“Connecticut punches above its weight in aerospace, defense, engineering and advanced manufacturing. Our highly skilled talent, advanced manufacturing education programs and ecosystem are ground zero for companies like Pratt & Whitney and Otis.” —Gov. Ned Lamont
Small State, Big Reputation
Connecticut’s business reputation continues to outgrow its size and population. The state is now home to 15 Fortune 500 headquarters, and big companies continue to flock to Stamford. Technology remains a driving sector. In March 2018, Infosys announced it will establish a $20 million technology and innovation hub in Stamford and create up to 1,000 high-tech jobs by 2022. Professional services firm PricewaterhouseCoopers also announced in May it will make Stamford headquarters for its Insourced Solutions for Tax (IST) division. Manufacturing continues to see strong growth across the state, with recent investments by Sikorsky, Pratt & Whitney, and Electric Boat.
Urban and Industrial Site Reinvestment Tax Credit: Offers a dollar-for-dollar tax credit on qualifying projects with a minimum of $5 million in distressed communities and $50 million in all other communities.
Connecticut Bioscience Innovation Fund: A $200 million, 10-year program that offers focused financial assistance to startups, early stage businesses, nonprofits and accredited universities.
Angel Investor Tax Credit: Offers a 25% state income tax credit for investments of between $25,000 and $2,000,000 in qualified Connecticut businesses.
Digital Media Tax Credit: Offers a tax credit of up to 30% on qualified digital media and motion picture production expenses, up to $1 million or more.
Department of Economic and Community Development: ct.gov/ecd
Connecticut Economic Development Association: cedas.org
Connecticut Economic Resource Center: cerc.com
Metro Hartford Alliance Economic Development Division: metrohartford.com/economic-development
Highlighted Program or Initiative
In the most recent legislative session, Connecticut enacted legislation that would phase out the Capital Base Tax. Starting in 2021, the tax will be fully phased out by 2024.
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 in May 2018 an entertainment production hub in Stamford that will create 450 jobs.
Indeed announced in December 2018 it will add 500 jobs to its operations in Stamford.
KPMG announced in July 2018 it will add 110 jobs over the next five years at a new office in Stamford.
Gartner announced in September 2018 the addition of 400 jobs in Stamford over the next five years.
17 Fortune 500 companies are headquartered in the state, including:|
United Technologies Corporation
Stanley Black & Decker
“Connecticut offers an optimal environment to address our company’s growing needs for qualified candidates and provides access to leading universities and medical centers.” —Eric Schadt, Ph.D., Founder and CEO, Sema4
“What we love about Connecticut is the great balance that we have, the great quality of life, the great access to Boston and New York City. It is a place you can attract talent to. It has great quality of life, we have great educational institutions and cultural assets, it really is a balanced set of attributes.” —Jim Loree, President and CEO, Stanley Black & Decker
“What I have seen since we’ve been here for so long is an increase in talent we are able to have walk through our doors…We now have people, which has never happened before, coming from New York City on the train and working for us here in Fairfield.” —Cindi Bigelow, CEO, Bigelow Tea