Volatility Seen by High Net Worth Investors; Connecticut Views Differ From Region, Nation

Connecticut’s high net worth investors, coming off a year of substantial profits from Wall Street, remain optimistic, if cautious, about 2014.  There are, however, distinct differences in how and where they view investment opportunities, as compared with investors nationwide, and even compared with those in neighboring New York and New Jersey.

A newly released survey conducted for Morgan Stanley Wealth Management, found that high net worth investors – those with $100,000 or more in investable household financial assets – were both realistic and optimistic about the immediate investment horizon, according to Bradley Barber, Executive Director and Family Wealth Director for Morgan Stanley Wealth Management serving coastal Connecticut, based in Greenwich.

The survey reflects “cautious optimism,” Barker said, indicating that investors understand that the 30 percent returns of 2013 are not likely to be repeated this year, but that potential remains for solid gains.  “It’s a time to navigate the waters, not pull in the oars,” Barber told Connecticut by the Numbers.  “It is a market of stocks, not a stock market.  The high net worth investors surveyed were prescient about the volatility in the market we’ve seen since the first of the year.”

In the New York-New Jersey-Connecticut region, 86 percent of high net worth individuals said they expect their investment portfolios to be “better” or “the same” at year-end, and 84 percent believe their financial well-being will be the same or better.  At the same time, three-quarters of respondents said they were concerned about stock market volatility.  Among the top concerns of investors in the region are U.S. economic prospects (86%) and the federal budget deficit (83%).

Views on Industry Investment Potential Vary

There were also marked differences in the perceptions of investment potential for various sectors of the economy.  Those most favored as “good” investments nationally were technology (79% nationally, 72% in CT), energy (77% nationally, 66% in CT), bio-technology (63% nationally, 67% in CT), and pharmaceuticals (56% nationally, 61% in CT).  Connecticut policy makers have devoted financial resources to strengthening the state’s bio-technology industry in recent years, which may have contributed to the stronger upbeat attitudes here towards the sector as an attractive investment option.

The rocky national roll-out of the affordable health care act, and its comparatively smooth path in Connecticut, may also have been reflected in the survey findings.  Unlike the national results, those surveyed in the tri-state area viewed healthcare among the favored sectors for 2014 - 55% “good” in the tri-state region vs. only 45% nationally.

Other industry sectors that have a strong presence in the state and region, however, did not fare as well.  Aerospace was seen as a “good” investment choice by only 25 percent of those surveyed, both nationally and in the tri-state region.  Insurance was viewed favorably by only 30 percent of high net worth investors, both in the region and nationwide.  Those numbers, Barber said, should be “concerning” for Connecticut’s economic prospects.

Factors Close to Home of Greater Concern

Overall, the survey indicates that Connecticut’s high net worth investors have more concerns about internal factors, while New York residents expressed greater concerns regarding external factors, such as the possibility of terrorism or foreign entanglements.  Connecticut investors were more concerned than their regional and national counterparts with regard to their families’ financial well-being or the ability to have sufficient funds to retire in their region of the country.  While 53 percent of those in Atlanta and 59 percent nationally expressed concern over their families financial well-being, in the tri-state region seven in ten (70%) expressed that concern, with the highest numbers in the region in Connecticut.

Connecticut’s high net worth investors, Barber said, are a savvy lot, reflecting greater knowledge of investments than the national numbers reflect, yet more than 7 in 10 say they consult financial professionals.  Another clear distinction came in the percentage of investors who said dividend-bearing stocks are a good investment:  49 percent nationally, 61 percent in the tri-state area, and 71 percent in Connecticut.  “There are clear indications that Connecticut’s high net worth investors are focused on opportunity,” Barber said.

High net worth investors, overall, are bullish on America.  In the tri-state region 61 percent of those polled said the U.S. was their first choice for a positive investment outlook for 2014, even higher than the 52 percent who expressed that view nationally. There were also differences across the country in the issues of particular concern to high net worth investors.  Regarding terrorism, 82 percent in the tri-state area, 66 percent in San Francisco and 63 percent in Denver indicated concerns, for example.

As part of the national survey of 1,004 US investors, age 25 to 75, with $100,000 or more in investable household financial assets, an oversample of about 300 tri-state area investors were interviewed. Approximately one-third of those interviewed had $1 million or more in household financial assets. The poll, released on January 29, 2014, was conducted October through December 2013, by GfK Public Affairs and Morgan Stanley Corporate Communications.

Morgan Stanley Wealth Management provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, banking and lending, cash management, annuities and insurance, retirement and trust services.

Nation's Mayors Award Hartford, Waterbury for Work Promoting Youth Jobs, Exercise

The mayors of two of Connecticut’s major cities – and their communities – had moments in the spotlight at the just-concluded annual meeting of the U.S. Conference of Mayors (USCM)  in Washington, D.C.

