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What does panel say about CT’s economy and its impact on business?

On Behalf of | Dec 6, 2018 | Business Formation & Planning |

We noted in our immediately preceding blog post the close link between state government dictates on economic matters and their spillover implications for commercial entities. Our December 3 entry stressed how closely “government performance and policy affect local businesses and growth opportunities.”

A Connecticut business panel has focused on that nexus for many months now, being tasked to make recommendations to state leaders that can fuel economic growth and spur business profits. The group communicated earlier this year with Gov. Dannel P. Malloy. Its members are now passing along “evolved proposals” to Gov.-elect Ned Lamont and state legislators.

A central point made in so-called “Report 2.0” is that the state must take imminent measures to guard against complacency despite positive budget developments being realized recently.

The business leaders’ new report stresses that Connecticut’s budget will balloon going forward without strongly ameliorative changes being made quickly. Panel members recommend slashing at least $1 billion from the state’s deficit. They urge that savings be realized through targeted cuts in select areas and better collection areas rather than through tax increases on individuals and businesses.

The team also underscores the importance of preparing tomorrow’s business leaders. Toward that end, it recommends funding thousands of college scholarships for young entrepreneurs who will contribute meaningfully to Connecticut’s economy in the future.

The panel makes a number of other important points as well. Readers can access those via the above-cited link.

Connecticut is a strong and growing venue for business principals focused on commercial development and profitability. Key adjustments made by regulators and corporate leaders will hopefully sustain that reality in upcoming decades.