August 3, 2017

Analysis: CT business starts improved in 2016

With wages and jobs virtually flat in 2016, Connecticut experienced a nearly 1 percent increase in new private businesses, which rose for the fifth year in a row, according to analysis by the Connecticut Department of Labor (DOL).

In reviewing the state economy for 2016 in the August issue of the DOL's Connecticut Economic Digest, research analyst Jonathan Kuchta found that average annual wages for Connecticut jobs increased by half a percent, to $65,869, compared with 2015. The number of jobs covered by Connecticut unemployment insurance increased two-tenths of a percent, he wrote.

New business establishments for 2016 totaled 117,337 -- an increase of nine-tenths of a percent over 2015. Government worksites decreased by the same percentage, from 3,425 in 2015 to 3,393 in 2016, Kuchta said.

Connecticut continues to maintain annual wages that are comparable to nearby states in the Northeast, coming third behind only New York ($67,943) and Massachusetts ($67,429), the report states.

The digest is produced by DOL and the Connecticut Department of Economic and Community Development.

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