Eric Rosengren, President and CEO of the Federal Reserve Bank of Boston, told attendees Connecticut isn’t in a bad spot with a higher unemployment rate than other New England states. The keynote speaker said businesses in neighboring states will have a harder time finding the workers they need in order to expand.
“It’s a very different kind of problem. Businesses are going to have to spend a lot more money training people and encouraging people to move to those regions when the labor market gets that tight,” said Rosengren, who said that’s why we’re seeing wages and prices go up.
The discussion about Connecticut’s economic future had to include the state’s looming $1.5 billion budget deficit.
During his remarks, Governor Dannel Malloy told business leaders they need to work together on solutions. He said he’ll be keeping their interests in mind when he comes out with his budget in February.
Gov. Malloy said, “I'm presuming what you want is what we all need and that’s a state that lives within its means, gets the job done, makes the hard decisions, invests with you and in you, and produces more jobs in our state.”