Hartford Mayor Pedro E. Segarra won first place for medium/small cities in the organization’s 1st Annual National SummerYouth Jobs Challenge. The award honors the outstanding achievements in innovative partnerships between cities and local business and non-profit communities to help provide youth with meaningful summer job experiences.

Mayor Neil M. O’Leary accepted a first place award for Waterbury’s Kid’s Marathon Program.  The organization gave six awards to mayors of cities with outstanding programs that encourage healthy weight through balanced diet choices and regular physical activity.  As the top selection, Waterbury receives a $120,000 grant that will support the 2014 Kid’s Marathon Program, a partnership between the YMCA, City of Waterbury, Department of Education, Boys and Girls Club, Police Activity League (PAL) and Connecticut Association of Schools, aimed at introducing the sport of running to youth ages 7-12, over a 12-week period and at no charge to the participants.

Approximately 250 mayors, USCM business council members, USCM Workforce Development Council members and other workforce development professionals from major cities across the country attended the annual meeting.  The award was presented to Hartford at Thursday morning’s plenary session, which included remarks by Segarra, Louisville Mayor Greg Fischer, U.S. Labor Secretary Thomas Perez and Wendy Spencer, CEO of the Corporation for National and Community Service.

Since taking office in 2010, Segarra has invested regularly in youth employment programming, leverageing state and foundation funds to further expand work opportunities for young people. In 2013, the Mayor secured $1.25 million that put nearly half of the 2,056 youth in the region to work, officials said.  Additionally, in conjunction with four other regional mayors, he spearheaded an “unsubsidized” youth employment campaign, aligned with the Obama administration’s Youth Jobs + effort, which resulted in an additional 208 employer-paid positions.

Segarra was joined at the mayor’s conference by  Capital Workforce Partners President and CEO, Tom Phillips who was the 2012 President of the U. S. Conference of Mayor’s Workforce Development Council, and whose organization is instrumental in finding worksites and providing career competencies for over 2,000 youth in the North Central Connecticut region each summer.

Among the ten Connecticut Mayors registered to attend the conference in addition to Segarra and O’Leary were Bridgeport Mayor Bill Finch, Stratford Mayor John Harkins, West Haven Mayor Edward O’Brien, Trumbull Mayor Tim Herbst, Shelton Mayor Mark Lauretti, East Hartford Mayor Marcia Leclerc, Fairfield Mayor Michael Tetreau, and Stamford Mayor David Martin.  The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more.  There are 1,399 such cities in the country today, and each city is represented in the Conference by its chief elected official.

The Kid’s Marathon Program is designed to target city youth lacking in physical activity and good nutrition habits.  Students run 1-2 miles, two or three times per week, completing a cumulative 26.2 mile marathon over the course of the program.  They also receive positive and practical guidance on nutrition that helps foster long-term healthy eating behaviors.  In 2013, the program’s first year, 438 students participated, with the culminating 1-mile run occurring at Crosby High School before a crowd of family, friends and supporters.

USCM also recognized Eugene Morton, a Hartford resident who participated in employment opportunities created through Segarra’s youth initiatives. A 2007 graduate of Hartford’s Sports and Medical Sciences Academy, Morton is a Marketing major at Central Connecticut State University with a 4.0 average. In 2013, he took advantage of a summer employment opportunity at St. Francis Hospital and Medical Center and was one of 13 college students who participated in the summer youth employment program offered at St. Francis Hospital and Medical Center in partnership with the Blue Hills Civic Association.

Mayor O’Leary and Waterbury were recognized with the first place award for their collaborative efforts on launching the Kid’s Marathon Program with the Rod Dixon Kid’s Marathon Foundation. The grant awards were divided into small, medium and large city categories, with first place and second place awards given in each category.  Waterbury placed first in the “medium city” category; the second place finisher was Little Rock, AR. The grant program is the result of a partnership between USCM and the American Beverage Association (ABA), to support and/or enhance mayors’ ongoing childhood obesity prevention programs in their cities.    A total of $445,000 in grants was awarded to support both new and existing programs.  Denver, CO and Dallas, TX (large cities) and York, PA and Monrovia, CA (small cities) were the other recipients.

Last fall, the U.S. Conference of Mayors and Partner America awarded Hartford Mayor Pedro E. Segarra their small business advocate of the year award.  The USCM presented Segarra with the award during the Greater New England Minority Supplier Development Council Expo, at the Connecticut Convention Center.  The organization credited Segarra for launching the iConnect storefront revitalization project, quickening the pace of city permit approvals, investing $500,000 in façade improvements and awarding over $100,000 to 16 local artists and small businesses.  At the time, the mayor's office said the city has gained 134 small business and 200 jobs since 2010.

