State Comptroller Kevin Lembo based his projection on the increase in consumer spending and personal savings due to the most recent federal stimulus package, along with a strong statewide housing market and the gradual reopening of the Connecticut economy amid the receding pandemic.
Lembo also observed that while the state”™s unemployment rate is 6.1% lower from one year earlier, more than 103,000 jobs that were lost in the pandemic have yet to be recovered.
Furthermore, the local leisure and hospitality sector has been particularly hard hit during the crisis of the past year.
“Connecticut continues to slowly rebound from the drastic economic decline that coincided with the onset of the pandemic,” Lembo said. “While our economy is currently experiencing several positive trends, prolonged joblessness and economic uncertainty continue to impact many families throughout the state. Lower income earners are still struggling to regain their footing as employment rates remain at historically high levels.”
