Connecticut Economic Outlook - December 2012
December 19, 2012:
Connecticut's economy is performing poorly, noticeably below both national GDP and employment gains.
And while national output recovered by yearend 2010, Connecticut jobs have flat-lined since mid-2011 and output continues weak.
Hurricane Sandy many stimulate modest growth in an otherwise gloomy outlook. And even as the state
cuts current services to balance its revenue short-fall, this Outlook models the possibility of capital projects funded through bonding.
Read the Full December Outlook
See prevous reports in this Connecticut Quarterly Forecasts series.
Prepared by Comeback America Initiative and CCEA
as a discussion guide, this report presents both the strengths and weaknesses of
Connecticut's financial condition and competitive position relative to other states in the nation.
Thus, even while state budgets may have been balanced, as required by law, in fact its obligations have exceeded revenues for
several years, complicated by bonded debt and unfunded initiatives.
In the most recent two decades, the Connecticut economy has relied on its primary financial services and manufacturing
industries, without stepping up to emerging changes in the global workplace. Private sector business growth is the
best key to improved economic growth for Connecticut citizens and for its state government.
By using dynamic regression analysis and BLS data starting from 1990,
CCEA was able to determine that 7,103 private sector job-years may be lost (and attributable to) Hurricane Sandy,
between November 2012 and December 2014, of which roughly half or 3,551 job losses, can be expected to be in small businesses..
CCEA, under contract with the Connecticut Association for Community Action
provided research, analysis and a discussion framework for policy recommendations in this Connecticut Poverty Report.
Links to Poverty Report Data Sets and Interactive Maps are now (May 2013) available on the CAFCA website.