Chris DiPentima
Title: Chairman of Board of Directors, Connecticut Business and Industry Association
Age: 47
Experience: 17 Years
The Connecticut Business and Industry Association, the state’s largest business lobbying group, recently elected Chris DiPentima as chairman of the board of directors. DiPentima succeeds Mary Kay Fenton and is also president of Middletown-based Pegasus Manufacturing. Prior to working at Pegasus, DiPentima spent eight years as a trial attorney representing corporations and individuals in litigation involving a broad range of areas including labor and employment, contracts, workers’ compensation, M&A and personal injuries.
He was also appointed by outgoing Gov. Dannel Malloy to the board of the Connecticut Manufacturing Innovation Fund and is a past board member of the Connecticut Technical High School System and immediate past president of the Aerospace Components Manufacturers trade group. The Commercial Record caught up with DiPentima to discuss his new role and the CBIA’s agenda for 2019.
Q: Where is Connecticut’s economy at headed in 2019?
A: For the last few years, Connecticut’s economy has struggled compared to the region and the rest of the country, but over the last 12 months or so, we’ve seen some encouraging signs of sustained growth and we need that to continue in 2019. Connecticut added 3,000 jobs in October 2018 and even with the small loss of 500 jobs in November, the private sector has now added 26,300 jobs over the last 12 months. Connecticut is poised for what could be the state’s strongest annual job growth in more than three decades.
We must keep that going and there’s a lot that plays into it. Workforce development is key. We have manufacturing jobs going vacant every month because we don’t have the skilled workers to fill them. We have to find ways to sustain growth in our other key industries like financial activities and business services. Gov.-Elect Ned Lamont brings a unique perspective to the capitol from his years of work in the private sector and we’re excited to see how that translates to driving and sustaining economic growth.
Q: What is the biggest challenge the economy faces in getting back into good form?
A: The biggest challenge facing our economy is unstable fiscal conditions. We must find a way to create a predictable state budget. Lawmakers must look for ways to control spending without impacting critical services. Part of the budget problem is our state’s unfunded liabilities, but it’s not the only problem. Our state spends billions of dollars on services that can be delivered by the private sector for a fraction of the price without impacting quality. We have to look for creative solutions to these problems or we’ll continue to face the same challenges in the future.
Until we can balance a budget without the constant threat of tax hikes, businesses and individuals will not feel confident investing in our state. We must provide the stability and consistency they are looking for. Creating that confidence also requires revitalizing our cities, including developing a plan for providing residents with educational and training opportunities that better prepare them for the fulfilling, well-paying jobs that will drive Connecticut’s economic future. The business community is eager to work with Gov.-Elect Lamont and the General Assembly to find solutions to some of our biggest fiscal challenges.
Q: How is the manufacturing industry faring in Connecticut?
A: Connecticut’s manufacturing industry is thriving. The industry is responsible for $42 billion in economic activity annually [of the state’s $264.5 billion GDP] and employs over 163,000 workers. We have world-class defense companies that rely on thousands of small businesses to support their product lines. But manufacturing in Connecticut goes beyond defense, it’s medical devices and an ecosystem that is the lifeline of Connecticut’s economy.
It’s not, however, without its challenges. Manufacturers of all sizes are looking for skilled workers. Baby boomers are retiring and we’re struggling to find young people to take their place. Despite the industry’s innovative and high-tech focus, many still view manufacturing as a job of the past. We have to show today’s students how exciting and forward-thinking a career in manufacturing can be.
Q: What will be CBIA’s main legislative priorities in 2019?
A: Policymakers must prioritize economic growth and focus on talent development and recruitment to alleviate Connecticut’s labor shortage. We can do this in a variety of ways, but policymakers should work with businesses to find solutions. We can’t do this by putting more financial stress on employers through mandates or taxes. We can’t grow the economy if we keep asking the private sector, our job creators, for more.
It can’t happen overnight, but we are already on our way to greater economic growth. We must drive momentum by adopting well thought-out and strategic policies, not rushing to pass legislation that damage the success we’ve only just started to see. Lamont faces a tough challenge—not only changing the long-term trajectory of Connecticut’s economy but also instilling a stronger sense of optimism about the heights our state can reach if we all work together toward a common goal. My predecessor, Mary Kay Fenton, put it perfectly when she said, “Jobs improve individual lives, jobs turn around communities, jobs turn around states—and they don’t come from government, they come from businesses.”
DiPentima’s Top Five Great things about Connecticut:
- Caring, hardworking, dedicated residents with true Yankee ingenuity.
- The beautiful landscape from hills to shoreline.
- Dynamic industries, from manufacturing to tourism and everything in between.
- An incredible education system of comprehensive and technical schools and colleges.
- Diverse cultural offerings and amazing culinary delights, from downtown cities to the suburbs.
