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HARTFORDBUSINESS.COM | August 1, 2022 15 "It's a complete 180 from where it was when I arrived just four years ago," Griggs said. "It's a true partnership. We need them and they need us. That wasn't recognized prior but it is today and it's creating opportunities for everyone." Fred Carstensen, director of the Connecticut Center for Economic Analysis at UConn, has no shortage of criticism for state economic policies, but he also recognizes positives in the evolving strategy. He credits the Lamont administration with having a stronger emphasis on cooperative efforts and new business creation as well as improving workforce development. "It costs much less to grow companies here than to try and recruit new ones," Carstensen said. "I think they have been more alert to that." Carstensen also praised a shift toward policies that are open to companies universally, and away from one-off deals. Individually, incentives like the $22 million given to hedge fund giant Bridgewater Associates in 2018 made financial sense, Carstensen said. But they also bred bitterness among similar companies that didn't benefit from such sweeteners. Waterbury Mayor Neil O'Leary. HBJ PHOTO | MICHAEL PUFFER Fred Carstensen "Why wasn't any hedge fund in Connecticut or who wanted to be located in Connecticut given the same deal?" Carstensen asked. In June, state lawmakers codified the Lamont administration's new earn-as-you-grow tax incentive strategy, which replaces up- front grant payments to growing businesses with more targeted longer-term tax breaks. Under the JobsCT program, companies may earn rebates against their insurance premiums and/or corporation business and pass-through entity taxes if they create and maintain at least 25 new positions over a certain number of years. All companies in the finance, insurance, manufacturing, clean energy, bioscience, technology and digital media industries are eligible for the incentives if they meet program eligibility requirements. Chris DiPentima, president of the Connecticut Business & Industry Association, said the move away from individual corporate incentives to broadly available policies has been "a welcome change for our membership." "Many board members were discouraged by the recruiting from out-of-state, giving lots of money to come here and not paying attention to companies in the state, not giving them the resources to grow," DiPentima said. Building Ideas That Work... Building Ideas That Work... CROWLEY FORD, PLAINVILLE SULLIVAN HONDA, TORRINGTON Contact us at 860.482.7613 or visit us at BorghesiBuilding.com 2155 East Main Street Torrington, Connecticut 06790 © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing ™ is a division of BlueScope Buildings North America, Inc. SULLIVAN JEEP, TORRINGTON No matter what brand of vehicle you purchase, you want to be sure that it is reliable. Choosing a builder should be no different. For more than 80 years, Borghesi Building & Engineering Co., Inc. has provided quality and reliability with design and energy efficient construction. With on time construction, Borghesi Building & Engineering Co., Inc. will create a smooth transition from construction to completion.