A Merger, A Name Change, and A Partnership: Chambers of Commerce Realign

There’s some movement among business associations in the Land of Steady Habits, with economic realities driving a new merger, a name change, and a partnership.

The Guilford and Branford Chambers of Commerce have merged, effective on New Year’s Day.  The new merged entity is called the Shoreline Chamber of Commerce - Guilford/Branford Alliance.  The merger was approved by the Boards of Directors and membership of both organizations in recent weeks. 

At a Special Meeting earlier this month, the membership of the Greater Meriden Chamber of Commerce voted to change the organization’s name to Midstate Chamber of Commerce.  Meriden Chamber President Sean W. Moore, said that “Midstate Chamber of Commerce reflects the inclusivity of this chamber’s membership throughout the central Connecticut region and reaffirms our commitment to ALL of the businesses and communities we serve.”

While not “official” until March 1, members and the communities can start to see changes as soon as next week.  A new website, www.midstatechamber.com, will transition from the existing website in the coming weeks.  The Chamber has more than 550 members.

The Middletown-based Middlesex County Chamber of Commerce remains by far the state’s largest, with over 2,350 members that employ over 50,000 people.  The organization, led by longtime President Larry McHugh, “strives to be the voice of business in Middlesex County and the surrounding area,” according to its website.

In the Guilford-Branford merger, the plan calls for the board of directors of the two corporations to merge into one board containing up to 37 members. As terms of directors expire, the number of directors will be reduced to no more than 21, with up to 7 selected from Branford, up to 7 selected from Guilford, and up to 7 selected from the entire membership.  The merged organization will have an office in each town.

Guilford has 320 members and Branford has about 350.  The first event of the joint organization will be a Business After Hours networking event on January 28 at Page Hardware & Appliance in Guilford.  It is co-hosted by Bailey, Murphy and Scarano, a CPA firm in Branford.  A logo for the newly merged association has yet to be unveiled.

A statement by the organization pointed out that “this proactive move will allow members to double their audience, double their market and provide enhanced networking opportunities.” The websites of the former Branford and Guilford websites are still active, and announcing the merger.  Among the advantages cited are:

•  Increased marketing and promotional opportunities through distribution of publications, website visits and email communications
• Better educational programs for professional development
• More signature events to attend and potentially sponsor as each town and chamber will continue and maintain this type of event
• Two Shoreline Locations along with a larger staff to assist business
• Larger social media presence and website traffic to membership pages
• Opportunity to re-brand as a member of  a larger more influential 650-member chamber
• Eventual gain of resources through economies of scale, allowing more money to go directly to member services
• Enhanced technology for website referrals and member services

Janet Testa, executive director for the Guilford Chamber, told the New Haven Register that 99 percent of members wanted the merger. She said her organization is always looking for ways to serve its members by “joining forces” with others. Ed Lazarus, president of the Branford Chamber, believes combining the chambers will benefit both communities. “Businesses will be represented the way they’re used to but with a combined staff,” the Register reported.

It is not the first Chamber merger in Connecticut.  In 1989, the North Haven Chamber joined the Wallingford Chamber to form the Quinnipiac Chamber of Commerce.  That business association has grown to more than 700 members.

Last fall the Greater New Haven Chamber of Commerce (GNHCC) and The Quinnipiac Chamber of Commerce announced the formation of a strategic affiliation between the two organizations, “creating a stronger, more streamlined collaboration that will work together to move the region forward.” As of October 15, 2013, the Greater New Haven Chamber and the Quinnipiac Chamber began to “officially collaborate on all aspects of their respective organizations, while continuing to operate as separate business units in separate office locations.”

In 2003, the Central Connecticut Chambers of Commerce was formed around the Bristol Chamber of Commerce, “in an effort to expand the area it benefited and to enable the Chamber to assist more members. This allowed the Chamber to expand from covering just Bristol to the entire Central Connecticut region,” the website points out.  The Central Connecticut Chambers – with a combined membership of approximately 1800 - is composed of several affiliate chambers including those of Bristol, Bloomfield , Burlington, Farmington, Plymouth/Terryville and Wolcott.

In terms of membership numbers, after the Middlesex Chamber and Central Connecticut Chambers, the next largest are the Chamber of Commerce of Eastern Connecticut, with 1,600 members; the Northwest Connecticut Chamber of Commerce, with 730 members; and the Quinnipiac Chamber of Commerce.  The MetroHartford Alliance is #6, with 600 members (although it may now be eclipsed by the newly combined Shoreline Chamber), followed by chambers from Greater Southington  (590 members), Greater Manchester, Greater Meriden and Glastonbury (each with approximately 550 members) and West Hartford, approaching 500 member businesses.

