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Print Edition StoriesWednesday, June 17, 2009
More Conn. job losses expected before recovery
By Mass High Tech staff
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Two recent releases from the Connecticut Business and Industry Association indicate that the state should expect to continue losing jobs through the end of 2009 before the economy recovers.
With Connecticut losing 65,600 jobs in the past year, the Nutmeg State could see more than 100,000 jobs lost by the end of the year, according to one of the CBIA reports. The state has also shuttered more than 3,500 businesses. The report cites a previous finding that the state took 10 years to return its employment numbers to 160,000 following the recession of the 1980s and early 1990s.
House Majority Leader Denise Merrill, D-Mansfield, noted that Connecticut’s economic recovery hinges on building its manufacturing and financial sectors.
CBIA reports that the state is currently negotiating a new, two-year budget to address the $8 billion budget gap and $900 million estimated deficit for the fiscal year. The new fiscal year begins July 1.
In a March report, CBIA said that nearly 89 percent of all businesses sending goods and services to foreign markets from Connecticut were small to midsize businesses.
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