Connecticut is the 44th Best State for Business 2012

No. 44 Connecticut Taxation and Regulations Workforce Quality Living Environment Based on CEO Survey by ChiefExecutive.net Key Metrics State GDP  [...]

May 2 2012 by ChiefExecutive.net


No 44: Connecticut

No. 44

Connecticut

Taxation and Regulations
Workforce Quality
Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
State GDP 

  • % Growth ’07-’10: 0.51
  • % Growth ’07-’10 v. Nat’l Avg. (-0.33%): 0.85

Unemployment

  • Unemployment Rate Dec. 2011 %: 8.20
  • Comparison with Nat’l Rate (8.50%): -0.30

Domestic Migration

  • Domestic Net Migration ’00-’09: -94,376
  • Rank: 41

State Government

  • Debt per Capita Fiscal Year ’10 ($): 8,465
  • State & Local Gov’t Employees per 10k Residents: 537.40

State-Local Tax Burden

  • Rate (%): 12.03
  • Compared to Nat’l Avg. (9.8%): 2.23
Key Companies
  • General Electric Company
  • Xerox Company
  • Aetna Corporation
  • The Hartford Financial Services
  • Stanley Black & Decker
Development Trend Indicator: Neutral
Businesses in high-tax state bracing for possible boost in minimum wage.
CEO Comments
“Connecticut continues its rapid decline and it’s getting ugly.”

“Connecticut could be the business-friendly refuge of NYC and New England, but instead taxes and regulates like the crown of Old England.”

“Connecticut has continued to raise taxes and implement additional regulations the opposite of what is required to stimulate growth. Lowered bond rating raises longer term risk of doing business in the state.”

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation