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Whither Connecticut? The State’s Economic Future & Implications for Business, Government, and Residents

Municipal Training WEBINAR

Friday, December 11, 2020

Whither Connecticut? The State’s Economic Future & Implications for Business, Government, and Residents

WEBINAR

10:00 a.m. - 11:30 a.m.

PROGRAM OVERVIEW back to top

Connecticut is in deep economic trouble. Since 2008, it has had the worst performing state economy in the nation, with state real output (Gross State Product) actually contracting nearly 10% before a weak recovery. In February 2020, Connecticut's economy was still about 6% smaller than at its previous peak in 2008; employment was still nearly 17,000 short of where it was twelve years ago. Connecticut disconnected from the data-driven, digitally dependent modern economy; its job growth was in low-wage, low-skill sectors such as tourism, hospitality, logistics, and elder care as it lost a quarter of finance/insurance sector and its nondurable manufacturing virtually disappeared.

Coming out of the pain and dislocating of the pandemic, Connecticut faces daunting challenges. The recent revenue and fiscal projections from OFA and OPM project massive deficits--and thus program cuts - through FY2024; CCEA's recent long-term forecast looks at where Connecticut might go through 2030: Connecticut may not recover for a decade.

The question is not "can" Connecticut restore growth. The question is whether Connecticut "will" restore growth by pursuing aggressive policies and initiatives, by implementing a coherent economic development strategy? Will Connecticut choose to shape its own future or passively continue to drift downward? Connecticut's neighbors - NY, MA, RI - all did well after 2008, with robust growth in critical high-skill, high-wage occupations; they will likely come back robustly once COVID vaccines are widely available and used. Will Connecticut?

CCM PRESENTERS back to top

Fred Carstensen
Professor of Finance and Economics, University of Connecticut, School of Business
Director, Connecticut Center for Economic Analysis (CCEA)

Gov. Weicker asked the University of Connecticut to create a center that would track the Connecticut economy and provide sophisticated dynamic economic impact studies to inform policy discussions and facilitate an understanding of the state's competitive health. Prof. Carstensen has served as Director of CCEA since 1998; under his direction, CCEA has done more than 200 studies and economic forecasts. CCEA developed the studies that were the foundation for the $850 million BioScience Connecticut initiative and the $400 million UTC agreement that keeps Pratt & Whitney in the state for at least 15 years, to 2030.

The most recent CCEA studies--its first ever long-term forecast and an analysis of the economic and fiscal impacts of legalization of recreational marijuana--are available on the CCEA website: CCEA.UConn.Edu.

WHO SHOULD ATTEND back to top

    • First Selectmen, Mayors, Town/City Managers
    • Finance Personnel
    • Personnel/Human Resources
    • Information Technology
    • Economic Development Personnel
    • School Superintendents/School Business Managers
    • Boards, Commission, and Committee Members
    • Anyone concerned with Connecticut's economic, demographic, or fiscal future

COST back to top

FREE to individuals who are elected, appointed, or employed by muncipalities that are CCM Members.

Not sure if you're a CCM Member? Click here to find out!

HOW TO REGISTER back to top

CLICK HERE to be redirected to GoToWebinar, where attendees can register..

Questions?
Please contact CCM Training at ccmtraining@ccm-ct.org or call (203) 498-3037.

CCMO back to top

Due to current conditions, CCM is not holding in-person trainings for participants in the CCMO program to earn credit hours. However, CCM would still like to provide opportunities to work toward completion in the program. 

Participants who attend the live broadcast of this webinar will earn 3 credit hours of Community Development. 

 

              

Fine Print back to top

UPDATES & CHANGES: Last minute changes and updates, weather postponements, cancellations, etc. will be posted on this page

CANCELLATION POLICY: We understand your schedule may change. Please let us know if you have registered and can no longer attend.

CONSENT TO CCM FOR USE OF PHOTOGRAPHIC IMAGES: Registration and attendance at CCM workshops, meetings, and events constitutes an agreement by the registrant to the use and distribution of the attendee’s image in photographs, videos and electronic reproductions of such events and activities sponsored by CCM.