When Businesses Invest, Jobs Follow
Connecticut added just 15,900 jobs from 1990 to 2010 — an increase of less than one percent.. That makes the state 48th in the nation for job creation according to the U.S. Bureau of Labor Statistics, lagging only Michigan and Rhode Island.
If things don’t change, we will drop to last in jobs over the next five years. To move our economy ahead, Connecticut policymakers first need to face the facts to clearly understand where we stand.
The bad news
Stark numbers in several key factors should convince state lawmakers of the one and only mandate businesses need this year: A solid commitment from the legislature to create an environment for job growth and economic development.
Along with flat job growth, we also have the:
- 4th highest cost of doing business in the United States
- Largest education achievement gap between upper and lower income groups
- 47th worst tax climate
The good news
On the other hand, our economy boasts some very impressive facts, including:
- A diversified base of world-class businesses
- A highly skilled and productive workforce
- The 8th highest level of exports per capita
What to do
It’s time for state policymakers to leverage Connecticut’s positives to change our negatives. Jobs will follow when businesses invest, and Connecticut employers need to start feeling confident in the state.
- Balance the state budget in a way that does not discourage investment and job creation
- Avoid making it more expensive to create jobs (such as with the paid sick leave mandate)
- Begin to close our education achievement gap
The fact is, the legislature this year has clear opportunities to improve our economy and job growth.
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