From the Governor
“We have top-notch universities, incredibly talented workers, proximity to Boston and New York and leading industry clusters in insurance, biotech, fintech and defense.” —Gov. Ned Lamont
A Toward Tech
Connecticut is leveraging its position as an insurance hub to further expand into the tech sector. The Computing Technology Industry Association said in its annual report in March that the tech industry contributed 6.5% of the state’s economy ($16 billion) in 2017. Infosys announced in March 2018 an innovation hub in Hartford, and Seven Stars Cloud Group announced in July that it will create a global headquarters for tech and innovation in West Hartford.
Manufacturing Assistance Act: Offers low-interest and forgivable loans for business expansion initiatives. Funds may be used to purchase machinery and equipment, make infrastructure improvements, expand the employee base and provide training.
Urban and Industrial Site Reinvestment Tax Credit Program: Offers a dollar-for-dollar tax credit of up to 100% of capital investment on projects with a minimum of $5 million in distressed communities and $50 million in all other communities.
Connecticut Bioscience Innovation Fund: The $200 million, 10-year program offers focused financial assistance to startups, early-stage businesses, nonprofits and accredited colleges and universities.
Manufacturing Innovation Fund: The $75 million fund invests in matching grants for businesses, as well as industry and competitive initiatives to support manufacturers operating in the state.
Department of Economic and Community Development: ct.gov/ecd
Connecticut Economic Development Association: cedas.org
Connecticut Economic Resource Center: cerc.com
Metro Hartford Alliance: metrohartford.com/economic-development
Highlighted Program or Initiative
The Technology Talent Fund helps execute strategies to grow and fill IT jobs in the state. Initiatives include tech boot camps with short-term, accelerated programs, the Technology Talent Bridge Internship Program, K-12 STEM education and university curriculums designed to meet the tech industry’s talent needs.
- Infosys announced in March 2018 a $20.6 million innovation hub in Hartford that will create more than 1,000 high-tech jobs in the state by 2022.
- Sema4, a Mount Sinai venture offering genomic testing, announced in April 2018 it will add 408 jobs in the state over the next five years.
- ITV America and Wheelhouse Entertainment announced a new entertainment production hub in Stamford that will create roughly 450 jobs.
- General Dynamics Electric Boat (EB) announced it will invest more than $800 million in the state over the next 17 years and add nearly 1,900 employees.
- PwC announced a $20 million expansion that will create 400 jobs in the state over the next five years.
- Seven Stars Cloud Group announced it will establish its global headquarters in West Hartford. The $283 million project will create more than 330 jobs over five years.
17 Fortune 500 companies are headquartered in the state, including:
Stanley Black & Decker
“The region’s position as the insurance capital of the world, paired with Connecticut’s world-renowned academic institutions, will place Infosys in close proximity to valued clients and accelerate the recruitment of highly skilled local talent.” —Ravi Kumar, President, Infosys
“This fantastic location provides access to a highly skilled workforce, as well as more than 40 institutions of higher learning and several major metropolitan areas, all in proximity of this site.” —Bruno Wu, Executive Chairman and CEO, Seven Stars Cloud Group
“Connecticut offers a very attractive environment for our company to grow along the talent-rich biotech corridor running from New York City to New Haven, with a stellar pool of qualified candidates, plus competitively priced commercial real estate and the presence of leading universities and medical centers.” —Eric Schadt, Ph.D., Founder and CEO, Sema4