A brief recession, last call for SBA nominations, the potential for longer employee hours in exchange for remote work, an update of Connecticut operations affecting small and minority-owned businesses, the opening of an offshore wind headquarters in Bridgeport, and increasing COVID-19 cases in Connecticut are among the top business news items this morning.
National
The economic recession associated with the COVID-19 pandemic lasted a mere two months and ended in April 2020, according to the National Bureau of Economic Research. However, the severity of the recession means that the economy is still recovering, most notably in employment as the United States is still millions of jobs short of pre-pandemic levels.
The deadline is today for nominations for the U.S. Small Business Administration’s Council on Underserved Communities. The group, which was reconvened last month, will include 20 members and is focused on the immediate needs and concerns of populations that typically struggle to access capital or otherwise face barriers in starting a business.
Business trends
Employers may start looking for longer hours from employees as a tradeoff for permitting remote work, according to a New York Times report. This trend would help alleviate worker shortages and take advantage of time saved on commuting, but could also result in disagreements with workers.
Connecticut
Governor Ned Lamont has signed legislation updating various state operations, including those affecting procurement and the Small and Minority Business (or set-aside) Program. The legislation aims to improve state contracting opportunities for small and minority-owned businesses.
Park City Wind has opened its headquarters in Bridgeport to support the development of an 804-megawatt offshore wind development. Avangrid Inc., which is located in Orange, is partnering with Copenhagen Infrastructure Partners on the project, which also includes the redevelopment of an 18.3-acre section of Bridgeport waterfront.
COVID-19 cases have been creeping up in Connecticut as the Delta variant spreads in the state, with new cases on par with those seen in May. While the variant is likely the dominant strain of the virus now present in Connecticut, its effect is expected to be more limited due to the state’s high vaccination rate.
