aerlingusBy Mitchell Young

WINDSOR LOCKS: A potential $4 billion state budget deficit wasn’t enough to persuade the Malloy administration to end Connecticut’s subsidy of flights from Bradley International Airport to Dublin, Ireland.

A new agreement with Aer Lingus a division of the International Airlines Group is reducing the subsidy from Connecticut, but the airline is likely to receive more than $13.3 million during the next few years from the state in subsidies, landing fee reductions and marketing support. By 2020 the state will likely have paid Aer-Lingus more than $30 million in direct subsidy, reduced fees and marketing support to the airline.

International Airlines Group based in London is the parent company of Aer Lingus, British Airways, Iberia and Vueling. One of the world's largest airline groups with 546 aircraft flying to 279 destinations IAG carries 105 million passengers each year and produced more than $2 billion in profit on $23 billion in sales in 2017.

woemnIn a new report commissioned by American Express shows women across the state are making a big impact on the Nutmeg economy – but the news isn’t entirely good.

Connecticut has an estimated 112,500 women-owned businesses, employing 95,500 and attributing to roughly $16,496,400,000 according to the eighth annual State of Women-Owned Businesses Report. The Amex report is based on analyzing data from the U.S. Census Bureau’s Survey of Business Owners and factoring in relative changes in Gross Domestic Product (GDP).

The report tracks to 1972, the first time the U.S. Census Bureau provided data on minority- and women-owned businesses.

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HARTFORD: As a new campaign for governor and competing visons for Connecticut take hold, the Connecticut Business and Industry Association [CBIA] is making its voice known. The association has launched a statewide advertising campaign, focused on “raising public awareness around the issues that most impact the state’s economic future and job growth.”

According to the association “high taxes and a sluggish economy are the top concerns for Connecticut residents, and must be priorities for lawmakers and candidates for elected office.”

Dubbed “The Fix Connecticut” campaign will run into the 2019 General Assembly session and beyond. It features digital, broadcast, and print advertising.

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HARTFORD: Cushman and Wakefield’s Hartford Office released its Qtr 2 real Esate review for the Hartford Office Market. While the report points to a stronger economy with reducing unemployment, segments of the market continue to struggle. The Harford suburban office market is seeing negative absorption and weaker per square foot lease rates.

Overall vacancy for the region continues to be running in the negative as well. On the good news bad news front, the Central Business District is seeing positive growth, but according to Cushman it is coming at the expense of suburban properties, not new growth.

EastHamptonBy Town of East Hampton

EAST HAMPTON: In June the town council took an important first step in preserving and protecting its historic Village Center with the implementation of a Tax Increment Financing (TIF) District. The TIF District plan will allow the town to set aside increased revenue generated through property taxes within the district in order to perform projects that directly benefit the Village Center area with the goal of promoting growth, redevelopment and creating an inviting atmosphere in the historic downtown.

East Hampton, known colloquially as Belltown, was once home to several bell and toy manufacturers, all of which were nestled in the Village Center, originally drawing on water power from nearby Lake Pocotopaug. Beginning in the 1970s, changes in the manufacturing industry resulted in the loss of all but one bell manufacturer to date. Several large historic mill buildings sit, blighted, vacant or underutilized throughout the area. TIF is a method used to catalyze economic development through anticipated future increases in property tax revenues to generate incremental revenues to help pay for costs within the district.