Nonprofit Seeks Support for STEM Mentoring Initiative Focused on Women, Underserved

It is, after all, National Mentoring Month.  It makes perfect sense, therefore, for a fledgling Connecticut-based nonprofit devoted to mentoring young women and students of color to increase their presence in the STEM fields (science, technology, engineering and math) to launch a fundraising initiative.

ManyMentors, a nonprofit that promotes peer mentoring to increase the interest, pursuit and attainment of STEM degrees among underrepresented students, has kicked-off an Indiegogo crowdraising campaign aimed at supporting the development of “the world’s first mobile mentoring app and complementary online platform,” according to the campaign’s website. 

Online contributions will also support the ongoing outreach and advocacy activities of ManyMentors in Connecticut, and support outreach activities planned for establishment of student chapters at universities nationwide.  The fundraising initiative runs through February 10, 2014.

The organization’s website notes that “of the 20 fastest growing occupations projected for 2014, 15 of them require significant mathematics or science preparation.”  The nonprofit hopes to “make STEM mentoring more mainstream among middle and high school students, college and graduate students, as well as working professional.”  As their slogan emphasizes, “If they never know, they will never go!”

Keshia Ashe, co-founder and CEO of ManyMentors, gave a well-received TEDx talk in Springfield, MA last fall about the important role of mentors and role models to encourage our young people to pursue degrees and careers in STEM. Keshia Ashe is a University of Virginia alumna, and current Ph.D. candidate in Chemical Engineering at the University of Connecticut. Since the age of 11 she has been actively involved in several youth-serving groups and advisory boards, and has had many opportunities to travel nationally and internationally as a speaker and trainer.

The ManyMentors program primarily serves middle and high school students located in the state of Connecticut. The organization currently implements onsite mentoring opportunities with local community partners, and is piloting the mobile mentoring with a select number of mentor/mentee pairs.  Supporting organizations of ManyMentors include the CBIA Education Foundation, Granville Academy of Waterbury, and CPEP (Catalysts Powering Educational Performance).

Tiffany St. Bernard, the co-founder and Chief Operating Officer of ManyMentors, is a University of Connecticut alumna, and current Ph.D. student in Genetics at Cornell University. She is passionate about ManyMentors because she has experienced first-hand the positive benefits of having many mentors guide her through academic life, beginning during her years at Tunxis Community College.

Using social networking, ManyMentors aims to connect students from a wide variety of academic and ethic backgrounds with the hopes that these relationships will stimulate, sustain, and support students’ interest in, pursuit, and attainment of STEM degrees.

Among the upcoming activities ManyMentors is sponsoring this year are a series of “STEMinars” at UConn, beginning in February, aimed at “Preparing Tomorrow's Female STEM workforce, Today.”  The sessions are designed to “increase awareness of female STEM workplace issues by being exposed to female STEM professionals who will discuss topics such as career placement basics, salary and promotions, communication, creating support groups, being culturally aware, finding a work/life balance, and appreciating the value of staying true to oneself in male-dominated fields.”

ManyMentors is moving forward with three central efforts:

• Creating partnerships between K-12 students, institutions of higher education and STEM professionals to stimulate and sustain student interest in the STEM fields.
• Selecting college mentors with a vested interest in sharing their best advice, wisdom, and insight to support the academic, professional, and cultural development of their mentees.
• Providing ongoing trainings for mentors to share best practices and cultivate a community of STEMentors.

 Photo:  Keshia Ashe (left) and Tiffany St. Bernard

Local Farmland Preservation Leaders Earn Recognition

The Working Lands Alliance, a project of American Farmland Trust, has recognized two individuals and a dairy cooperative of six family farms in Connecticut with Farmland Preservation Pathfinder Awards, and noted the work of two Connecticut legislators in advocating for farmland preservation in the state.

The Alliance is a statewide coalition dedicated to preserving Connecticut’s productive farmland and presents the Pathfinder Awards to recognize individuals and groups who have significantly advanced farmland preservation through leadership, advocacy, planning and education.

“Each of these award winners is an outstanding example of what can happen when a group of dedicated people work together to achieve what many may think is an impossible goal,” said Terry Jones, chair of the Working Lands Alliance. “Their success shows what imagination and hard work can do and provide a wonderful example for others to follow.”

“About 1,800 acres of agricultural land has been lost in Connecticut every year for the last 25 years, nearly 62 square miles in all,” said Andrew McElwaine, President and CEO of AFT. “The leaders we recognize with Pathfinder Awards are part of an enthusiastic and diverse group of individuals and organizations working to reverse that trend.”

