Regional Officials Cautiously Optimistic about Economy

If there was a theme to the Chamber of Commerce of Eastern Connecticut’s business breakfast it would be ‘we’re in it together.’

Business and government officials gathered at the Friday morning for breakfast, networking and the chance to discuss the 2012 economic forecast for southeastern Connecticut.

The atmosphere was optimistic but cautious with officials stressing the importance of supporting local businesses.

“We went through a brutal two years, but we’re starting to see some growth,” Congressman Joe Courtney said. “There’s lots of work still to be done.”

Connecticut Business and Industry Association vice president and economist Peter Gioia led the talk and discussion on the economic forecast. Gioia said that while there are significant challenges, such as low single-family home sales which he citied as being down 12 percent, there are also positives, such as the recent announcement by Electric Boat that the company plans to hire 300 engineers. He expects a three to four percent growth in 2012 and said 55 percent of consumer goods businesses expect to be profitable in 2012.

“Things are going to get better, but not so good that we’ll be popping champagne,” Gioia said. “We don’t want to miss the upside,” Gioia said.

Gioia added that a lot of the positives were the result of legislative leaders at the state an national level, and it is important for government officials to help local businesses create jobs.

“Because that’s how we’re going to get out of this…by you people hiring,” Gioia said.

Hiring, specifically hiring veterans was on the mind of Courtney. The congressman said as the region sees the return of veterans, especially young veterans from Iraq, it’s important for the government and business community to work together to help those veterans find jobs.

“We’ve got to do more to make sure this group of people that stepped up at a very challenging time gets all they help they need,” Courtney said.

The need to work together to make the economy strong whether through hiring practices, shopping locally or through regional tourism echoed throughout the breakfast.

“Our fate is tied to the state of the region,” said President and Chief Executive Officer Bruce Cummings.

Cummings said the hospital employs about 2,000 people most of whom live and shop locally, something Eastern Chamber President Tony Sheridan was happy to hear.

“I want to remind everyone how important it is for us all to shop locally,” Sheridan said. “Please shop locally.”