(HARTFORD, CT) – Governor Ned Lamont and Office of Policy and Management Secretary Jeffrey Beckham released the following statements in response to the November 10, 2025, consensus revenue forecast that was jointly issued today by the Office of Policy and Management and the Office of Fiscal Analysis:
Governor Lamont said, “Over the last several years, our administration has taken a number of steps to make Connecticut a more affordable and attractive place to live and work for middle and working class families, including through the largest income tax cut in state history, an increase in the Earned Income Tax Credit, the creation of the Early Childhood Education Endowment, and tax reductions for retirees. Today’s consensus revenue forecast shows continued economic growth in Connecticut for families and businesses alike. While our state’s economy will always be influenced by external factors, such as the harmful effects of the so-called One Big Beautiful Bill and the ongoing federal shutdown, we in Connecticut are staying on the right track where we can control our future.”
Secretary Beckham said, “As we work on budget adjustments for fiscal year 2027, this forecast provides some reassurance that our revenues remain stable. While we observe positive growth in certain areas, concerns have arisen due to macroeconomic factors, including the ongoing federal shutdown, HR 1, tariffs, and global conflicts. There are two more consensus revenue forecasts before the next legislative session concludes, and hopefully some of these macroeconomic issues will be resolved by then. We continue to closely monitor national and state trends as we work to adjust the budget in the coming months.”