The winners of the annual awards for 2013, were:

Tom Crider, President, Southbury Land Trust - Outstanding Individual: Under Crider’s leadership over nearly two decades, the Southbury-based Trust has preserved seven family farms and thousands of acres of habitat, including 825 acres of prime farmland at the Southbury Training School.  Working closely with the Southbury delegation, Town officials and his Board, Crider was a critical part of the team advocating for the successful passage of legislation that permanently protects 825 acres of prime state-owned farmland at the Southbury Training School.

The Farmer’s Cow, Mansfield Center - Outstanding Group: The Farmer’s Cow is a group of six family-owned dairy farms that market their products under a single brand. The Farmer’s Cow has done extraordinary work educating their consumers about the importance of farmland preservation. During the past year, they launched an ice cream flavor appropriately named Farmland Crunch to draw attention to the development pressures on Connecticut’s rich farmland. Proceeds from the sale of each pint are donated to Connecticut Farmland Trust, to support their important work of preserving working farmlands. They also sponsored this year’s Corn Maze adventure at Fort Hill Farm in Thompson with the theme of Saving Farmland, again to educate the public on the importance of farmland preservation. Their member farms have collectively preserved nearly 4,000 acres of active farmland through the state’s Farmland Preservation Program.

George Hall, George Hall Farm, Simsbury - Education Leader: Throughout his long farming career, Hall has been an outstanding mentor and teacher to countless interns and apprentices who come to learn about the importance of farming, the meaning of hard work, and the love of the land.  Using a unique approach to preservation, Hall will also sell the development rights on 12 highly developable acres of farmland in exchange for the rights to 40 acres of farmland he has been leasing; a transaction that will, in the end, provide him little financial gain. Through this example, Hall is demonstrating that securing lands for the future outweigh monetary considerations.

The Working Lands Alliance also presented State Representatives Linda Gentile and Arthur O’Neill its Legislative Leadership Award for farmland preservation efforts.

“We are very pleased this year to recognize two legislators for the role they played in passing legislation to permanently preserve 825 acres of prime farmland at the Southbury Training School and their ongoing interest in farmland preservation,” said Jones.

Rep. O’Neill represents the 69th Assembly District, including the towns of Southbury, Bridgewater, Roxbury and Washington. Rep. Gentile represents the 104th Assembly District, including Ansonia and Derby.

“While the Alliance has successfully advocated for robust investments in the Farmland Preservation Program and the permanent protection of state-owned farmland, much more needs to be done,” said Lisa Bassani, Working Lands Alliance Project Director, American Farmland Trust. “The importance of our work in farmland preservation can be summarized in four words-- No Farms, No Food.”

The Working Lands Alliance was formed in 1999 with the sole purpose of preserving Connecticut’s most precious natural resource – its farmland.  WLA is a coalition whose supporters include more than 600 individuals and 200 businesses and organizations that include farmers, conservationists, anti-hunger groups, planners and local food enthusiasts. WLA is a project of American Farmland Trust. The American Farmland Trust is the nation’s leading conservation organization dedicated to protecting farmland, promoting sound farming practices and keeping farmers on the land.

Landlines Continue to Disappear in CT and Nationwide, New Federal Data Shows

One-fifth of all adults and one-quarter of all children under 18 living in Connecticut reside in households that have wireless telephones but no landlines, according to data compiled in the National Health Statistics Report.  For calendar year 2012, the most recent data available, 20.6 percent of adults age 18 and over and 25.4 percent of children under age 18 did not have a landline telephone in their home.

The report also indicates that in Connecticut, 20.6 percent of adults live in a wireless-only residence, 18.8 percent live in a mostly-wireless home, 32 percent live in a “dual-use” residence using both wireless and landline, 18.5 percent are mostly landline at home, and 9 percent have landline only.

Among children under age 18 in Connecticut, the growing dominance of mobile phones is evident, with nearly half in wireless-only (25.4 percent) or wireless-mostly (20.6 percent) households and 32.9 percent in dual-use residences.  Only 11.8 percent and 8.4 percent describe their household as being landline-mostly or landline-only.

The National Health Interview Survey is the most widely cited source for data on the ownership and use of wireless telephones.  It is conducted by the Centers for Disease Control and Prevention’s National Center for Health Statistics, within the U.S. Department of Health and Human Services.

The report showed “great variation in the prevalence of adults living in wireless-only households across states.  Estimates for 2012 ranged from a high of 52.3 percent in Idaho to a low of 19.4 percent in New  Jersey.  Other states in which the prevalence of wireless-only adults was relatively high (exceeding 45 percent) were Mississippi (49.4%), Arkansas(49.0%), and Utah(46.6%).

