Comptroller Braswell offers first FY 2023 forecast with $299M surplus

Connecticut Comptroller Natalie Braswell projected a $299 million surplus today in her first monthly financial and economic update on Fiscal Year 2023.

“There continues to be strong demand for labor across the nation, creating new opportunities for job-seekers,” said Braswell. “There are more job openings across Connecticut than people currently looking for work. That is creating leverage for workers and resulting in rising wages.”

Braswell cited Connecticut”™s strengthening employment picture ”“ the state added approximately 6,500 jobs in July and has now recovered over 86% of the jobs lost during the original pandemic lockdown ”“ and declining gas prices as being a boost for the state”™s economy. However, she also observed the state”™s housing market is burdened with an inventory shortage and rising rental costs, while the high inflation rate continues to negatively impact households.

“Consumers are feeling more positive about the nation”™s economic trajectory but are still grappling with high costs for necessities like food, housing and energy,” said Braswell. “As external factors, including international conflict and interest rate increases, cloud the long-term economic outlook, it”™s critical that policymakers continue to search for ways to help working families afford essential needs, and maintain the momentum of recent job gains.”