Awash in a sea of negativity amidst yet another state budget deficit and intensifying concern about the prospects of additional fees, taxes, and service reductions, state residents now have an opportunity to accentuate the positive, courtesy of the 2017 Connecticut Economic Review. Noting that Connecticut is “at the epicenter of the Northeast” and “at the forefront of innovation,” the publication highlights an array of statistics that produce a “dynamic blend of advantages that make Connecticut a great place to start or grow a business.”
Among the key stats:
- Connecticut ranks #3 in the country for the percentage of employees with advanced degrees - more than 400,000 employees have advanced degrees. And Hartford was identified as one of the 19 global Knowledge Capitals by the Brookings Institution.
- Connecticut ranks #4 among the top states for private R&D investment per capita, at $2,227. Massachusetts, Delaware and California are the only states that rank higher. That’s also more than twice the national average.
- Connecticut ranks #5 among the states for productivity per person, and #6 on the State Technology and Science Index, which benchmarks states on their science and technology capabilities and broader commercialization ecosystems that contribute to company growth, high value-added job creation and overall economic growth.
The state’s growing bioscience industry is responsible for more than 35,000 bioscience employees in over 2,000 companies. Connecticut also ranks #6 for academic R&D growth and #7 for state R&D investment. Overall, the state ranks 5th in patents per capita and has 39 percent more patents than the U.S. average. Two Connecticut companies, Alexion and priceline.com, have been named by Forbes as among the nation’s most innovative companies.
In his introduction to the economic report, Governor Dannel Malloy points out that “Connecticut has grown to become a global hub in bioscience, digital media and green technology. We enjoy a combination of a real entrepreneurial spirit, remarkable experience and one of the most educated and productive workforces in the world.”
The New Economy Index, which measures how states are positioned to drive economic evolution in today’s changing society, ranks Connecticut #8 in the U.S., indicating that the state “offers the kind of environment that is particularly conducive to growth for companies that are capitalizing on the latest global economic trends. (The top seven are Massachusetts, Delaware, California, Washington, Maryland, Colorado and Virginia.) The ranking is based on measures in five key areas: Knowledge jobs, Globalization, Economic dynamism, digital economy, and innovation capacity.
Produced by the Connecticut Economic Resource Center, the publication was sponsored by Eversource.