Photo of Senator Kennedy.

State Senator

Ted Kennedy, Jr.

Representing Branford, Durham, Guilford, Killingworth, Madison & North Branford

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Senator Kennedy Announces New Economic Development Legislation Signed Into Law

PA 17-219 and PA 17-226 provide for more efficient use of Connecticut’s economic development funds

Senator Ted Kennedy, Jr. (D-Branford) announced today that legislation he supported to improve Connecticut’s economic development efforts has been signed into law.

“Connecticut needs to make smart investments to help new businesses form, grow and thrive in our state,” said Senator Kennedy. “We have launched several successful economic development programs that are delivering jobs throughout Connecticut. However, as our economy continues to improve we will need to make more targeted investments in order to ensure that this defined pool of funding is used to the greatest impact and benefit of Connecticut residents. These new laws will help us keep pace with new technologies, scientific discoveries and other economic drivers when enacting our economic development policy. We will now be able to conduct a comprehensive, regular review of our current programs and their impacts to determine where state investments can be used to most effectively encourage business growth and job creation.”

The newly signed Public Acts 17-219 and 17-226 establish a regular review of Connecticut’s economic development investments. These new laws require that the state Department of Economic and Community Development (DECD) and the state Auditors of Public Accounts make yearly reviews of Connecticut’s economic development programs. These reports will detail how effective the programs have been in encouraging growth and creating jobs. This information can be used to determine which programs are most effective and what industries are best responding to economic incentives.

The reports will be delivered the legislature every year along with recommendations on how to improve the state’s economic development efforts. The business environment changes rapidly, and this legislation ensures that Connecticut is able to keep pace and continue working to expand and improve the economy. Senator Kennedy and his colleagues expect that these regular reports will allow them to act more quickly and effectively when deploying economic incentives.

A 2015 economic competitiveness diagnostic of Connecticut found that the state has great assets and economic drivers in research and development, bioscience and health data. These industries are growing rapidly in communities like Branford. By better targeting state economic development efforts, Senator Kennedy aims to ensure that these industries reach a critical mass, making Connecticut a hub for bioscience and medical research and development.

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