The Connecticut Center for Economic Analysis this morning released a new study indicating that the state is ready to turn the corner economically:
http://ccea.uconn.edu/forecasts/CTOutlook_2015Feb.pdf
Here is a salient quote from the summary: “Preliminary estimates for 2014 show Connecticut growing faster than the national economy and then surging by a stunning (and dubious) 8.1% in 2015, before tapering off to 3.2% growth in 2016. Connecticut might now be on a strong growth trajectory, driven by biotechnology, aerospace engineering, venture capital, and a significantly more competitive environment. But if history predicts a rosy future, the array of downside risks is unusually long.”
Devon Puglia, Gov. Dannel P. Malloy’s spokesman:
“This report validates what the Governor has done in the past as well as what he’s proposing for the future. For two decades prior to this administration, minimal net job growth and massive underinvestment made Connecticut economically uncompetitive. Yet, under Governor Malloy, we’ve seen 75,000 private sector jobs created, with 2014 delivering the largest growth since 1998. This report indicates that because of the Governor’s work, we’re on the right track and poised to grow even more this year, even if the state meets just a portion of the projected growth. That’s exactly why he’s proposing smart choices today for a better Connecticut tomorrow – a historic vision for a best-in-class infrastructure that would boost our economy, an overhaul of the sales tax that would reduce the rate to the lowest point since the ‘70s, and a Second Chance Society that would help residents who have erred be productive members of our society.”