Manufacturing Assistance Program Aims at CT Companies

If you are looking for more evidence that manufacturing is back in Connecticut, you need look no further than Hartford and East Hartford.  The Technology Labs Assistance Program (TLAP), just getting underway, was created as part of the Hartford/East Hartford Innovation Places Initiative, which is striving to make the area a more vibrant hub for innovation and entrepreneurship. Hartford and East Hartford-based companies with less than 300 full-time employees in their Connecticut facilities are invited to apply to a new manufacturing assistance program that offers – among a dozen possibilities - 3D printing, engineering design and prototype development.  Those chosen will receive a project subsidy of 50 percent off the total project cost, with subsidies reaching up to $10,000 annually.

The innovation begins with the partners in the program. TLAP is designed to provide Connecticut entrepreneurs and businesses with easy access to the vast manufacturing resources and services available at various schools, universities and Advanced Manufacturing Centers in the Greater Hartford Area. Participating organizations currently include the University of Hartford, Goodwin College, and the Connecticut Center for Advanced Technology. Funding for the project subsidies is supported by CTNext.

“There’s a wide array of area companies who perform advanced tech work, but they might not have the machines or resources to, say, build a prototype, optimize a process or fabricate a complex part,” said Paul Striebel of the Connecticut Center for Advanced Technology (CCAT). Goodwin College, the University of Hartford and CCAT are part of an effort providing easy access to advanced resources and services available at their facilities.

“We are in a new era of interagency collaborations among state and private educational institutions and corporate partners,” said Cliff Thermer, Goodwin College’s Assistant Vice President for Strategy and Business Development and Department Chair for Business, Management, and Advanced Manufacturing. “The future of Connecticut innovation is bright.”

CCAT and the University of Hartford have a long history of working together developing programs, obtaining grant funding, sharing equipment and facilities, and ensuring that students have interesting research projects as well as hands-on learning opportunities through internships and experiential education.  This is the latest program collaboration.

The Connecticut Center for Advanced Technology Inc. (CCAT), driving the program, is a dynamic and innovative applied technology organization that leads regional and national partnerships that assist global industrial companies and the manufacturing supply chain across industry sectors to drive advancements, efficiencies and adoption of leading edge technologies.

Project possibilities include – but are not limited to j- Engineering Design Services, Prototype Development, 3D Printing, Part Fabrication, Process Testing & Analysis, Technical assessments in conjunction with engineering projects and manufacturing challenges, Research to support proof of principle, Process Improvement, Commercialization Services, Tooling development and manufacture, Reverse Engineering and Inspection Services and Failure Analysis.

CT Ranks 11th in U.S. in Economic Impact of Immigrants

In an analysis of the economic impact of foreign-born populations on the 50 states and the District of Columbia, Connecticut ranks 11^th in the nation. The states were immigrants have the biggest economic impact, according to the analysis by the financial website WalletHub, are California, New York, New Jersey, Massachusetts, Maryland, District of Columbia, Delaware, Illinois, Florida and Washington.

To determine the states in which immigration has the most positive economic impact, WalletHub compared the 50 states and the District of Columbia across four key dimensions: 1) Immigrant Workforce, 2) Socioeconomic Contribution, 3) Brain Gain & Innovators and 4) International Students.

Connecticut was just outside the top 10 overall, with its top ranking in the socioeconomic contribution category, where it ranked eighth.  Connecticut ranked tenth in both workforce and international student categories, and 13th in “brain gain and innovation.” The four dimensions were examined using 20 key metrics, ranging from jobs generated by immigrant-owned businesses as a share of total jobs to foreign-born STEM workers as a share of total STEM workforce.

"Connecticut ranked 11th in terms of economic impact of immigration. It has the eighth most work visas per capita, and the sixth largest share of active physicians who are international medical graduates at 28.8%, explained WalletHub analyst Jill Gonzalez.  “Twelve percent of households in Connecticut are second-generation immigrants and the median household income of foreign born population is the ninth highest, which means immigrants bring a strong socioeconomic contribution to the state. Additionally, Connecticut has the fifth most H1-B visas per capita."

At the bottom of the list, reflecting the least immigrant impact, were Idaho, Montana, South Dakota, Wyoming and Mississippi.

