CT Seeks to Use Assets to Maximize International Business

Connecticut's strong standing (and potential) as an international business gateway is often underestimated.  With plans proceeding to maximize the use of Bradley International Airport, as the state's new, more nimble airport agency (Connecticut Airport Authority) nears selection of an executive director, a quick glimpse of the state's standing is in order.  Worthy of note:  Connecticut's more than 800 foreign-based corporations employ more than 100,000 people.  Among the goals for Bradley - re-establishment of a direct-to-Europe route. Some of the vital stats, as outlined by the state Department of Economic and Community Development:

• Connecticut is a leader in research and development, ranking #2 in expenditures as a percentage of overall Gross State Product (GSP).
• Connecticut is a global competitor, ranking #6 in world GDP per capita. (Behind Singapore, ahead of Norway)
• Connecticut's workers are among the most productive in the nation, ranking #4 among states.
• Connecticut is a leader in communications technologies, ranking #5 in broadband telecommunications.
• Connecticut is a leader in insurance and finance, ranking #2 in total employment.
• Connecticut is a leading exporter ranking #10 in per capita exports.
• Connecticut ranks #5 in the number of scientists & engineers per 100,000 employees.

Education & Health Services Top Private Employment Sector in CT

The Educational & Health Services sector leads the way in the private employment mix in Connecticut, according to the state Department of Labor.   Statistics indicate 317,000 people employed in that sector, followed by Trade, Transportation & Utilities, with 291,800,  Professional & Business Services, with 193,400 and Manufacturing with 167,900.  Rounding out the top ten are Leisure & Hospitality, 133,800; Financial Activities, 132,600; "Other Services," 59,800; Construction, Natural Resources & Mining, 50,200; and Information 31,700.  Data reflects totals as of August 2011.

Four CT Cities Gain National Recognition for Main Street Programs

Connecticut Main Street Center has announced that four Connecticut Main Street organizations have been accredited as 2012 National Main Street Programs for meeting organizational performance standards set by the National Trust Main Street Center.  New London Main Street, Simsbury Main Street Partnership, Upper Albany Main Street (Hartford) and Main Street Waterbury have been recognized for outstanding accomplishments.  The announcement was made at the 2012 National Main Streets Conference in Baltimore, where Waterbury Main Street CEO Carl Rosa was among those selected to make a formal presentation.

The Main Street approach to downtown revitalization is among the most powerful economic development tools.  Since the program's inception in Connecticut in 1996, the number of net new businesses exceeds 400 and net new jobs is nearly 2,500.  For every $1 spent on a local Main Street Program’s operating budget, $73.13 has been reinvested into Designated Connecticut Main Street Downtowns.  The organization's next Downtown Revitalization Institute day-long program is June 21.

CT Companies Pursue Energy Efficiencies to Thrive

The 900 solar panels on the roof of the R.C. Bigelow Inc. headquarters in Fairfield and the participation of Legrand North America in the U.S. Department of Energy's Better Buildings, Better Plants program - using it's 260,000 square feet West Hartford facility as a model of energy efficiency were both center stage at Yale on Thursday. The Yale Center for Business and the Environment and the Business for Innovative Climate and Energy Policy program of Ceres, a Boston-based sustainability advocacy organization, brought together leaders from business, academic and government to explore the challenges and opportunities of energy efficiency.

Bottom line:  Connecticut's energy costs make seeking energy efficiencies a business imperative in Connecticut.  And employee involvement can make a significant difference in the success of initiatives to promote energy efficiencies and keep businesses thriving in the state.

Index: Job Postings Today, Employment Tomorrow?

The  Monster Employment Index, analyzed by the Connecticut Economic Resource Center, Inc. (CERC), rebounded in February with a gain of 5 points – coinciding with a drop in Connecticut’s unemployment rate to 8% in January.  The increase of 4.3% (from 116 to 121) was less than 6% for New England and 7.5% for the U.S., in the index of mostly high-tech jobs offered online. According to Monster, Connecticut’s online technical jobs index increased by 5 points from 116 to 121 between January 2012 and February 2012. New England increased by 7 (from 116 to 123) and the U.S. by 10 (from 133 to 143).  Connecticut’s February 2012 index is 6 percentage points above a year ago. New England’s index is only 5% higher while the U.S. was again nearly 11% more than the February 2011 index.

The Monster Employment Index is a monthly gauge of online job demand based on a real-time review of millions of employer job opportunities. The Index is a leading indicator showing the willingness of firms to offer job opportunities; more opportunities assume additional job hires in the future.  CERC is a nonprofit, public-private partnership that provides objective research, marketing and economic development resources aimed at strengthening Connecticut's business environment.

Education Reform and Job Creation Key to Bridgeport's Future

Citing the city's increasing population - the first increase in 60 years - and renewed business activity, Bridgeport Mayor Bill Finch focused on job creation and education reform in his annual address before the Bridgeport Business Council.  The city's population grew 3.4% between 2000 and 2010 according to the U.S. Census.  Finch stressed the importance of businesses collaborating with the school system in Connecticut's largest city to promote opportunities that can lead to jobs.   Finch thanked new business owners, such as Columbia Elevator and Bridgeport BioDiesel, and long-established businesses like Schwerdtle Stamp for believing in Bridgeport.   He also noted that the Police Department has added 45 new officers and the Fire Department has added 25 new firefighters during his tenure as the city's chief elected official, and "continues to lead the nation in the installation of life saving smoke alarms."  More than 30,000 smoke alarms have been provided to city residences that previously did not have the potentially life-saving devices.

Cable Coverage Is High; Broadband Is State's Next Target

The Hartford-New Haven television market is the 30th largest in the country, with a population of 2.6 million and just over 1 million television households.  Cable penetration - the number of tv households with cable television - is 82 percent, among the highest in the country.  Satellite penetration stands at 14%. As traditional television content becomes increasingly available on the Internet, more attention is being paid to broadband availability in the state.  Broadband  commonly refers to high-speed Internet access that is always on and faster than previous dial-up access.

A recent report by the Connecticut Academy for Science and Engineering found that there are segments of the population in CT that do not have broadband connectivity due to factors including "lack of interest or understanding of the importance of internet access," the lack of digital literacy, or costs associated with broadband connections.  Among the recommendations:  CT should establish a broadband cabinet that focuses on state policy, bringing together existing resources to encourage strong coordination.  The report also noted that  "making broadband technologies accessible to all residents will be an engine of growth for the state."

State of Entepreneurship?

Connecticut dropped from 13th to 17th in the State Entrepreneurship Index, a ranking of the 50 states' entrepreneurship environments, growth in business formation and technological innovation.  The newest stats reflect 2010 - an administration ago -  in an analysis by the University of Nebraska's Bureau of Business Research and Department of Economics.  The top 5 were New York (2.34), Washington (2.17), Massachusetts (2.04), New Jersey (1.93) and Oregon (1.93).  The bottom dweller?  South Carolina (.07).