Connecticut’s economy took a hit when the coronavirus pandemic arrived, and there is still a lot of recovery ahead.
Amid signs that COVID is stimulating economic activity in Connecticut, the state launched a new digital welcome mat.
With the coronavirus turning many commuters into at-home workers, Connecticut has a unique chance to reset its economy.
Can the states agree to mutually disarm when it comes to the billions of dollars in economic incentives that are spent annually coaxing companies to move, expand or sometimes merely stay put?
Infosys, an India-based information technology company undergoing a major expansion in the U.S., named Hartford on Wednesday as one of its new technology-and-innovation hubs, promising an estimated 1,000 new jobs to a city struggling to broaden its employment base and a morale boost to a state intent on drawing a share of the next generation of technology jobs. The selection came with a great back story.
Connecticut is losing more bioscience jobs than it is gaining, despite a sizable jump in research and development jobs over the last three years. Alexion’s departure is the latest in a line that has undercut bioscience growth. Nonetheless, many say New Haven is nearing a “critical mass” after years of effort by Yale and a new cluster is emerging in Farmington after more than $1 billion in state investment.
When Connecticut joined 12 other colonies in declaring independence from Great Britain on July 4, 1776, little did it know that it would emerge from the Revolutionary War facing an unprecedented structural economic crisis that would threaten the state’s fiscal future. How Connecticut emerged from that crisis can serve as lesson for the structural economic challenges the state faces today, says Walter W. Woodward, the state historian.
Connecticut’s legislators acted Wednesday for the second time in two years to require independent oversight of the millions of dollars in grants, loans, tax credits and other economic incentives extended to business, often a political flashpoint as states compete to attract and keep jobs.
Most Republican legislators are expected Wednesday to support the Sikorsky Aircraft incentives deal negotiated by Gov. Dannel P. Malloy as a smart investment, while simultaneously arguing that the deal is necessary because of a high cost of doing business in Connecticut that they blame on the legislature’s Democratic majority.
STRATFORD — With a press conference Wednesday of the lawn of Sikorsky Aircraft, Gov. Dannel P. Malloy took a step toward rewriting his economic legacy from being the governor blamed for driving away General Electric and hundreds of headquarters jobs to the one who stabilized Connecticut’s aerospace industry for a generation.
Gov. Dannel P. Malloy and Lockheed Martin announced a tentative deal Monday to produce a new generation of Sikorsky heavy-lift helicopters in Connecticut at the cost of $220 million in financial incentives from the state and an agreement with its union workforce. The General Assembly is tentatively scheduled to consider the deal in special session Sept. 28.
EAST HARTFORD — Facing an electorate that gave the General Assembly a 24-percent approval rating, the House Democratic Majority unveiled a campaign framework Tuesday that focuses on job creation and fiscal responsibility and downplays labor issues, such as raising the minimum wage and making the tax structure more progressive.
The state Department of Economic and Community Development responded with reassurances Thursday to a recent news report that a major Fairfield County hedge fund — to which Connecticut just pledged $52 million in economic assistance — is slowing its hiring.
Gov. Dannel P. Malloy’s administration on Thursday would neither confirm nor deny a media report that it was preparing an aggressive package of economic assistance to keep General Electric from moving its headquarters out of state.
The top executive as Connecticut’s quasi-public economic development agency, Claire Leonardi, will step down next month, the board of directors for Connecticut Innovations announced Thursday.