Connecticut also ranked 7^th in the share of second-generation immigrant households and 9^th in the median household income of the state’s foreign-born population, $64,168.

Webster Bank, People’s United Climb in Forbes Ranking of Nation’s Best Banks

Webster Bank has earned a place on Forbes’ America’s Best Banks 2019, ranked as number 68 and the highest-ranked bank based in Connecticut. Forbes’ 10th annual list of America’s Best Banks ranks the 100 largest publicly-traded banks and thrifts based on their growth, credit quality and profitability. The data is courtesy of S&P, but the rankings are done by Forbes.  Webster Bank was ranked at number 80 a year ago.

“Webster is proud to be continuously recognized as one of the highest performing banks in the country,” said President & CEO John R. Ciulla. “This ranking is a direct result of the quality and dedication of our bankers who are committed to delivering great service to our customers and achieving outstanding results.”

Over the years, Webster Bank has expanded to become a leading mid-sized bank in the Northeast with more than $27 billion in assets and 157 banking centers from greater New York City to Boston. Webster Bank has close to 3,400 employees.

Bridgeport-headquartered People’s United ranked number 82 on the Forbes list, up from number 92 on last year’s list.  The company’s more than 5,000 employees continue servicing customers through nearly 400 retail locations in Connecticut and throughout the Northeast in New York, Massachusetts, Vermont, New Hampshire and Maine.

Among other banks with a presence in Connecticut, Citigroup was #80, Wells Fargo ranked at #85, Bank of America was #89, and Key Bank placed in the top 100 at number 92.

The Forbes reported noted that there were zero bank failures last year for the first time since 2006. There are more than 5,000 banks and savings institutions in the U.S., but assets are concentrated at the top. The 100 largest have $13.8 trillion in assets, representing 78% of total U.S. bank assets, the publication reported.

Home BancShares is the top-rated bank for the second-straight year. Muncie, Indiana-based First Merchants moved up two spots this year to second among the best banks. Rounding out the top five were Community Bank System, CVB Financial and SVB Financial. In addition to CVB and SVB, fellow California-based banks Axos Financial, East West Bancorp and Cathay General Bancorp also landed in the top ten overall, according to Forbes announcement of this year’s annual ranking.  JPMorgan is the leader of the big four (JPMorgan Chase, Bank of America, Citigroup and Wells Fargo) for the third-straight year, but its rank of 52nd is down 12 places.

Webster offers the full range of financial services, including business and consumer banking, mortgage, financial planning, trust, and investment services. Most recently, Webster Bank has been recognized as New England’s top U.S. Small Business Administration (SBA) lender, by dollar volume and best overall bank in the Northeast in Bank Director's annual Ranking Banking study released in January 2019.

Cultural and Historic Sites Receive $3 Million in Waning Weeks of Malloy Administration

Aimed at small to medium-sized cultural organizations seeking funding for “collaborative projects which demonstrate a clear vision of how individual sites and organizations can effectively tie together local, regional or statewide cultural assets,” the Good to Great grant program was created in 2014 during the administration of former Governor Dannel Malloy to “go beyond basic facilities repair or expansion to support projects that tell the stories of our cultural and historic sites in engaging, meaningful and relevant ways.” The final round of grants – unless the program is renewed by the Lamont administration – were announced less than three weeks prior to the change in gubernatorial leadership.   The Connecticut Department of Economic and Community Development (DECD) announced $3,051,971 in grants to 12 nonprofit organizations through the program in late December.

The grants may be used for capital projects that address the rehabilitation and/or adaptive re-use of existing facilities that will transform the visitor experience, site work associated with rehabilitation projects or additions, rehabilitation of historic landscapes, or protection and/or interpretation of archaeological sites.  Other appropriate uses include artists’ fees, conservator fees, construction costs, ADA accessibility, evaluation services and documentation and exhibit scripts, fabrication and installation to complement capital improvement.

The grants range between $50,000 and $150,000 and require a 25 percent cash match; grantees will have two years from date of grant contract to complete the funded project.  Applicants for the state grant must be a Connecticut 501(c)(3) or 501(c)(13) organization that owns, operates and/or sponsors a cultural venue or historic site in Connecticut with an average annual income of $500,000 or less.

