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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.