State Economy, Business Climate Remains StrongNovember 29, 2023
Connecticut's economy remains strong with a robust business climate and low unemployment.
Fiscally responsible policies at the state level has helped lead to a stronger economy, budget surpluses and the ability to pay down our long term debt.
As a result, we have been able to increase investment in important areas such as education, healthcare, and lowering the cost of doing business in Connecticut.
A number of key metrics has contributed to a strong state economy including:
- Improved bond ratings from national credit rating agencies
- Continued job growth and low unemployment
- Reduced long term pension debt by billions of dollars
- Payoff of federal pandemic-era Unemployment Trust Fund loan to lower business costs
In addition to the proactive repayment of the Unemployment Trust loan, businesses are also receiving a 10% reduction in their Workers' Compensation Rates for 2024.
These are the kind of factors that send a strong message that Connecticut is open for business and continues to be a great place to live, work and raise a family!