The just under-the-wire recipients:

• The New England Carousel Museum in Bristol was awarded $150,000 to install a new energy-efficient, air-handling system with humidity control to protect the Museum's collection and improve the visitors' experience.
• The Connecticut Electric Railway Association (aka The Connecticut Trolley Museum) in East Windsor was awarded $50,000 to complete the on-going restoration of one of theMuseum's most historically significant trolleys - Connecticut Company Car #3001.
• The Friends of the Pinney House, Inc. in Ellington was awarded $150,000 for the interior restoration of the Pinney House so it can be used as a cultural center, a meeting place and an education site.
• Ebony Horsewomen Inc. in Hartford was awarded $50,000 to erect a pre-fab barn building to create a meeting & classroom space and a mini Black Cowboy Museum.
• The Madison Historical Society was awarded $138,600 for the restoration and preservation of the interior of Lee's Academy and to create an ADA-compatible learning and community center.
• The Denison Society, Inc. (aka Denison Homestead) in Mystic was awarded $150,000 to restore the Homestead's barn so that it may provide areas for programs, workshops and community events.
• The Norfolk Historical Society was awarded $60,546 to redesign the welcome/reception area, reinterpret gallery space and reclaim research space.
• The Keeler Tavern Preservation Society, Inc. (aka Keeler Tavern Museum & History Center) in Ridgefield was awarded $96,575 for facility improvements (climate controlled, fire-protected, well-designed storage) for its most fragile objects that relate directly to major moments in U.S. history.
• The Stonington Historical Society (aka Old Lighthouse Museum) was awarded $56,250 for a comprehensive research effort and the commission of an archeological survey of a potential Venture Smith site; creation of a permanent Venture Smith and slavery exhibit at Old Lighthouse Museum.
• The Ward Heitmann House Museum Foundation, Inc. (aka Ward Heitmann House Museum) in West Haven was awarded $150,000 to repair the foundation and exterior along with period appropriate landscaping so the House can reopen its doors to the public.
• The Eastern Connecticut Center for History, Art and Performance (aka EC-CHAP) in Willington was awarded $1,000,000 to preserve and rehabilitate two secondary buildings for use again as an in-residence artist and a café and conduct a water mitigation plan for the main structure.
• The Mary & Eliza Freeman Center for History and Community in Bridgeport was awarded $1,000,000 for the exterior restoration of both structures, as well as the interior restoration of the Eliza Freeman House.

The grant award recipients constituted the final announcement of 2018 by the state Department of Economic and Community Development.  Nineteen days later, Gov. Lamont took the oath of office.  He is expected to announce the department's new leadership and management structure in the coming days.

CT Insurance Department Recovers $7.8 Million for Policyholders, Taxpayers in 2018, Up $1 Million

The Connecticut Insurance Department recovered $7.8 million for policyholders and taxpayers in 2018, helping individuals, families and employers with their claims and complaints, according to department officials. The Department’s Consumer Affairs Unit (CAU) fielded 6,350 complaints and inquiries in 2018 and helped policyholders recoup more than $5.5 million during the calendar year. In addition, the Department’s Market Conduct Division levied approximately $2.3 million in fines against carriers and returned that money to the state’s General Fund.  Both financial results are up from a year ago.

“The Department’s Consumer Affairs staff helps thousands of consumers each year with their questions and concerns about their insurance and makes certain that companies are compliant with all state insurance laws and regulations,” Acting Commissioner Paul Lombardo said.

In comparison, during 2017 CAU fielded 5,800 complaints and inquiries and helped policyholders recoup nearly $4.8 million.  The Department’s Market Conduct Division levied approximately $2 million in fines.  The Department’s fines result from a variety of violations and settlements ranging from untimely claim payments to improper licensing. The Market Conduct enforcement actions are posted on the Department’s Web site at www.ct.gov/cid

The majority of the funds recovered during 2018 for policyholders stemmed from complaints over health, accident, homeowners and life and annuities policies. The breakdown of funds recovered:

• Accident, Health - $2.3 million
• Auto - $1.5 million
• General Liability - $30,000
• Homeowners and Commercial Property - $1.13 million
• Life, Annuities - $523,000
• Miscellaneous - $37,000

Recoveries in the area of Homeowners and Commercial Property more than tripled, going from $344,600 in 2017 to $1.13 million in 2018.

