June 27, 2024

Connecticut Reaches All-Time Private Sector Employment Record

Connecticut’s economy continues to stride along at a fast pace, with continued job growth over the last several years helping the state achieve a new record high in private sector employment. As of May 2024, the state Department of Labor reported there are a whopping 1,476,100 payroll jobs in the state; that’s up nearly 10,000 from the previous record, set in December 2018.

This new record is the result of strong hiring in an economy that’s continued to chug forward in the post-pandemic era. Every month this year, Connecticut has seen job growth, a trend that has remained constant in recent months; only December 2023 saw any job losses, and the state’s total employment is up more than 33,000 since the start of 2023. In just five months, 2024 has nearly matched 2023’s entire year of new employment, indicating strong labor growth.

Making things even more promising: Connecticut is regularly outpacing the nation, and recent figures have been revised up from initial expectations. The state’s labor force participation rate is up to 64.7%, 2.2% above the national rate. April’s job report found 500 additional jobs after review, increasing from 1,100 to 1,600.

This news is beneficial and building on positive trends; 2022 and 2023 had the highest two-year job growth in Connecticut since 1999, counting pre-pandemic time periods.

Employment in the private sector is now at 104.3% of pre-pandemic employment figures, with potential for significant further growth and expansion, as there are 90,000 jobs available statewide as of April and reportedly more than 80,000 residents looking for work.

Posted by Joe O’Leary¬†