#46 Connecticut


1.72 out of 10 in Taxation and Regulation

5.89 out of 10 in Workforce Quality

4.78 out of 10 in Living Environment


A Manufacturing Surge

Connecticut is seeing strong growth in manufacturing. Three large organizations, Electric Boat, Pratt & Whitney and Sikorsky, have all announced major expansions in the state in the past few years. Pratt & Whitney alone will hire an additional 8,000 people in the state to meet a $1 trillion backlog of work. State government also recently created a manufacturing innovation fund that will offer financial support for apprenticeships, internships and training.

From the Governor

“Our state is home to cutting-edge industries that are in the growth and innovation sectors, and we have one of the most in-demand talent pools in the nation, with an educated and skilled workforce that is second to none and guided by some of the country’s top educational institutions.”—Gov. Dannel Malloy

Key Industries

Insurance/Financial, Brownfield Redevelopment, Biotech, Clean Tech, IT, Precision Manufacturing

Key Companies

Ethan Allen
GE
The Hartford Financial Services
Perkin Elmer
Pitney Bowes
Stanley Black & Decker
UST
Electric Boat
Sikorsky
Travelers
Eversource
UnitedHealthcare

Key Contacts

Dept. of Economic & Community Development

Catherine Smith, Commissioner
catherine.smith@ct.gov
860-270-8000
505 Hudson Street
Hartford, CT 06106
DECD@ct.gov
http://www.ct.gov/ecd/site/default.asp

Key Incentives

First Five Plus: Provides financial assistance agreements, loans and tax credits to companies creating 200 jobs in two years or investing $25 million and creating 200 jobs in five years.

Manufacturing Assistance Agreement: Offers low-interest and forgivable loans for expansion initiatives for mid-sized companies.

Urban and Industrial Site Reinvestment Tax Credit Program: Dollar-for-dollar tax credit of up to 100% of capital investment with a minimum investment of $5 million in distressed communities and $50 million in all other communities.

EDCs

Department of Economic and Community Development: ct.gov/ecd

Connecticut Economic Development Association: cedas.org

Connecticut Economic Resource Center: cerc.com

MetroHartford Alliance, Economic Development: metrohartford.com/economic-development

Highlighted Program or Initiative

Technology Talent Fund supports strategies and initiatives to grow and fill IT jobs in the state. It is working to expand internship opportunities for students interested in technology careers and to strengthen college and university curriculums to meet industry needs.

Big Deals

  • Lockheed Martin subsidiary Sikorsky Aircraft announced a long-term deal to maintain its headquarters in the state to receive up to $220 million in tax credits and grants from 2019 to 2032.
  • AQR Capital Management announced in November 2016 it would invest $72 million in expanding its headquarters and add 600 new jobs in Greenwich.
  • SCA Pharmaceuticals announced in May 2017 it would construct a 90,000-square-foot manufacturing facility and create 365 jobs in Windsor.
  • Amazon announced in June 2017 that it will construction a $255 million, 855,000-square-foot distribution center and add 1,800 new jobs in North Haven.

Big Companies

19 Fortune 500 companies headquartered in state, including:
United Technologies
Aetna
Cigna
Xerox
Praxair

C-Suite Testimonials

“The state provides a unique combination of an educated and skilled workforce with a high quality of life that is important to technology companies like ours.” —Josh Geballe, CEO, Core Informatics

“We have found a great talent pool in the state of Connecticut to help us achieve [our] mission….Our Stamford employees are the face of the company to hundreds of thousands of our customers and helped lay the groundwork for our global expansion.” —Dave O’Neil, CFO, Indeed

“In addition to our cable operations in Connecticut, access to the talent base, the transportation infrastructure and the proximity to other media headquarters and financial markets made Stamford a logical alternative.” —Tom Rutledge, CEO, Charter Communications

- Advertisement -

CEO1000

CEO1000 Tracker Full List

From the schools they went to to the types of companies they run, CEO1000 is tracking the trends among the CEOs of the 1,000 largest U.S. companies.

SUBSCRIBE TO CHIEF EXECUTIVE

Sign Up to Receive Chief Executive’s Magazine and e-Newsletters

Chief Executive’s publications are designed to help CEOs do their jobs better and run their businesses more effectively. Subscribe here.

CEO CONFIDENCE INDEX

CEO Confidence Rebounds in May, But Labor Is a Growing Concern

Automotive CEOs Meet President Trump
Optimism abounds for 2018 and beyond, but a shortage of talented workers is casting a shadow over hiring plans.
- Advertisement -

BEST & WORST STATES FOR BUSINESS

Best and Worst States For Business

Are you looking to relocate or expand? Evaluate each state's strengths with Chief Executive's 2018 Best & Worst States for Business.

CEO OF THE YEAR

CEO of the Year

Once a year, we celebrate the achievements of a CEO, honored for his or her success in and dedication to business, shareholders and customers.

EDITOR'S PICKS

How A Former Accenture CEO Turned A Failing Leadership Into Growth

This former CEO's first year was a disaster until he shifted everyone's focus to create a customer-centric organization. What happened after that went directly to the bottom line.

What P&G Learned About Marketing From Elon Musk

While Tesla was moving ahead of the competition without spending a dime, P&G's marketing machine was watching closely.

How to Follow a Great Leader: Honeywell’s Darius Adamczyk Moves Forward

Darius Adamczyk, Honeywell International’s CEO since April, has a tough act to follow, but his priorities are optimistic and leave him lots of room for stamping his own legacy.

Meet the ‘New-Collar’ Workers in Manufacturing

Modern manufacturing no longer thinks in terms of white or blue collar—the workers it needs now are “new-collar”.