The Department calculates its consumer recoveries based on what the policyholder received as a result of the Department’s intervention. The inquiries and complaints also help the Department identify industry trends that may adversely affect consumers and trigger investigation by the Market Conduct division.

In 2017, the state Insurance Department recovered $6.8 million for policyholders and taxpayers.   That was a slight drop from the previous year, when it recouped $7.5 million in 2016.   and approximately $6 million in 2015.  In previous years, the department recaptured $6 million in 2015, reached a recent high of $8.7 million in 2012, $7.4 million in 2013 and $6.3 million in 2014.

Complaint data also help determine topics for consumer education and serve as tools to help the Department monitor the industry, officials noted.

The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department’s annual budget is funded through assessments from the insurance industry.

Hartford Area CFA Charterholders Gather to Hear Economic Forecasts, Focus on Guiding Investors Through 2019

In the midst of tumultuous and uncertain economic times, hundreds of Connecticut’s leading investment and financial professionals will be gathering on Tuesday, Jan. 22 in Hartford to delve into the financial outlook for 2019 with one of the nation’s most respected economists, get an inside look at the state’s cybersecurity efforts to protect the integrity of the election process, and connect with industry peers from throughout the region. More than 400 professionals - CFA® members, investment professionals, personal investors, key decision-makers and college students - are expected.  They will hear from keynote speaker Brian Wesbury, Chief Economist of First Trust Advisors L.P., at the 2019 Annual Forecast Dinner hosted by CFA Society Hartford, the local chapter of the CFA Institute. Connecticut Secretary of the State Denise Merrill will offer comments on the future of voting security with “Election Cybersecurity: A Wake Up Call”.   It is the organization’s premier networking event of the year, being held at the Connecticut Convention Center.

The Hartford chapter is one of 151 local member societies of the CFA Institute, a worldwide organization and a respected source of knowledge in the global financial community. Hartford, with a long history of prominence in financial services – has one of the international organization’s oldest chapters, dating back to 1952. It is also one of the largest chapters outside of a major metropolitan area, with more than 700 members working in over 175 investment organizations, serving the Hartford and Springfield, MA region. There is another Connecticut chapter based in Stamford.

The CFA Institute is a global non-profit organization of investment professionals that distinguish themselves through their commitment to their clients and to the highest ethical and investment standards.  The Chartered Financial Analyst® designation, which has been described as the “industry gold standard,” requires passing one of the most rigorous series of exams in the financial industry to earn the credential.  Fewer than one in five candidates become CFA® charterholders.

“We strive to help advisers understand and anticipate stock market and economic changes to be able to provide the best guidance for their clients,” said Juliana Dalton, CFA, president of CFA Society Hartford.  Members include CFA® charterholders employed by leading financial services companies and those who are private wealth managers.  While many have been in the field for decades – providing much-needed expertise to a range of clients, particularly in turbulent economic times – CFA Society Hartford also continues to reach out to young professionals, as well as college students considering careers in the financial services industry.

In addition to the formal speaking program at the annual event, attendees can learn how the demanding CFA® Program provides a strong foundation of advanced investment analysis and real-world portfolio management skills that will provide a career advantage. Successful candidates for the CFA® designation take an average of four years to complete the program, which includes passing three exams sequentially and accumulating 48 months of approved work experience. Each exam level generally requires six months of preparation.

Dalton, Senior Vice President and Senior Credit Risk Manager at Webster Bank, analyzes credit risk across the organization. She will provide introductory remarks on Tuesday, and CFA Society Hartford Past-President Ray Bovich will introduce the keynote speaker as he shares “The Real News About the U.S. Economy”.

“For the past nine years, analysts have predicted apocalypse for the U.S. economy around every corner, but the strong market and economic recovery are both the longest ever,” commented Dalton.  The program will look ahead at what might be next.

