CBIA Response to 2020 Employment Revisions

“The revised 2020 employment numbers are a sobering reminder of just how fragile our state’s economic recovery is,” CBIA president and CEO Chris DiPentima said today.

“Today’s revisions show we lost 122,500 jobs last year—over 20,000 more than first estimated—and means we’ve now recovered just 56% of the historic 291,300 jobs lost to COVID-19 disruptions.

“We are not yet out of the woods. These numbers show the significant challenges that too many of our residents and employers continue to face.

“It’s critical that the legislature recognize the fragile state of our recovery and focus on pro-growth policies rather than adding new burdens on employers. 

“Policymakers must also prioritize how the state uses the new round of federal relief dollars and resist calls to spend those funds in areas that will not help our recovery from the pandemic.

“We have to be smart about how we spend that money and make sure we continue to support taxpayers and employers while incentivizing private sector investment to drive the state’s recovery.

“Connecticut is still well positioned for recovery. Our response to the public health emergency is among the best in the country.

“Let’s also enact policies that ensure our economic recovery is among the best in the country.”

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).