8 Facts About Our Economy

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Focusing on the negative tends to be human nature. And in a polarizing political climate, it can be tough to identify the positive amid persistent, partisan campaign jargon. The truth is, Connecticut is on the rise. Yes, we have more work to do, but we’re headed in the right direction.

Here are eight facts from the Department of Economic and Community Development to help us think positively about CT’s economy:
  1. Dropped the state’s unemployment rate to 4.2 percent – the lowest since 2002 and far lower than the 9.2-percent rate of January 2011.
  2. Added 127,000 private-sector jobs since the Great Recession – 113.9 percent of the jobs lost in the downturn.
  3. Reached a 10-year high for business starts – up 24 percent since 2011.
  4. Increased Fortune 500 companies headquartered in Connecticut to 17 compared to 11 headquartered here in 2010.
  5. Tripled the number of business incubators and created 22 new accelerators with support from CTNext and Connecticut Innovations.  
  6. Attracted over 100 new companies to our state.
  7. Cemented historic partnerships with large employers including United Technologies, Sikorsky, Electric Boat, Cigna, ESPN, Synchrony Financial and many more — to ensure their corporate headquarters stay here for the next generation.
  8. Grown Connecticut’s gross state product for four straight quarters based on the most recent data available for first quarter 2018.
 
These facts illustrate the real momentum of Connecticut’s economy. We must continue to resolve our fiscal issues and invest in our workforce, education, and transportation. But the facts show our collective efforts thus far are clearly paying off.