For young members of the profession, applying technology to financial analysis can be particularly attractive. “Technology is all to the benefit,” Dalton explained, “as it helps to provide numbers-based and fact-based analysis. But people skills never go away.”  She noted that even with advancing technology – which is integrated throughout the industry – every client’s investment priorities differ, calling for a mix of people skills and technological know-how by CFA® charterholders.

The CFA Society Hartford chapter, in an effort to interest college students, has been running an annual Research Challenge for the past six years in conjunction with local colleges including the University of Connecticut and Trinity College.  Teams of college students analyze a particular company, and present a written report that is judged by local professionals.  The top three teams go on to make an oral presentation before industry practitioners, and the winning team has an opportunity to advance to national and international competition.  The program has grown in popularity, and although it is quite rigorous, is seen as an excellent educational opportunity and hands-on glimpse into the field. The 2018/2019 competition finals will be held next month.

The forecast dinner’s lead speakers will also provide insight.  Brian Wesbury is Chief Economist at First Trust Advisors L.P., a financial services firm based in Wheaton, Illinois. He has been a member of the Academic Advisory Council of the Federal Reserve Bank of Chicago since 1999. In 2012, he was named a Fellow of the George W. Bush Presidential Center. In 1995 and 1996, he served as Chief Economist for the Joint Economic Committee of the U.S. Congress, and has been ranked by the Wall Street Journal as the nation’s #1 U.S. economic forecaster (2001), and by USA Today as one of the nation’s top 10 forecasters (2004).  Denise Merrill was re-elected in 2018 to her third term as Secretary of the State of Connecticut, and is past president of the National Association of Secretaries of the State.  She previously served in the Connecticut House of Representatives.  Her office oversees elections and business data, among its responsibilities.

For more information about the Hartford chapter, visit www.hartfordcfa.org.  Gold Sponsors for the event include Hartford Investment Management Company (HIMCO), Virtus Investment Partners, Voya Investment Management, and INVESCO.  Individual seats are $110 for CFA® Society Hartford members and $145 for non-members.  There are more than 150,000 CFA® charter holders worldwide in 165+ countries and regions. CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.

Frontier Airlines Growth Continues with Return to Hartford and Boston in 2019

In the spring of 2012, Frontier Airlines discontinued service to Boston’s Logan International Airport, which consisted of a daily flight to Kansas City.  Frontier has flown out of Bradley International Airport in Windsor Locks in the past decade as well, with a Milwaukee flight that was discontinued in 2011 and service to Denver that ended in 2008. Now, they’re coming back to both New England airports, but they’re not headed to Milwaukee or Kansas City.  In a series of announcements in recent weeks, Frontier unveiled an expansion including eight-routes from North Carolina’s Raleigh/Durham airport.

Boston will become the 106th city on its route map with the addition. The other seven routes Frontier is launching from Raleigh/Durham include Albany, New York; Columbus, Ohio; Hartford (BDL); Jacksonville; Long Island/Islip, New York; and Philadelphia.

The added service continues a rapid ramp-up by Frontier in Raleigh/Durham (RDU). Once the new services begin, Frontier says it will offer either year-round or nonstop flights to 32 different cities from RDU.  Boston will have four weekly flights beginning May 1.  Bradley International will see three weekly flights beginning April 30.  Delta is a competitor in both markets.

[Why all the increased air traffic to North Carolina? Must be burgeoning interest in the Carolina Hurricanes since they put those Whalers jerseys back on the ice!]

Frontier also plans to launch service to Orlando from both Boston’s Logan Airport and Bradley International, and service to Denver from Bradley.  In making the announcement, Frontier pointed out that it “flies one of the youngest fleets in the industry, the Airbus A320 Family of more than 80 jet aircraft. With nearly 200 new planes on order, Frontier will continue to grow to deliver on the mission of providing affordable travel across America.”

In December, Frontier announced it was returning to Bradley with flights to Denver starting March 28, operating on Tuesdays, Thursdays and Sundays.  Southwest and United also fly from Bradley to Denver.

The Raleigh-Durham flights will operate on the same days of the week; the Orlando service will run on Wednesdays and Saturdays from Bradley.

Frontier’s service from Bradley to Raleigh-Durham, Denver and Orlando is described as seasonal.  The services start this spring; the end dates for 2019 have not been announced.