Several other states in the northeast joined New Jersey with prevalence rates below 25 percent, including Connecticut (20.6%), Delaware (23.3%), New York (23.5%), Massachusetts (24.1%), and Rhode Island (24.9%).

Results showed a great variation in the prevalence of wireless-only children across states, ranging from  a high of 63.4 percent in Mississippi to a low of 20.6 percent in New Jersey.  Other states with a high prevalence of wireless-only children included Idaho (62.2%), Arkansas (59.8%), Missouri (55.2%), and South Carolina (54.5%). Other states with a low prevalence of wireless-only children included Vermont  (24.5%), Connecticut (25.4%), Alaska (25.7%), and Massachusetts (26.7%).

The 2012 state-by-state data was released by the NHIS in December 2013.  At the same time, the agency released composite national data for the first six months of 2013 that indicates 38.0 percent of U.S. adults lived in a household that has only mobile telephone service and no landline. As reported in the Huffington Post, their tracking shows that more than half of adults under age 35 and nearly two thirds (65.6 percent) of those ages 25 to 29 are cell-phone only.

The Pew Research Center, in a spring 2013 survey, found that ror the first time, cell phone ownership among adults has exceeded 90 percent. Cell phones are now being used by 91 percent of adults, according to the Internet & American Life Project survey conducted between April 17 and May 19 of 2,252 adults.

CT Ranked 23rd in Nation in Pay Equity; Women Earn 78 Cents to Men’s Dollar

What do Connecticut, South Dakota, South Carolina, Wisconsin and Washington have in common?  The paycheck gap between women and men in the five states is identical – and ranked 23rd among the nation’s 50 states.  In Connecticut and the other four states, women, on average, receive 78 cents for doing equivalent work as men earning a dollar, according to an analysis published by Forbes magazine.

The top states – with the smallest earnings gap differential - were Maryland, Nevada, Vermont (a three-way tie for first place), New York, California, Florida, Hawaii, and Maine.

For more than a decade, the comparison between the median earnings of full-time employed men and women in the U.S. has remained a stubborn 77 percent – that is, women earn roughly 77 cents on the dollar. A glimmer of progress is reflected in the total of 16 states in which women are now earning 80 cents or more to every male dollar, twice the count of 2010.

In Connecticut, just a penny above the national average, full-time annual earnings for women is $47,900; for men $61,097, according to the data.

Forbes analyzed data from the latest 2012 American Community Survey by the U.S. Census Bureau, using the mean earnings for full-time, year-round female workers by state.

Forbes pointed out that in Connecticut and New Jersey, both contiguous with New York, “women can expect healthy salaries—upwards of $47,000 as a median isn’t bad—but they earn 79 and 78 cents on the dollar respectively. Historically speaking, where there’s a large concentration of jobs in very high-paying occupations like finance, media and law, you’ll often (and unfortunately) find more men in those occupations than women which can skew the overall pay gap.”

The top 25 states:

1. Maryland (tie-1st)
2. Nevada (tie-1st)
3. Vermont (tie-1st)
4. New York
5. California
6. Florida
7. Hawaii
8. Maine
9. Arizona
10. North Carolina
11. Georgia
12. Delaware
13. Rhode Island
14. New Mexico
15. Colorado
16. Minnesota
17. Texas
18. Massachusetts
19. Oregon
20. Virginia
21. New Jersey
22. Illinois
23. Connecticut
24. Washington(tie-23rd)
25. South Dakota(tie-23rd)
26. Wisconsin (tie-23rd)
27. South Carolina (tie-23rd)

High Tech Firms Driving the National Economy; Connecticut Slowed as Other Regions Grew

If you’ve wondered why Connecticut has been devoting significantly increased economic development attention on high tech start-up businesses, encouraging and nurturing their development and offering financial incentives at every turn, a new national report on business start-ups in the sector may provide ample rationale.

High-tech startups are a key driver of job creation throughout the United States, according to research by technology policy coalition Engine and the Ewing Marion Kauffman Foundation. The report, “Tech Starts: High-Technology Business Formation and Job Creation in the United States,” finds that high-tech startups are springing up at a higher rate than all private-sector businesses – and in more places around the nation.   A total of 384 metropolitan areas were analyzed, including four in Connecticut, using comprehensive data through 2010, the most recent available.

Relative to their share of firms in the economy, high tech is 23 percent more likely, and the ICT sector (Information and Communications Technology), as a segment of high tech, is 48 percent more likely, than the private sector as a whole to witness a new business formation.

Though they start lean, new high-tech companies grow rapidly in the early years, adding thousands of jobs along the way, according to the study findings. In fact, high-tech startup job creation is so robust that it more than makes up for the job destruction from early-stage businesses failures – a key distinction from the private sector as a whole where job losses from early-stage failures turns this group into net job destroyers, the report indicated.

