Economy

2005 County Business Patterns

Our analysis of the 6/5/2007 release of the U.S. Census' 2005 County Business Patterns shows Connecticut gained more than 1,950 businesses compared with the recent low in 2003, to reach a record high of 93,561. However, these 1,950 new businesses employed 26,000 fewer workers than during peak employment in 2002.

Furthermore, the total number of employees in 2005, at 1,529,827, is at the same level as in 1999, at 1,530,539. Consequently, while Connecticut has reached a new high in the number of business establishments, there is not a concomitant growth in the employed workforce. Read the complete Press Release.

NOTE: On June 11, 2007, Jeff Blodgett, Vice President of Research for Connecticut Economic Resource Center (CERC), commented to our listserv that his research showed that the number of Connecticut employers peaked in 1989.

On June 19, 2007, Prof. Carstensen agreed, adding that "... with the record high number of employers being almost twenty years ago, this data underscores my concern that Connecticut is not being successful in either business creation or in job creation over these two decades." He commended CERC for their Benchmarking Connecticut series (2005 to 2007), identifing globalization, regional trends and urban markets as key external forces now shaping Connecticut's economic future.