CBIA Response to Second Quarter 2024 GDP Report

The state’s largest business organization issued the following response to today’s release of the 2024 second quarter gross domestic product report.

“It’s heartening to see the economy bounce back after a sluggish first quarter, especially with strong performances in key sectors including finance and insurance, healthcare, and manufacturing,” said CBIA president and CEO Chris DiPentima.

“Still, Connecticut remains in the middle of the pack—30th best in the country. And since the fourth quarter of 2023, Connecticut ranks 8th in the Northeast, ahead of only Vermont with 0.62% growth.

“At the same time personal income rose 4.1%—44th among all states, with the region seeing a 3.5% increase and the U.S. a 5.3% jump.

“It’s clear that we need to emphasize solutions that address challenges that are keeping Connecticut from unlocking its full economic potential.

“We continually hear from businesses that the state’s regulatory environment hinders them from growing here, instead looking to expand in states that have undergone regulatory reform.

“The CBIA Foundation’s Opportunity Connecticut economic action plan highlights a number of recommendations to improve the regulatory process, create new career pathways, and make Connecticut a more attractive place to live and do business.

“It’s crucial that we work to spur further innovation and foster growth in high-tech industries— key markets to attract new businesses and residents to the state.

“Improving the state’s business climate, addressing our workforce needs, and enhancing the quality of life are critical to driving and sustaining economic growth in Connecticut.”

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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).