However, as the density of high tech firms has grown in metropolitan areas across the country, it has not happened in Connecticut, as data reveals a reduction in the density of high tech firms in the state’s major metropolitan areas during the past two decades.  (The U.S. average is 1.0.)

New Haven-Milford’s start-up density went from 1.1 in 1990, when it was one of nearly 70 metropolitan areas above the national average, to .5 in 2010, while the ICT sector start-up density dropped from above average at 1.2 in 1990 to .5 twenty years later.    The Norwich-New London metropolitan area reflects a drop from 1.1 to .8 in high tech start-up density and 1.1 to .9 in the ICT sector comparing 1990 and 2010.

The data indicate that the Hartford-West Hartford-East Hartford area reflected decreases from .9 high tech start-up densities in 1990 to .6 in 2010, and .8 ICT start-up density in 1990 to .7 two decades later. The Bridgeport-Stamford-Norwalk metropolitan region showed a drop from 1.4 to .9 in high tech start-up density over the 20 year period, moving from above to below the national average, and a parallel drop of 1.6 to 1.1 in ICT start-up density.

The website Engine, which collaborated in the report, observed that “Each of the high density metro areas has one of three characteristics, and some have a combination of them all: 1) They are well-known tech hubs with highly skilled workforces, 2) They have a strong defense or aerospace presence, and 3) They are university cities.”

The report noted that “”high-tech startups are being founded across the country fueling local and national economic growth…and are a pervasive force in communities throughout the country.”  The Top 10 Metro Areas for High-Tech Startup Density (1990 and 2010 data):

1. Boulder, Colo.  (High-tech 4.0 to 6.3; ICT 4.7 to 6.1)
2. Fort Collins-Loveland, Colo. (High-tech 1.0 to 3.2; ICT 1.1 to 2.6)
3. San Jose-Sunnyvale-Santa Clara, Calif.  (High-tech 3.0 to 2.6: ICT 4.4 to 2.9)
4. Cambridge-Newton-Framingham, Mass. (High-tech 2.0 to 2.4; ICT 2.0 to 2.3)
5. Seattle, Wash.
6. Denver, Colo.
7. San Francisco, Calif.
8. Washington-Arlington-Alexandria, DC-Va.-Md.
9. Colorado Springs, Colo.
10. Cheyenne, Wyo.

"This report confirms the dynamism of the technology sector and its disproportionate contributions to the U.S. economy. It also underscores the need for policies that enable and support that dynamism," said Dane Stangler, director of Research and Policy at the Kauffman Foundation.

The report, released earlier this year, used data from the Business Dynamics Statistics (BDS) series, which is compiled by the U.S. Census Bureau and tracks the annual number of new businesses (startups and new locations) from 1976 to 2011.  Ten of the 14 high-tech industries can be classified as information and communications technology (ICT), while the remaining four are in the disparate fields of pharmaceuticals, aerospace, engineering services and scientific research and development.

In explaining the report, Engine noted that “While high-tech firms start small, they scale rapidly in the early years. So much so that young high-tech firms--those aged one to five years--contribute positively to net job creation overall. The opposite is true across the private sector as a whole, where the substantial job losses stemming from early-stage business failures - about half of all firms fail in their first five years - make young firms as a whole net job destroyers. Even when we remove the job destruction from all early-stage firm failures, surviving young high-tech businesses create jobs at a rate twice that of surviving companies in the private sector as a whole.”

CT Boasts 2 of Nation’s Top 10 “Biggest Paycheck” Metro Regions

The Hartford-West Hartford-East Hartford metro area is #7 on the Forbes list of cities where people earn the biggest paychecks. And the Bridgeport-Stamford-Norwalk has earned an even higher slot in the top ten, at #4.

To identify the best-paying cities for jobs, Forbes turned to PayScale.com. Their experts looked at compensation data for professionals in the 100 largest Metropolitan Statistical Areas (based on 2010 population estimates by the Census), and identified the median pay for workers who hold at least a bachelor’s degree, across three experience levels: starting (5 or less years of experience), mid-career (10 or more years of experience) and overall (all years of experience).

The top three cities, according to Payscale economist Katie Bardaro, “are dominated by high wage industries like tech (both IT and Biotech), finance or oil.”  (Metro San Jose, San Francisco and Houston.) Unlike the top three, number 4 is dominated by the finance industry.

“There are a number of Fortune 500 corporate headquarters in this metropolitan area,” she says of the Bridgeport-Stamford-Norwalk metro area. “In fact, it is one of the largest financial districts in the Northeast.”

