Advocates release a roadmap to improve CT business climate

Economic advocates in Connecticut have released their roadmap for making the state more appealing to businesses. This comes just a week after the Connecticut Business & Industry Association released a survey that revealed only 8% of the state’s businesses think the business climate is improving.

86% of participants said the cost of doing business in Connecticut was increasing.

The roadmap was created by the CBIA’s Foundation for Economic Growth & Opportunity. The foundation was created by the CBIA for the sole purpose of creating the map.

CBIA leader Chris DiPentima said they hosted 30 forums across the state and analyzed years of data for the project.

They found three pillars the state needs to focus on: business climate, education, and quality of life.

“Our population continues to age. It is not growing at the rate needed to keep up with workforce demands, DiPentima said. “The fact that affordability continues to remain a major issue, not only for our businesses, but for our residents, with Connecticut being the eighth costliest state to live and work in.

“Our complexity with 169 towns and no county governments, and certainly being one of the oldest states in the nation, causes some real challenges there. In addition, the Northeast region is facing fierce competition from states of the Sun Belt and across the country,” he said.

Other issues included complex regulatory requirements and tax burdens.

DiPentima said the recommendations highlighted in the road map, if acted on, would make the state more economically affluent.

General Dynamics Electric Boat Vice President of Human Resources Shawn Coyne said he agreed.

“These actions will really change what’s going on right now,” Coyne said. “I think it’ll create more opportunities for new businesses to form. It’ll keep more businesses here, and when businesses look to expand, they’ll expand here, not somewhere else.”

DiPentima said the next step is to talk with stakeholders and legislators about what they learned and what new policies can be implemented.