CT Accentuates the Good News to Attract Tech Businesses
/Connecticut, in the competition among states (and countries) to attract technology companies, accentuates the positives in words and data. Among the lead organizations in the effort is AdvanceCT, known until a few years ago as the Connecticut Economic Resource Council (CERC).
AdvanceCT is a private nonprofit corporation that drives job creation and new capital investment in Connecticut through high impact economic development including business attraction, retention, and expansion. AdvanceCT works in close cooperation with the Connecticut Department of Economic and Community Development (DECD), the private sector, and various state, regional, and local partners to promote Connecticut as a place to do business.
The organization’s website points out that “Connecticut boasts one of the fastest growing tech hubs in the country and significantly outpaces growth nationally, with tech supportive jobs rising by 5.3% in 2022 while other hubs, including neighboring New York City, contracted.”
The state’s strengths, beginning with geography, are also emphasized: “Strategically located along the Northeastern I-95 technology corridor, Connecticut is home to some of the nation’s top universities and boasts a technology ecosystem that includes access to venture capital, partners, incubators, industry associations and a talent pool that ranks as one of the top in the United States.”
In addition, the site points out that Connecticut is “home to IT giants, biotech innovators, and one of the nation’s only quantum labs at Yale University,” and “Connecticut’s tech sector is well-diversified and positioned to thrive.”
Among the data points highlighted to amplify the description:
60,700 tech jobs in Connecticut
7,300 technology establishments in the state
13% of all U.S. tech traded cluster jobs are within 120 miles of Stamford
16% of all U.S. tech traded cluster GRP is produced within 120 miles of Hartford
The state’s leading cities and regions are also highlighted, described as “Connecticut’s Innovation Corridor, stretching from Stamford along the shore to New Haven and up the Connecticut River to Hartford, which was named one of the Top 20 best tech cities for IT jobs in the country.”
The “Innovation Corridor” has the “infrastructure, partners, and industry support to help your business thrive,” AdvanceCT notes, adding that “The state’s abundance of workforce partners, like UConn’s Stamford Data Science Initiative and Yale University, feed tech talent needs, with burgeoning tech subsectors thriving amid Connecticut’s green energy and defense hub in New London, life sciences hub in New Haven, and nation-leading insurance and financial services hub in Hartford.”
Rankings that reflect the state’s position in various aspects of interest to businesses looking for places to land or expand in the U.S. are also highlighted:
#1 Digital Economy
#1 in Health IT adoption – a key indicator of healthcare innovation
#4 in the U.S. for Knowledge Jobs
#4 in the U.S for having the most innovative economy
#9 most innovation potential in the U.S.
#10 in the U.S. for venture capital deals per capital
#9 for highest 5-year tech job growth
#5 best tech talent pipeline
A 21-page booklet “Technology Sector Snapshot” goes into greater depth, including maps and charts highlighting the various tech-related industries viewed as Connecticut’s strengths with additional data and details. Information on Talent, Location & Infrastructure, and Funding & State Support are included, and the summary notes that 30% of Connecticut’s tech talent works for software, data, and digital firms, with the other 70% working in a wide variety of other industries. The data was last updated a year ago.
Industries highlighted include Aircraft Engine and Engine Parts Manufacturing, Portfolio Management, R&D in Physical, Engineering and Life Sciences, and Direct Life Insurance Carriers, indicating that “the largest concentrations of tech talent are in southern and southwest Connecticut and the greater Hartford area.”
In recent months, AdvanceCT has seen a succession in leadership, with John Bourdeaux, AdvanceCT’s President and Director of Business Development, moving up to serve as CEO, along with the launch of an enhanced new website, both occurring in September.
This fall brought the announcement that KMX Technologies (KMX), a global leader in the membrane distillation industry, has established its executive headquarters in Sharon, and Hanwha Aerospace is establishing its International Engines Business Headquarters in Cheshire, creating a base for its global engines division.
Designed to give corporate investors fast-tracked real estate solutions for rapid entry into the Connecticut market, the new Certified Sites Program was launched this month which aggregates and catalogues greenfield sites zoned for industrial use across the state.
AdvanceCT also recently announced the relaunch of CampusCT, an initiative of the Governor’s Workforce Council (GWC) dedicated to “growing Connecticut’s talent pool by providing students with more meaningful professional experiences in their college years and highlighting the rich, diverse quality of life in the state.”
