By Keith M. Phaneuf
Connecticut’s economic recovery will be steady yet continue to lag behind that of the Northeast and the nation over the next four years, according to a new forecast released today in cooperation with the Federal Reserve Bank.
The report prepared by the New England Economic Partnership also warned that federal budget cuts and the threat of a shutdown, coupled with higher federal payroll and income taxes, should keep 2013 job growth in the Nutmeg State at last year’s level.
Economists expect slow job growth here in financial activities, retail, construction, health care and in the government sector. Manufacturing and information technology should show few gains, if any, while analysts also warned that Connecticut’s casinos should brace for growing competition from surrounding states.
“You’re going to see a decent three or four years for the state of Connecticut,” said retired Fairfield University professor Edward Deak, chief economist for the partnership’s Connecticut forecast.
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