Connecticut Seen Rebounding Slowly from Recession

Rate of growth expected now for revenue from Connecticut's income and sales taxes has not materialized.

Tuesday, Nov 27, 2012  |  Updated 1:53 PM EDT
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Connecticut Seen Rebounding Slowly from Recession

Gov. Dannel Malloy's budget director said it's taking more time than expected for Connecticut to rebound from the national recession.

Ben Barnes, secretary of the Office of Policy and Management, told members of the General Assembly's two budget committees on Tuesday that the state is not expected to recover until the quarter beginning next July 1.

He said the state has had to frequently revise its economic forecasts. For example, the department expected the state's unemployment rate would be 5.8 percent in fiscal year 2014. It now predicts it will be 7.4 percent.

Barnes presented the state's annual Fiscal Accountability Report for the next four years. He said unlike previous economic recoveries, the rate of growth expected now for revenue from Connecticut's income and sales taxes has not materialized.
   
 

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