CBIA Response to August 2024 Employment Report

The state’s largest business organization issued the following response to today’s release of the August 2024 employment report. 

“After a strong first half of the year, it’s concerning to see job losses of this size and across so many sectors,” said CBIA president and CEO Chris DiPentima. 

“The August losses and revised July numbers highlight the volatility of Connecticut’s job market and the structural issues impacting economic growth.

“It also speaks to the ongoing challenges that employers are facing as they work to fill the 84,000 open jobs in the state.

“While job openings have increased by 20% since February 2020, the state’s labor force continues to decline, falling by 5,295 people last month.

“We’ve now seen a 1.5% decline in the labor force over pre-pandemic levels, while nationally, the number of those working and looking for work is up 2.4%.

“This report serves as a reminder to policymakers that they must remain focused on addressing the issues that will unlock Connecticut’s economic potential.

“CBIA’s 2024 Survey of Connecticut Businesses showed that 91% of business leaders say the cost of doing business is increasing, and only 10% believe the state’s business climate is improving.

“The CBIA Foundation recently 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.

“It’s critical that we enact solutions to address the high cost of living and running a business in the state, while expanding career pathways and workforce development efforts to provide rewarding opportunities for all residents.”

---

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).