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Connecticut House Passes Bill Requiring Wage Range Disclosures, “Comparable Pay for Comparable Work”

  • Connecticut House of Representatives passes amended version of employee wage disclosure law
  • If approved, would require employees to provide a wage range for a position to prospective as well as current employees
  • Measure passes 99-48 and moves to the Connecticut Senate
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Vineyard Wind, Which Will Use Bridgeport Facilities, Earns Final Approval as First Major U.S. Offshore Wind Farm

  • White House grants final approval for Vineyard Wind, set to be the first commercial-scale wind farm in the United States
  • Developers will use port facilities in Bridgeport to support the operation, redeveloping an 18.3-acre Barnum Landing site and potentially investing up to $890 million
  • Vineyard Wind construction is scheduled to begin this summer and go online in 2023
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Business News Roundup, May 12, 2021

Record job openings, higher consumer price expectations, TikTok job applications, Gen Z spending trends, and another extension of Governor Ned Lamont's emergency powers are among the top business news items this morning. National Labor Department figures show that job openings…

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Amid Pandemic, Renewables Grow at Fastest Pace Since 1999, But Slowdown in Wind Expected

  • Annual renewable capacity additions increase 45 percent in 2020, the highest year-over-year increase in more than two decades
  • Rapid expansion of wind energy installations in 2020 expected to cool down in near future
  • Forecast by the International Energy Agency does not take the Biden administration’s climate goals into account
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Report Says Lack of Skilled Workers Could Leave the Manufacturing Sector 2.3 Million Jobs Short by 2030

  • Report forecasts that the manufacturing sector will have 2.3 million unfilled positions by 2030 under current trends, resulting in a $1 trillion loss to U.S. economic output
  • COVID-19 pandemic creates additional challenges, as the sector is already down more than half a million jobs compared to last year
  • Report advocates for attracting more women and minorities to manufacturing careers
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IBM Survey Finds 1 in 3 Organizations Are Using Artificial Intelligence

  • One-third of organizations are using AI in their operations, and the same share plans to make significant investments in the technology
  • Natural language processing is the most popular form of AI used by companies
  • COVID-19 pandemic has spurred companies to accelerate their adoption of AI
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SBA Rolls Out First Restaurant Revitalization Fund Awards

  • SBA set to deliver first awards through its Restaurant Revitalization Fund, just over a week after the program’s debut
  • Some businesses will receive funds as early as today
  • SBA will continue taking applications, but the program has been popular enough that current applicants will likely exhaust available funding
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Business News Roundup, May 11, 2021

The White House is defending expanded unemployment benefits, incoming state and local aid, new CDC guidance on indoor work environments, higher gas prices, resilience in Connecticut's insurance industry, and an objection to State Pier plans are among the top business…

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SBA Connecticut District Office Says State Businesses Have Received More Than $12 Billion in Federal COVID-19 Relief

  • Connecticut District Office of the U.S. Small Business Administration details how much COVID-19 relief funding Connecticut businesses have received
  • The vast majority of the funds have come through the Paycheck Protection Program
  • Legislation has also strengthened traditional SBA loan products and established targeted grant programs
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NFIB Report Finds Almost Half of Small Business Owners Can’t Fill Job Openings

  • NFIB’s jobs report for April finds that 44 percent of small business owners have not been able to find qualified candidates for their open positions
  • Ninety-two percent of hiring companies said there had been no or few qualified candidates
  • Business owners have been increasing wages, offering bonuses, or delaying hires in response to the labor shortage
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