (860.244.1951).