Economy Sinking CT Businesses

The newest sign that the economic crisis is growing in Connecticut is also a record for the state - more than 13,000 businesses closed in 2008, the highest annual number since they were first recorded in 2000, Secretary of the State Susan Bysiewicz said. 

The state also had the steepest decline in new business starts ever recorded, Bysiewicz said.

The numbers:

  • 13,456 – how many businesses filed paperwork to dissolve their company in 2008.
  • 27,483 – how many new business started in 2008, the second lowest annual figure on record.  Only 2003 saw fewer new business starts.

Add to it the 30,000 jobs lost in Connecticut last year and it is another indicator that the state is in the midst of a deep economic recession, Bysiewicz said.

Don Klepper-Smith, chairman of the Governor's Council of Economic Advisers, said the numbers are bad news for Connecticut and that it won't get better anytime soon.

Klepper-Smith said all indications point to the recession continuing through 2009.

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