In 2024, Waterbury Mayor Paul Pernerewski is focused on further bolstering the city's economic prosperity, building on a solid foundation of fiscal growth from past years. Pernerewski is dedicated to fulfilling the commitments of previous administrations and creating a welcoming environment for businesses.
Highlighting Waterbury's readiness to collaborate with investors and developers, Pernerewski points out the city's bright future and its open doors for business opportunities.
The city's economic resurgence is underscored by its strong AA- bond rating from Fitch Ratings and Standard & Poor’s. This success is attributed to an economic development strategy that not only attracts new businesses but also supports the expansion of existing ones. This approach has resulted in a $440 million increase in Waterbury’s grand list over six years, and a $29 million boost in personal property tax revenue, reflecting investments in new machinery and equipment. Additionally, Waterbury’s “rainy day” fund has grown to $27 million as of fiscal year 2023.
Enhancements in rail service and the expansion of I-84, in collaboration with the state Department of Transportation, have significantly increased the flow of people and investors into Waterbury. The city is also witnessing extensive redevelopment, particularly in downtown areas and on remediated brownfield sites, positioning Waterbury as a leader in brownfield remediation and aiming to drive future prosperity.
For 2024, Waterbury anticipates the completion of numerous construction projects, including new medical facilities, law firm buildings, business expansions, and state-of-the-art facilities. The city will also welcome new businesses like Petco, Bank of America, two cannabis retailers, and an Ashley Furniture outlet, expected to contribute to the local economy.
Waterbury offers comprehensive support for business owners, with the economic development director assisting in permitting, zoning, grants, and business-related workshops. The city presents various incentives and tax benefits for projects in specific zones, along with programs for historic downtown buildings. Tax abatement programs, urban jobs programs, and small business express programs are also available, offering low-interest loans and grants.
For readers interested in exploring property opportunities in the thriving Greater Waterbury area, whether for purchasing or selling, Triniyah Real Estate is your go-to resource. With experienced sales agents ready to assist you, Triniyah Real Estate ensures professional guidance and support in navigating the local real estate landscape. To discuss your property needs and learn more about what Waterbury has to offer, reach out to Triniyah Real Estate by calling (203) 200-0933.
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