CBIA Response to Second Quarter GDP Report

The state’s largest business organization issued the following response to today’s release of the U.S. Bureau of Economic Analysis’ second quarter GDP report.

“Connecticut’s economy delivered another strong quarter of growth, ranking seventh nationally among fastest-growing states, and best in New England,” said CBIA president and CEO Chris DiPentima.

“After years of underperforming, Connecticut has made significant progress over the past year to reverse national growth trends.

“Businesses continue to invest, hire, and expand despite rising costs, labor force challenges, and ongoing economic uncertainty.

DiPentima highlighted Connecticut’s key manufacturing sector as a clear driver, growing 10.6%—far outpacing the rest of the country.

“Manufacturing continues to be one of Connecticut’s greatest economic strengths, with companies finding ways to innovate, increase productivity, and grow to meet demand even with ongoing workforce challenges,” he said.

“Connecticut’s growth is encouraging, and with more than 86,000 open jobs, the state must address persistent labor shortages and slowing population growth so we can sustain this growth and not give companies reasons to look outside the state to meet growing demand.

“That means addressing high living and business costs, making it easier for people to build their lives here and easier for businesses to hire, grow, and keep good jobs here.”

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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).