October 3, 2018

DOL: State adds businesses, New Haven tops cities in growth

Connecticut added nearly 2,400 businesses from 2016 to 2017, more than doubling the state's business growth rate in the previous year, according to the state Department of Labor.

The latest monthly issue of the Connecticut Economic Digest, a joint publication by DOL and the state Department of Economic & Community Development (DECD), said businesses establishments increased by 2 percent, or about 2,393 businesses, to 119,669 last year, compared with 0.9 percent growth from 2015 to 2016.

The number of businesses in the state has grown 7.5 percent since 2010, the report says. A total of 80 percent of the state's towns and cities added new businesses from 2016 to 2017, and 84 percent reported new businesses since 2010.

New Haven topped the list of the state's largest municipalities in economic growth in 2017, according to the report. Growth was measured using the Connecticut Town Economic Index (CTEI), based on new businesses, employment, wages and the unemployment rate in each of the state's 169 municipalities. The index uses the year of 2010 as a baseline marker for the beginning of the state's economic recovery.

"The CTEI show that almost all cities and towns in Connecticut have been recovering steadily since 2011, with some municipalities, such as New Haven, showing particular strength," the report reads.

In the greater New Haven area, the city of Ansonia showed the slowest growth, along with the town of Southbury.

Read the Department of Labor report here.

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