Connecticut is in deep trouble. Very deep trouble.
From 1997 to 2008, Connecticut arguably had the strongest economy in the nation, growing in real terms 3% compounded annually; on a per capita basis expanding 30% faster than the national rate.
But since 2008, Connecticut has had the worst state economy, shrinking 9.1% before a modest recovery; in Feb. 2020, before the pandemic, the state’s economy was below its 2006 level, and employment 17,000 under its previous peak.
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Fred Carstensen, Economist, UConn
In contrast, New York, Massachusetts and Rhode Island enjoyed robust growth, well exceeding previous peaks in output and employment.
Such a sharp contrast in performance has multiple drivers, but most salient has been Connecticut’s disconnect from the data-driven, digitally-dependent modern economy. The clearest evidence was the nearly 25% contraction in the data-intensive finance/insurance sector and the virtual absence of growth in Connecticut in IT-specific occupati
The Cares Act and the PPP: Round 2!
After the first $350 billion ran out in just 14 days, small businesses in Connecticut and around the country are getting a second shot at Paycheck Protection Program loans, as the COVID-19 crisis rages, impacting virtually every small business.
The panelists and industry experts:
David Lehman, Commissioner & Governor s Senior Economic Advisor
Wendell G. Davis, SBA Regional Administrator, New England
Tim Bergstrom, Regional President for Hartford CT Market, Webster Bank
Taylor Shea, Partner, Robinson + Cole
Drew Andrews, Managing Partner and CEO, Whittlesey
If you have questions, or are unclear about if and how the PPP can work for you- get the facts from a panel of expert professionals who will boil things down and bring clarity.
Jeff Chiu / AP
Advocates both encouraged by federal movement to decriminalize marijuana and states opting into the regulated market say the possibility of Connecticut legalizing recreational marijuana in 2021 could be the economic driver the state has been looking for.
UConn economist Fred Carstensen also seems to think so. His study found that the state’s economy would gain $600 million in the first five years of legal retail pot.
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Advocates say 2021 will be the year Connecticut finally approves the legal recreational use of marijuana by adults. State lawmakers had argued legalization would go against federal law. But a landmark vote in the U.S. House of Representatives to remove marijuana from the list of controlled substances gives advocates a boost.
The U.S. House voted to regulate and tax cannabis sales for the first time earlier this month. There is no indication that the U.S. Senate would take action, but that has not dampened the optimism of advocates like Fred Carstensen.
“We are going to get federal decriminalization and effective legalization of recreational marijuana in the next few years,” Carstensen said.