February 1 ~ 14, 2012 the Resident 860.599.1221 www.theresident.com
residentEcoomicForecast Reasons for Optimism about Local Economy in 2012
by Jerry Sinnamon F
inally, after three of its worst years since the 1930s Depression, Connecticut’s economy showed some signs of recovery during 2011 and most likely will show growth of 3.5 to 4 percent during 2012, according to four speakers at the Economic Forecast breakfast on January 20, hosted by the Chamber of Commerce of Eastern Connecticut and the Greater Mystic Area Chamber of Commerce. Keynote speaker, Peter M. Gioia, vice president and economist for the Connecticut Business and Industry Association (CBIA), said he was “Very optimistic,” about the state’s economic prospects for 2012. Leading the way, he said, is the manufacturing sector in which 70 percent of the State’s firms say they expect 2012 to be a profitable year. “We’re not talking a year of recovery (in 2012). They have recovered,” Peter said.
More optimism for US manufac- turing, Peter said, is the fact that costs for labor in China increased by 69 percent last year leading to more American manufacturers, such as GE, bringing jobs back to the United States. Peter noted also two world - wide trends which should continue to fuel the growth in Connecticut’s economy. These trends are a “burgeoning middle class,” in developing countries which is continually increasing its purchases of American goods and services, and “significant increases in energy supply,” that will prevent severe increases in energy costs. “OPEC is now talking about how to deal with the glut of new energy on the market,” Peter said, not planning price increases. Peter predicted the 3.5 to 4 percent growth in Connecticut’s economy despite business costs in the State still being “pretty ugly.” However, he rec- ognized that the bi-partisan initiatives from last year’s special job session of the General Assembly should begin to improve the State’s business climate during 2012 and beyond.
The special session, which pro- duced a $626 million program for job training and tax credits to increase job creation “was the most positive meeting of the legislature I’ve ever seen,” Peter said.
Also speaking to the 200 businesses and community leaders at the Mystic Hilton was U.S. Rep. Joe Courtney, D-2md District. He too was cautiously optimistic about the local economy, saying he also saw growth, “but it’s fragile.” However signs of recovery, he said, include Electric Boat’s plans to hire 300 new engineers this year as it gears up to design a replacement
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Dear Stan, Peggy and I wanted to thank
U.S. Rep. Joe Courtney, D-2nd District, says Electric Boat’s redesign of the Ohio Class Submarine, “fits perfectly with national security priorities,” and, “is not a sugar high or a blip.”
you and your merry gang for taking care of our little problem. Looking back we should have come to Cardinal Honda from the beginning. I know that you stepped it up a notch to get us out of the Matrix and into the Fit. Your team always treats us like family and Pete was profes- sional as always. I know he’d been doing sales for a long time and the way he treated us showed true dedi- cation to his job. Mark was a joy to work with and showed us a few different ways to set up our pay- ments so we could choose what was right for us. I look forward to dealing with Cardinal Honda in the future. I see no other reason to drive any other type of car than a Honda.
Bruce Cummings, President & CEO of Lawrence & Memorial Hospital, sees a return to growth in slots revenue at the two local casinos and auto dealer expansions are evidence that the recession is ending in Eastern Connecticut.
Again, thank you from the bot-
Toni Hoover, Vice President, Pfizer on behalf of We Work for Health, says, health care technology and pharmaceutical research and development will continue to be key drivers Eastern Connecticut’s economy in 2012.
Peter M. Gioia, vice president and economist for the Connecticut Business and Industry Assocation (CBIA), is “very optimistic” about Connecticut’s economic prospects for 2012.
for the ballistic missile, Ohio Class submarines.
Speaking of the development of the new submarine, Joe said that the emphasis on undersea platforms in the recent security review by the Pentagon means the growth plans of Electric Boat “fit perfectly with national security priorities.” “This is not a sugar high or a blip,” he said of EB growth forecasts. Joe also noted that tourism, a key
ingredient in Eastern Connecticut’s economy is improving as well. Speaking of a U.S. Department of Commerce trade mission aimed at increasing tourism, Joe said, “Tourism should be treated as an export product as much as manufacturing and defense.” Also speaking at the breakfast were representatives of event sponsors, Lawrence & Memorial Hospital and We Work for Health/Connecticut. Bruce Cummings, President & CEO of Lawrence & Memorial said some of the most immediate evidence the local economy recovery is the first increases in slot revenue by the Foxwoods and Mohegan Sun casinos since the recession began and the multi- million dollar expansions of local car dealerships. Toni Hoover, Pfizer
President, representing We Work for Health, noted that health care technol- ogy and pharmaceutical research and development will continue to be key drivers for the economy in Eastern Connecticut and the state. To post your comments, visit:
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tom of my wallet! M.V & P.V Oakdale
Stan Cardinal Owner/General Manager 531 Route 12, Groton, CT 06340 ARDINAL HONDA (860) 449-0411 www.cardinalhonda.com
residentOn the Street
James O’Grady asks area residents:
“How will you spend this Valentine’ s Day?”
Anthony Green Norwich
“I’m going to be living the single life!!”
Sherri Facas Mystic
“Spending a fun filled day with my wonderful fiancé.”
Breanna White- Giles
“Giving my daugh- ter her first piece of chocolate.”
Jenny Rosen Groton
“I will be spend- ing time with my husband.”
Cody Wills Groton
“I’m spending it with my Girlfriend.”
Krista Espada Groton
“Spending the day with my man.”
Kathleen Summers Waterford
“Dinner with my boyfriend.”
Jenny Sanda Stonington
“Romantic day with my boyfriend.”
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