This Letter is sent to us by Office of the State Comptroller-

The EWCC Hopes You Find this Helpful 

Welcome to March! Here’s to hoping for melting snow and Husky wins.

You’ve probably heard Governor Lamont call Connecticut “The Napa Valley of Oysters,” but how does “The Silicon Valley of Quantum Technology” sound?

This month, we spotlight how industry-leading innovation in quantum technology happening right here in Connecticut has big potential to impact key industries across our state, country, and globe.

Read the report here.

Stay sharp, stay informed, and keep your finger on the pulse,

Comptroller Sean Scanlon

Quick Beat

General Fund Surplus:

$77.3 million

Special Transportation Fund Surplus:

$46.4 million

Outlook: The U.S. economy is likely to continue muddling along in the near term, as the Supreme Court ruling overturning the President’s tariffs generates new uncertainty, U.S. employers added a solid 130,000 jobs in January, and real gross domestic product (GDP) growth slowed to 1.4% (preliminary SAAR) in Q4.

Consumer spending continues to be the engine of economic growth, and layoffs remain low. Connecticut’s unemployment rate remained low at 4.2% as of December. That is up from 3.2% the prior year as hiring has slowed.

The Budget Reserve Fund (BRF), also known as the Rainy Day Fund, is projected to receive $1.888 billion in transfers associated with the close out of FY 2026. After, the balance of the BRF is anticipated to temporarily reach $6.14 billion, or 25.5% of FY 2026 General Fund appropriations. Given the 18% statutory cap, Comptroller Scanlon anticipates additional transfers to reduce pension debt during the closeout of FY 2026.
KEY DATES THIS MONTH

 

3/6 – February U.S. jobs report

3/11 – February CPI inflation report

3/13 – U.S. 2025 Q4 GDP 2nd estimate

3/17-3/18 – U.S. Federal Reserve FOMC rate-setting meeting

* Note: January & February CT jobs reports will be available on 4/7 and 4/21

Connecticut is an early leader in quantum technologies, and many industries in the state are expected to benefit. But what is quantum technology? And how is a partnership between Yale and UConn accelerating innovation? What comes next?
Learn more
SCOTUS struck down President Trump’s “liberation day” and fentanyl-related tariffs. But the Court was silent on the issue of refunds—leaving U.S. companies that already paid roughly $130 billion in limbo and litigation likely to ensue.
Read more
Connecticut’s population reached 3,688,496 people as of July 1, 2025. That’s up about 14,000 (0.38%) from July 1, 2024, but reflects a slowdown from the prior year, which saw particularly strong population growth of approximately 35,500 people (0.91%).
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A recent NYT headline brought attention to lowering mortgage rates. Take a look at the latest stats on Connecticut’s labor and housing markets as we continue to grapple with a slowing labor market and low housing supply.
What’s the latest?
The Office of the State Comptroller | 165 Capitol Ave | Hartford, CT 06106