Current pricing for roundtrip flights in May:  from $78 to Raleigh/Durham and Orlando, from $118 to Denver, depending upon length of stay and day of the week of selected flights.

Frontier will be Bradley’s ninth passenger airline.  Other carriers are Aer Lingus, Air Canada, American Airlines, Delta Air Lines, JetBlue, Southwest, Spirit and United.  Some of those airlines’ flights from BDL are operated by regional affiliates flying under brands like American Eagle, Delta Connection and United Express.

The tenth carrier at BDL will be Via Airlines, which will operate flights to Pittsburgh four times a week, year-round, on Mondays, Tuesdays, Wednesdays, and Fridays beginning in July.  That announcement also came earlier this month.

Frontier announced last week that the airline and its pilots, represented by the Air Line Pilots Association, Int’l (ALPA), ratified a new five-year working agreement. Of the 99 percent of pilots who voted, 77 percent cast ballots in favor of the agreement, the company said.

From Students to Employees: Businesses Increasingly See Benefits of Hiring People with Disabilities

There are 2.4 million students with disabilities nationwide and 3 out of 5 of them are not currently employed - making this population important for employers to include in their hiring strategies.  That’s according to the website Getting Hired, which teamed up with Hire Potential on a recent webinar for inclusive employers to explain “why it’s important to tailor talent acquisition strategy to engage and hire students with disabilities.” The organizations recommend three organization “touch points” on campus for recruiting businesses: the offices of career services and disability services, and student support groups.  Each plays a different role on campus, and can offer effective connections to students for businesses seeking to considering hiring them.

For the opposite vantage point, for students seeking to evaluate businesses as prospective employers – and their willingness to hire individuals with disabilities - a relatively new national rating may be helpful.

The Disability Equality Index will be issued for the 5^th year in 2019, evaluating the practices of leading national corporations.   The DEI measures a wide range of criteria within six categories, including Culture & Leadership, Enterprise-Wide Access, Employment Practices, Community Engagement, and Supplier Diversity.

Developed by the DEI Advisory Committee, a diverse group of business leaders, policy experts, and disability advocates, the DEI is a national, transparent, annual benchmarking tool that offers businesses an opportunity to receive an objective score, on a scale of zero (0) to 100, on their disability inclusion policies and practices. The Disability Equality Index (DEI) is a joint initiative of the American Association of People with Disabilities (AAPD) and Disability:IN.

Former Connecticut State Senator Ted Kennedy, Jr., a leading advocate for persons with disabilities and Board Chair of AAPD, said recently “we cannot achieve our goals without engaging our friends in the corporate community.”

On the 2018 Index, among the Connecticut-based companies scoring 100% were Aetna, Travelers, and The Hartford.   A score of 100 on the DEI means that a company adheres to many of the numerous leading disability inclusion practices featured in the DEI.

Companies can register through January 31, 2019 to be evaluated for inclusion in the 2019 Disability Equality Index when it is published later this year.

For companies making the commitment to hire individuals with disabilities, a recent report suggested they’ve made a good business decision.

Companies that embrace best practices for employing and supporting more persons with disabilities in their workforce have outperformed their peers, according to a research report issued in November by Accenture, in partnership with Disability:IN and AAPD.

“Persons with disabilities present business and industry with unique opportunities in labor-force diversity and corporate culture, and they’re a large consumer market eager to know which businesses authentically support their goals and dreams. Leading companies are accelerating disability inclusion as the next frontier of corporate social responsibility and mission-driven investing,” Kennedy said in the report.

The 45 companies that were identified as standing out for their leadership in areas specific to disability employment and inclusion had, on average over the four-year period, 28 percent higher revenue, double the net income and 30 percent higher economic profit margins than their peers, according to the report. The analysis also revealed that U.S. GDP could get a boost of up to US$25 billion if more persons with disabilities joined the labor force.

Added David Casey, VP, Workforce Strategies & Chief Diversity Officer at CVS Health: “People with disabilities tend to be some of the most creative, innovative and, quite frankly, most loyal employees. A person with a disability wakes up every day thinking about being innovative – that is a skill set. That ability to problem solve is innate to them. Our training programs quickly went from philanthropy to skill search.”