The median overall pay for workers there is $71,800 annually, while average starting pay is $55,500 and mid-career is $96,900 a year, on average, the magazine reported.  Coming in at #7, the Hartford-West Hartford-East Hartford metro area has overall median pay of $69,200; starting median pay of $53,000; and mid-career median pay of $92,000.

Connecticut and California are the only states to have more than one metropolitan area in the top 10 – California regions finished at #1, #2, and #10.

The overall median income for all college educated professionals across the U.S. is $61,900 a year, according to PayScale. The mean starting salary is $49,200, while the average mid-career pay is $84,800.

At the other end of the spectrum is the Youngstown-Warren-Boardman, Ohio-Penn., area - the worst-paying city in the U.S.  Here are the top 10, as identified by PayScale and Forbes:

1 San Jose-Sunnyvale-Santa Clara, Calif.

Overall median pay: $99,600 Starting median pay: $73,300 Mid-career median pay: $133,000

 2 San Francisco-Oakland-Fremont, Calif.

Overall median pay: $79,000

Starting median pay: $60,400

Mid-career median pay: $114,000

 3 Houston-Sugar Land-Baytown, Texas

Overall median pay: $71,900

Starting median pay: $56,400

Mid-career median pay: $99,000

4 Bridgeport-Stamford-Norwalk, Conn.

Overall median pay: $71,800

Starting median pay: $55,500

Mid-career median pay: $96,900

No. 5 Seattle-Tacoma-Bellevue, Wash.

Overall median pay: $71,200

Starting median pay: $53,900

 Mid-career median pay: $99,000

6 Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

Overall median pay: $70,200

Starting median pay: $54,800

Mid-career median pay: $104,000

7 Hartford-West Hartford-East Hartford, Conn.

Overall median pay: $69,200

Starting median pay: $53,000

Mid-career median pay: $92,000

8 Boston-Cambridge-Quincy, Mass.-N.H.

Overall median pay: $68,900

Starting median pay: $53,300

Mid-career median pay: $99,600

9 New York-Northern New Jersey-Long Island, N.Y.-N.J.

Overall median pay: $68,800

Starting median pay: $52,900

Mid-career median pay: $101,000

10 San Diego-Carlsbad-San Marcos, Calif.

Overall median pay: $67,900

Starting median pay: $51,700

Mid-career median pay: $96,500

Revitalizing CT Downtowns Earns Recognition, Success

For the Connecticut Main Street Center, a greater role in the advancement of downtowns across Connecticut is bringing both recognition and a facelift.  The organization, recently selected by the Connecticut Chapter of the American Planning Association (CCAPA) to receive the 2013 Education & Outreach Award for its "Come Home to Downtown" initiative, is launching a new branding initiative to match its more visible role supporting the state’s municipal main street initiatives.

Their new, updated  logo reflects the changing face of the state’s downtowns, one that commands attention and respect for being forward-thinking while preserving the integrity and values of the past.  At CMSC, “we'll continue to promote the Four Point Approach to downtown management while also championing innovations in transit and sustainable design, promoting our local businesses and attractions, and advocating for mixed-use development that integrates housing with a diversity of uses, cultures and incomes.”

Through the Come Home to Downtown program, which just concluded its pilot year, CMSC and its team of expert consultants worked with community leaders, local stakeholders, and downtown management groups to educate them on the value and potential of mixed-use development. The organization also sought input and feedback from the public at community meetings held in each of the towns on the plans for redeveloping the model buildings and the demand for downtown housing.

CMSC chose three communities – Middletown, Torrington and Waterbury – as well as three property owners and their buildings as the focus of the program’s in augural year.  It is a pilot program aimed at facilitating viable, interesting housing opportunities while revitalizing downtown neighborhoods by providing customized technical assistance to communities and owners of small, under-utilized downtown properties.

CMSC worked with municipal officials and the building owners to develop viable redevelopment options including: determining what financing would likely be needed for redevelopment; performing an assessment of zoning and regulatory requirements; reviewing the downtown management function; and measuring the downtown's walkability.

Specific recommendations for improving the buildings, including a recommended floor plan designed to attract new residents and bring market rate housing downtown, was also provided to each property owner. Once rehabilitated, these buildings are expected to create 60 new units of rental housing in downtown Middletown, Torrington and Waterbury, as well as make approximately 25,000 square feet of commercial and retail space available. The total development cost to renovate all three buildings is estimated to be $11.4 million.

The 2013 Education & Outreach Award was presented to CMSC at CCAPA's Annual Award Luncheon last month. CCAPA is the Connecticut Chapter of the American Planning Association, the national organization of professional planners and citizens involved in planning communities. CCAPA is dedicated to advancing the practice of good planning in Connecticut. Every year, CCAPA solicits nominations for notable planning projects in a variety of categories from public service and citizen planners to physical development and plan implementation.