While most of the attention at the state Capitol is focusing on next year's fiscal problems, the new comptroller says this year will likely end with a surplus of $116 million.
Comptroller Kevin Lembo, in his monthly financial report, says the current surplus could reach that level or go even higher when all the receipts are finally counted. The projection is higher than last month because more money has been collected than expected in the sales, oil company, and inheritance taxes.
The signs of a national economic recovery are growing, and Lembo noted that 2010 showed a national corporate profits growth rate of 36.8 percent, which was the strongest rate since 1950. In addition, Connecticut is now growing jobs as the recovery slowly continues, and 5,400 payroll jobs were added to the rolls between January and February 2011.
Two of the top growing industries in Connecticut are fuel cells and aerospace, he noted.
"Connecticut's focus must include fuel cells and transportation - industries that have flourished when the rest of our economy floundered," Lembo said in a statement. "When jobs were still bleeding across virtually all industries, Connecticut's exports increased at a rate of 14.7 percent in 2010, according to U.S. Census Bureau data.''
He added, "Transportation equipment trumped all other exports, and the fuel cell industry enjoyed its own momentum in recent years. Connecticut has established itself as a leader in fuel cell technology development and manufacturing - and must maintain that leadership in a field that could produce thousands more jobs in the coming years.''