Governor Rell Announces State’s

First-Ever Comprehensive Economic Strategic Plan

Calls for Second Round of Public Meetings on

‘Blueprint for Connecticut’s Economic Success’

Listen to Gov. Rell

            Governor M. Jodi Rell today announced the release of the state’s first-ever Economic Strategic Plan – a detailed, statewide blueprint for keeping and growing jobs, making the state more business-friendly and investing in the infrastructure and technology that will keep Connecticut competitive in the 21st Century.

            “This plan will shape policy and priorities as we recover from the current economic downturn and as we make our state’s economy second to none in the years ahead,” Governor Rell “The goals are simple: Jobs, jobs, jobs – the same goals I have had from the beginning. We want a vibrant, diverse and safe state, a place where everyone has a chance to enjoy success and the quality of life that makes Connecticut so special.

            “Goals are unlikely to be reached, however, without an effective plan – and that is why this document is so critical,” the Governor said. “The plan outlines the smart, targeted investments we need to make in housing, our transportation system and work force development. It spells out the commitments needed from government leaders in both the Executive and Legislative branches to work together to eliminate roadblocks to growth and build on a climate for success. And it makes clear that these steps must be taken with the principle of Responsible Growth foremost in mind – preserving the charm and character of our state for our children and for generations to come.”

            The full text of the nearly 550-page plan is being posted today on the Department of Economic and Community Development (DECD) Web site at www.ct.gov/ecd.

            As the plan was being developed, DECD held public meetings in 10 cities and towns in late 2007 and early 2008 to gather input from residents, business leaders and lawmakers. Since then, the global economic downturn has taken a tremendous toll on Connecticut families and employers, causing tens of thousands of job losses and leading to multi-billion-dollar state budget deficits.

            Because of the enormous – and continuing – changes in the economic landscape and to ensure that people who helped in the development of the plan have a chance to review it, the Governor is soliciting further input from business leaders and legislators and directing DECD to hold a second round of public meetings.

            “When I first proposed developing this plan, Connecticut’s employment was approaching an all-time high of more than 1.7 million jobs,” Governor Rell said. “The worst economic crisis since the Great Depression has cost far too many families their jobs, their homes and their financial security. These economic challenges have made the plan all the more important even as they have complicated its development.”

            The plan reviews numerous factors that influence the state’s economic climate, from its transportation network, housing market and education system to its relative tax burden, energy costs and health care system. The plan then recommends more than 60 specific strategies and initiatives for the future, grouped in three general areas: Talent and Technology, Cultivating Competitiveness and Responsible Growth.

            Recommendations include:

• Creating a $100 million, public-private student loan partnership, offering loan forgiveness in most-needed occupations such as science and engineering and depending on the length of career spent in Connecticut after graduation.
• Creating a $25 million International Opportunities Program to encourage global technology companies to locate their North American headquarters in Connecticut
• Implementing an Angel Investor Tax Credit, giving a tax break to individuals, corporations or institutions that invest in qualified start-up enterprises in areas such as biotechnology, digital media and “green” technology.
• Continuing the development of regionalism – programs and policies that have cities and towns working together rather than competing with one another.
• Creating a statewide Connecticut Port Authority consisting of the ports of Bridgeport, New Haven and New London; Bradley International Airport; Tweed New Haven Regional Airport; Waterbury/Oxford Airport; and Sikorsky Memorial Airport in Bridgeport.
• Building the New Haven-Hartford-Springfield, Massachusetts, commuter rail line, then adding a spur to Bradley International Airport in Windsor Locks.

             Governor Rell said getting a last round of public input is a critical final step, especially in light of the changes, large and small, that have happened since the economic slide began.

            “The collapse and restructuring of Wall Street, for example, will have a lasting effect on Connecticut,” Governor Rell said. “Tens of thousands of our residents work in insurance, financial services and banking – and the job losses in these businesses have been excruciating. The final shape of the financial industry is still unknown, but any economic plan for the future must anticipate and reflect these dramatic changes.

            “This plan is the blueprint for Connecticut’s economic success,” the Governor said. “We owe it to ourselves and to everyone who will follow us to make sure it is as canny and complete as possible.”