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Legislative Agenda
2008 Policy Agenda
Who We Are
The Connecticut Economic Development Association, Inc. (CEDAS) advances the practice of economic development in Connecticut. The organizationˇ¦s 190 professional members exchange best-practice methods and share information to promote healthy communities, sustainable revenues and jobs.
Our Approach
CEDAS has chosen to support many positions on a host of issues affecting the economic vitality of our state. In recent years, CEDAS has chosen to focus its policy agenda on the most pressing issue confronting our state. In 2007, CEDAS focused all of its efforts on the development of an economic development strategy for the state of Connecticut. Our approach was successful in 2007 and the Department of Economic & Community Development is in the process of drafting a strategic plan for the state.
Our Focus in 2008
Our members believe that the legislature should focus on two critical issues in 2008:
- Create an economic stimulus to promote growth in the Insurance & Financial Services cluster
- Support successful workforce development strategies that create and retain jobs.
CEDAS believes that the legislature must continue to better coordinate its economic development efforts, must create more affordable housing for workers, increase opportunities for worker training, and re-evaluate tax policy to make our state more competitive. We recommend that the state of Connecticut consider a bold initiative to spur growth and further distinguish itself in the insurance industry.
CEDAS strongly recommends that the legislature consider, following on its recent efforts in the film industry in 2007, re-examining how its tax policy affects the insurance industry. The legislature's experiment in the film industry - giving up revenue through tax credits - has successfully brought positive attention, investments and jobs to our state.
We recommend a reduction of the insurance premium tax to 1% or lower to have a similar effect on the insurance industry. Additionally, the legislature should empanel a task force to evaluate other measures to positively improve the business climate in the state of Connecticut for the insurance and financial services clusters. Such efforts should build on the state's recent and historic successes in this important sector of its economy. Connecticut possesses the incumbent workforce and infrastructure to support expansion in the insurance and financial services cluster. In order for Connecticut to continue its prominence in this sector, it must embark in a bold direction that sends a very positive message to investors and will result in the creation of strong employment opportunities in our communities.
Address Workforce Issues
The facts:
- Connecticut is in the bottom five states for job creation from 2000 - 2005.
- Between 1999 and 2005 the median household income for the typical family fell from $69,750 to 67,165.
- Between 1999 and 2004, Connecticut's 18-34 population has seen the greatest decline in the nation.
As a state we have to stem these trends. We must do what we can to provide the opportunity of success that we inherited to our children and their children. We must do what we can to preserve our stateˇ¦s reputation as a place of innovation, opportunity and prosperity.
A Multi-faceted - 2008 Workforce Agenda
- Reduce high school drop out rates.
- Improve access to higher education.
- Reduce the cost of higher education to young people who make their residence Connecticut.
- Develop policy that encourages affordable workforce housing.
- Develop policy that enables incumbent workers to be lifetime learners to meet the demands of our rapidly changing global economy and competition.
- Better coordinate the efforts of the Department of Labor, Department of Economic & Community Development, workforce investment boards and educational institutions.
For Additional Information
Our members are ready and willing to support and assist the state of Connecticut in this important effort. Please feel free to contact me:
Peggy Brennan
President, CEDAS
PBrennan@ci.meriden.ct.us
203-630-4152
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