A new report from the Connecticut Center for Economic Analysis is predicting an 8.1% increase in CT's economy this year. That is so high that experts are backing away from endorsing the exact number, but even a growth rate of quite a bit lower would outstrip the national rate of about 3%. It's about time! We've been lagging behind the rest of the country--event the December housing figures show us with a decline in 2014 home sales vs. the year before, against the grain of almost every other state--and we were (almost) bound to catch up sometime.
The only big fly in the ointment is the State government's position on business issues. That encompasses our tendency to borrow against the future, and to underfund pension obligations, both of which make our economy more precarious. However, the Governor's latest budget proposal shows encouraging signs of trying to correct these problems, and we in the private sector are certainly rooting for both the executive and legislative branches concentrating on improving our rankings as a place to do business.
Leaving that potential worry aside, it does seem that early indications show pent-up demand on the residential side, frequently a precursor to commercial growth. Also, we know that there is pent-up demand on the commercial side--it's just being held in check by caution and uncertainty. This latest prediction should give a big boost to those who've been waiting on the sidelines to act. This is your year!
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