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IHS Markit 2019 CHEFA Economic Impact Study Highlights

On November 3, 2019 IHS Markit published an economic impact study of capital projects made possible by CHEFA financing over 2014-2018.

The highlights below demonstrate the significant role CHEFA financing plays in supporting the state economy, workforce and constituencies our clients serve.  

•CHEFA facilitated $1.6 billion in financing for capital projects over 2014-2018 focused primarily on healthcare and educational institutions. 

•These projects had wide ranging economic impacts on Connecticut, creating 3,088 jobs, $211 million in labor income, and $301 million in gross domestic product annually on average from 2014-2018. 

•The average $301 million impact on gross domestic product contributed 0.11% to Connecticut’s gross domestic product in 2018. 

•CHEFA’s tax-exempt financing and grant funding supported an average of 3,088 total jobs annually from 2014-2018 during a period for Connecticut when total employment grew by a lackluster 0.4% annually or 7,010 jobs per year on average. 

•The construction sector pays wages above the state average and has seen employment decelerate markedly in recent years, losing 450 jobs over 2017 and 2018. 

  • Construction jobs account for 3.5% of the total workforce in Connecticut. Over half of the total jobs created through CHEFA financing were construction jobs. 
  • If CHEFA’s tax-exempt financing and grant funding did not take place, Connecticut would have lost out on 1,768 construction jobs.