CBIA Foundation Releases Long-Term Roadmap for Economic Growth, Opportunity

The CBIA Foundation for Economic Growth and Opportunity today released its 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.

Opportunity Connecticut: Reimagining Our Workforce, Economy, and Quality of Life was developed through the active participation and collaboration of a diverse group of stakeholders including business, nonprofit, education, and community leaders.

The CBIA Foundation, a 501(c)(3) created in 2023 to develop a response to the evolving needs of Connecticut’s economy, engaged national consulting firm Economic Leadership LLC to research and develop the plan. 

“Connecticut’s economic opportunities are limitless,” said CBIA president and CEO Chris DiPentima. 

“Our goal with the foundation and this plan is to chart a course for sustained economic growth—growth that drives not only predictability, but greater opportunity for all residents.”

Research, Collaboration

The CBIA Foundation and Economic Leadership conducted extensive research and analysis of more than 25 reports and studies conducted since 2018, and hosted over 30 forums across the state involving diverse stakeholders, including employers, nonprofit organizations, education institutions, community leaders, and government officials. 

“These partnerships and collaborations were critical to shaping this plan—ensuring that everyone not only had a seat at the table, but has a stake in its success in the years to come.” DiPentima said.

The Opportunity Connecticut economic action plan focuses on three strategic pillars to drive sustained economic growth and create more opportunities for all Connecticut residents.

• Business Climate
• Workforce and Education
• Quality of Life

“While there have been areas of progress, there is much more we all need to do.”

Electric Boat’s Shawn Coyne

The plan outlines goals and key recommendations for each pillar that provide the structure and goals that Connecticut’s public and private sectors can endorse, promote, and implement through partnership and collaboration.

“The Electric Boat team has been active with the CBIA Foundation since its inception,” said General Dynamics Electric Boat VP of human resources Shawn Coyne.

“What we heard, in every forum, meeting and discussion was frustration with the state business climate.  

“While there have been areas of progress, there is much more we all need to do to ease the challenges of operating a business in the state.”

‘First-Class Education’

“To lead Connecticut into the future, we must provide all students with a first-class education system that ensures they learn the skills needed to be tomorrow’s leaders,” said Connecticut Education Association president Kate Dias. 

“CEA is excited to partner with the CBIA Foundation and other stakeholders to build a bridge between education and opportunity for all students.”

“Connecticut can set the example for the nation by growing our economy, strengthening our workforce, and improving our quality of life,” said Dalio Education co-CEO Andrew Ferguson.

“But to do so, everyone must work together to provide leadership and sustained momentum.  

“Connecticut can set the example for the nation.”

Dalio Foundation’s Andrew Ferguson

“We must confront realities that are holding Connecticut back and leaving far too many behind.  

“For example, tens of thousands of young adults have diplomas but lack employment at a time when our labor market has more than 93,000 unfilled jobs.”

“To stay competitive in today’s evolving landscape, public and private sector leaders need to create transformative, sustainable change, so we can both retain and grow the workforce we need to grow our businesses and by extension, revitalize our economy,” said Accenture Hartford office managing director Carol Quinn Toomey. 

“If we don’t address what our workers need to get to work, to afford to live in our state, we can’t grow our businesses.” 

Recommendations

Key recommendations include: 

• Streamlining regulations and permitting processes 
• Enhancing coordination among state agencies 
• Improving workforce development and education alignment 
• Addressing housing affordability and availability 
• Tackling childcare challenges 
• Enhancing transportation and energy infrastructure 

“There have been many economic action plans before ours,” said DiPentima. 

“Unlike traditional plans that often become outdated and lose ownership shortly after publication, Opportunity Connecticut is the sole mission of the foundation and designed to grow and adapt alongside Connecticut’s changing economic landscape.

“What sets this plan apart is our commitment to continuous evolution and improvement and to assembling the necessary resources to support and drive its successful implementation.”

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The CBIA Foundation, a 501(c)(3) organization, is a response to the evolving needs of Connecticut’s economy. Our state faces unique challenges and opportunities in a rapidly changing economic landscape. To address these effectively, we are establishing a dedicated foundation to focus on long-term economic growth strategies that go beyond the typical legislative session.

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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 Scott Beaulieu (860.244.1929).