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New Ranking: CT Fifth-Worst State for Business in U.S.

May 8, 2017 By Staff
New Ranking: CT Fifth-Worst State for Business in U.S.

Annual rankings from Chief Executive put Connecticut in the bottom five states in the union for business friendliness.

Chief Executive, a top business magazine, put Connecticut in its bottom five of states for businesses for a second straight year. Connecticut ranked 46th of 50 states.

Only New Jersey, Illinois, New York, and California were ranked as worse for business than Connecticut.

Here’s Chief Executive‘s description for the state of business in Connecticut:

Nearly 3,800 new jobs have been created in Connecticut and $1.3B has been invested in new infrastructure at the 13 companies participating in Gov. Dannel P. Malloy’s First Five Plus jobs initiative, which provides assistance for large-scale business projects as a means of encouraging business expansion, relocation and job creation. For small businesses that export, The Connecticut Dept. of Economic and Community Development is giving grants of up to $7,000, as part of the U.S. Small Business Administration’s State Trade and Expansion Program.

Of course, Malloy’s First Five program is not without controversy. A recipient of $51 million in First Five taxpayer money announced recently that it’s cutting 210 jobs in the state.

Many in Connecticut – from Republicans to the Connecticut Business & Industry Association – have warned that Connecticut’s business climate is troubling. On Monday, General Electric (GE) opened its Boston headquarters, a symbol of the struggle that Connecticut has faced with departing businesses.