January 9, 2023 - Hartford Business Journal

Economy & Labor

🔒Despite macroeconomic pressures, CT’s underlying economy is strong

Following national trends, interest rate hikes are having an effect on Connecticut’s housing market.While housing is often a harbinger of a recession, the risks of a severe national recession have lessened as inflation, while still high, has moderated from recent peaks.The Fed’s strategy on interest rates moderated economic growth throughout the U.S. However, the Fed […]

Politics & Policy

🔒Business, affordable housing advocates see common foe in CT’s high housing costs

Connecticut, already a high-cost state, has seen housing prices explode during the pandemic. This has prompted business leaders to team up with affordable housing advocates and others around the issue and to develop policy proposals that incentivize affordable housing.

Economy & Labor

🔒New CBIA chair sees labor shortage as CT’s top business challenge

Matt McSpedon, a senior banking executive and 56-year-old father of four from Ridgefield, comes to the chairmanship of the state’s largest business group as its agenda is flexing to meet a historic labor shortage.

Subscriber Only

🔒One of Jackson Laboratory’s first Farmington spinoffs aims to create predictive tests for severe newborn illnesses

A Farmington-based bioscience startup is hoping its technology can help with the early detection of newborn illnesses, saving lives and possibly billions of dollars in spending on healthcare services.

Manufacturing

🔒After tough few years, CT brewers look to rebound in 2023

After a challenging few years, Connecticut brewers are looking ahead to growth opportunities in 2023.

Economic Development

🔒Seeing value in tight CT industrial market, Brooklyn company paid $33.2M for five properties in 2022

A relatively new and growing Brooklyn-based real estate company headed by a former CBRE executive paid $33.2 million for five Connecticut industrial properties in 2022, targeting sites that could provide shelter for companies fleeing surging prices along Interstate 95.

Economic Development

🔒Daum takes reins of DECD’s new multimillion-dollar economic development programs, incentives strategy

Alexandra Daum, in her new role as commissioner of the Department of Economic and Community Development, plans to continue the work started by her predecessor in building, sustaining and promoting Connecticut.

Politics & Policy

🔒Prolific Hartford area developer Kenny will debut, kick-start major apartment projects in 2023

Long one of Connecticut’s most prominent multifamily developers, Martin J. Kenny and his business partners in 2023 will deliver hundreds of apartments in West Hartford and begin work on hundreds more in Cromwell.

Health Care

🔒New to CT, Trinity Health regional CEO Carter takes reins amid challenging healthcare environment

Trinity Health Of New England’s President and CEO Montez Carter is new to Connecticut, but has worked for the Catholic healthcare system for more than a decade.

Education

🔒In first full year as UConn president, Maric’s focus is on climate change, fundraising and research

Newly-minted UConn President Radenka Maric has ambitious goals and plans — related to climate change, business partnerships, research and fundraising — as she leads the state’s flagship university into 2023.

Cannabis

🔒Cannabis entrepreneurs Ray, Hercules hope to strike gold in 2023

With the state’s adult-use cannabis industry set to launch Tuesday, dozens of entrepreneurs are hoping to carve out a piece of the multimillion-dollar industry through new dispensaries, grow operations and everything in between.

Economy & Labor

🔒Fred Carstensen: Is CT’s economy finally recovering? Possibly, but jury’s still out

The rainy day fund is full, giving the state a nice cushion against future deficits. The state budget...

Economy & Labor

🔒Fred McKinney: U.S., CT economies should expect slowdown, possible recession in 2023

Predicting the future is something we all do, but it is easier to be wrong than right...

Economy & Labor

🔒CT’s long-term growth will depend on improving business climate

The National Bureau of Economic Research, the organization that makes the official call on U.S. business cycles,...

Economy & Labor

🔒Budget stability breeds optimistic economic outlook for CT

In the absence of exogenous shocks (such as a war or another jump in oil prices), one...

Cannabis

🔒CT cannabis industry to reach full steam by end of 2023

Based on what we are hearing from the Connecticut Department of Consumer Protection (DCP), Connecticut’s recreational cannabis...

Economy & Labor

🔒Storm clouds hover over U.S., CT economies

As the U.S. economy continues to flirt with a recession in 2023, Connecticut will surrender some of...

Real Estate & Construction

🔒In 2023, employers will seek out amenity-laden office space

Many major Greater Hartford employers — UnitedHealthcare, Prudential Financial and Voya Financial — announced plans to significantly shrink their office footprints in 2022, as they continued to embrace remote or hybrid work coming out of the pandemic.

Economic Development

🔒Economic turbulence expected to tighten multifamily housing market

Veteran developer Martin J. Kenny, of Hartford-based Lexington Partners, said apartments are probably among the safest investments during periods of high inflation, but he sees a heightened number of projects going underwater as interest rates and construction costs soar.

Real Estate & Construction

January 9, 2023Edition

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