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Boston Fed Chair Gives Optimistic Outlook For 2020, With Little Risk
The economic outlook for 2020 is pretty rosy, according to Federal Reserve Bank of Boston President and CEO Eric Rosengren. “You don’t normally invite an economist onto the program to be the optimist in the group, but actually the economy is doing quite well,” Rosengren told the over 400 people who attended the Connecticut Business and Industry Association’s “Economic Summit + Outlook 2020.”
Lamont, Lawmakers Quizzed By Public On Transportation Plan
Around 400 Connecticut residents turned out to offer their opinions to Gov. Ned Lamont and Democratic lawmakers about a proposal to improve transportation with a plan that is funded partly with truck-only tolls. Lamont said that over the past year he’s heard from business owners who tell him the reason Connecticut has been last in job creation over the past decade is the transportation system. “Our rail is slower today than it was 10 years ago and 30 years ago,” Lamont said. “You all...
100th foundation fixed; new applications accepted beginning Monday
A year after its launch, the captive insurance company fixing crumbling foundations has put its 100th family back in their home and will begin accepting new applications Monday. Since Jan. 10, 2019, the Connecticut Foundation Solutions Indemnity Co. has fixed 100 homes, and Superintendent Michael Maglaras is expecting the group to fix more than that this year. “For us, we consider a project to be done when a local town building inspector signs a certificate of completion on a...
Report: CT ranks 10th in healthcare affordability
A new report assessing the ways in which states address healthcare affordability and underlying causes of high costs for their residents ranks Connecticut 10th in the country. The “Healthcare Affordability State Policy Scorecard,” produced by Michigan-based research consultant Altarum and backed by funding from the liberal Robert Wood Johnson Foundation, gave its highest score to Massachusetts. In New England, Rhode Island and Maine also placed higher than Connecticut.
Fed projects economic slip for CT in first half of 2020
While state officials remain hopeful that government coffers will continue to swell for another four years, a new federal forecast warns Connecticut’s economy is poised to slip over the next six months. The latest monthly projections from the Federal Reserve Bank of Philadelphia identified nine states at risk of contraction by mid-2020, the most in more than a decade.
Nonprofits ‘greatly concerned’ about prospect of emergency budget cuts
Connecticut’s largest coalition of nonprofit agencies urged Gov. Ned Lamont’s administration to avoid cutting community-based social services as it seeks to close a small hole in state finances. The CT Community Nonprofit Alliance, which has been pressing Lamont to pump more resources into the hundreds of agencies that deliver the bulk of state-sponsored social services, also questioned why emergency cuts are being considered even as state budget reserves are projected to grow.
Crumbling Foundation Insurer’s End Date Needs Attention in 2020
The Healthy Homes Fund, the program collecting an insurance surcharge to pay for crumbling foundation repairs in Northeastern Connecticut, is due to make its first collection in April. Officials expect the program to generate about $8.5 million toward foundation claims, but the actual amount collected will not be known until insurance companies provide the collected fees to the state Insurance Department.
Senate Democratic Caucus May Have 18 Votes For Truck-Only Tolls
After hours of closed-door discussions Tuesday, Senate President Martin Looney, D-New Haven, emerged to tell reporters they have a “contingent consensus” on a truck-only tolling plan. That means of the 22 Democratic Senators 18 have “not rejected the concept of a bill to toll trucks on bridges only,” Looney said.
Lamont eyes emergency budget cuts, even as reserves swell
While mustering legislators’ support for tolls and a long-term transportation plan remains his top priority, Gov. Ned Lamont has also recently raised the specter of emergency budget cuts — something his predecessor did frequently to the consternation of the General Assembly. But while Gov. Dannel P. Malloy’s cuts came amidst significant budget shortfalls, Lamont is weighing reductions to close a deficit equal to just 1/7th of 1% of the General Fund.
Forbes: CT 43rd for biz climate
Connecticut is starting out the new year with a dour assessment of its business climate and appeal to large-scale employers. Forbes’s annual “Best States for Business” list, which takes into account factors such as labor costs, population growth, and quality of life, placed Connecticut at No. 43 in the nation for 2019.