Views on the economy

FROM THE CHAMBER

The Chamber of Commerce recently held its annual Economic Summit sponsored by the NW Regional Workforce Investment Board.

Don Klepper-Smith, chief economist and director of DataCore Partners LLC, was the keynote speaker. He presented his perspectives on the economic recovery of the U.S., Connecticut and the northwest region.

We wondered if there was a glimmer of good news. It’s up to you to decide, but his facts and figures are valuable in helping us move forward and in fact, encouraged us to keep working harder.

The U.S. economic data shows that a modest economic recovery will continue with some uncertainty. The good news for Connecticut is that there is finally a budget that passed with bi-partisan support by avoiding income tax and sales tax increases. It also includes an improved spending cap, a stronger cap on borrowing and changes to binding arbitration.

For the Torrington labor market area, there is slow growth while adding jobs at a very modest pace. His ending was positive that “our region is clearly moving in the right direction, but growing modestly.”

Outstanding were the factors he listed involving “structural change,” something that has come up frequently throughout the state during the budget negotiations. Noted particularly are the costs of doing business, the growing trend toward privatization and outsourcing, demographic shifts such as the aging of the “baby boomers,” increased use of internet and e-commerce and the disparities between the public and private sectors.

In other circles, there a tidbits of good news:

When it comes to a manufacturing career, think innovation. Think technology. Think about the state’s expanding opportunities.”

For the Torrington labor market area, there is slow growth while adding jobs at a very modest pace.

“The economic viability of any region lies with the availability of a skilled workforce. NRWIB is working hand in hand with the Chamber and industry associations to develop a highly skilled pipeline of workers to meet the demands of employers as the economic recovery continues, albeit slowly.”

I believe that this region’s ability to survive and thrive during this challenging period is testimony to the strength and vitality of the business community dedicated to making the region an even better place in which to live and work. Regional collaborations will sustain our corner of the state as it rebounds. Let’s make it work.

JOANN RYAN