Hartford Ranks #13 Among Best Metro Regions for STEM Professionals, Analysis Finds

A new analysis of the nation’s best metropolitan areas for workers in the STEM professions has Hartford ranked just outside the top 10 at number 13.  New Haven is ranked at number 55, Bridgeport/Stamford/Norwalk at number 80. The comparison of the 100 largest metropolitan areas in the country by financial services website WalletHub, included 20 key metrics, ranging from per-capita job openings for STEM (Science, Technology, Engineering, Math) graduates to annual median wage growth for STEM workers. 

According to the latest U.S. Bureau of Labor Statistics analysis, STEM — science, technology, engineering and math — professions grew at over twice the rate that non-STEM jobs did between 2009 and 2015, according to WalletHub. Most types of STEM jobs are expected to expand faster than all other occupations until 2024.

The top 10 in the new analysis were Seattle, Boston, Pittsburgh, Austin, San Francisco, Madison, Atlanta, Salt Lake City, Minneapolis and Cincinnati.  Just ahead of Hartford were San Diego and Columbus, and following Hartford in the rankings were Springfield and Worcester, MA.

While Hartford ranked 24^th a year ago, the criteria were slightly revised for this year’s analysis.  WalletHub’s analyst explained that “An addition to this year's methodology is the presence of tech summer programs within a given metro area, which Hartford ranked well for. In these programs students start developing skills in coding, game development, robotics or design. Other new metrics that were added this year and contributed to Hartford's overall better ranking are utility patents and the number of tech meetups per capita."

In addition, “the unemployment rate in [metro] Hartford for adults with at least a bachelor's degree is the lowest in all the metropolitan areas analyzed, whereas last year, it was in the middle of the pack.”

The nearly two-dozen metrics were divided into three overall categories:  professional opportunities, STEM-friendliness and quality of life.  Hartford ranked tenth in quality of life category, 14^th in professional opportunities, and 17^th in STEM-friendliness, which included the quality of engineering universities, research & development spending and intensity, and mathematics performance.

The Quality of Life category included housing affordability, recreation and family friendliness, and singles friendliness.  The Professional Opportunities category included median wage, wage growth, STEM employment growth and job openings for STEM graduates.

Among the various individual metrics, the Bridgeport/Stamford/Norwalk metropolitan region ranked third nationally with among the highest annual median wage growth for STEM workers.  New Haven was eighth nationally in STEM-friendliness. The overall rankings for Bridgeport/Stamford/Norwalk and New Haven were relatively unchanged from a year ago.

Credit Union Branch Inside High School Encourages Financial Literacy

Getting banking business done – or being introduced to an array of personal financial services for the first time – has become easier than ever for students attending Rocky Hill High School.  That’s because they don’t even need to leave the confines of high school to visit a Nutmeg State Financial Credit Union branch – it’s just steps away from their school cafeteria. Credit union branches located inside high schools are not common.  In fact, this might be the first of its kind in Connecticut. The branch is a new step for the credit union and focuses on preparing students for their financial future. It features tablets, an ATM, and (coming soon) a self-service kiosk to be used by students and faculty for transactions such as account transfers, loan payments, and check and cash deposits or withdrawals.

Nutmeg State FCU President and CEO John Holt says his enthusiasm and the support from Rocky Hill High Schools administrators and teachers is matched by the student response.

“We want to give students first-hand knowledge and experience,” Holt explains, “to help them better understand banking and prepare them for smart decision-making in the future.”

The staff includes three Rocky Hill High School students who are specially trained not only in technology but in terminology, so they can pass along that combination of know-how and understanding to their peers. For many, understanding the differences between a credit union and a bank is an unexpected first lesson. And students are often intrigued by the credit union structure, including that it is a non-profit institution which allows them to become members (and therefore part owners of the credit union).

If the initial weeks are any indication, there is a receptive audience of students, very supportive teachers and administrators, and parents looking on approvingly from the sidelines. More than 100 accounts have been opened at the branch in the first few months of operation, and there have been many more conversations providing insight for high school students into the products and services a financial institution offers – plus some tips on how to manage money effectively.

“The need for financial literacy education has never been greater,” said Jeremy Race, President and CEO of Junior Achievement of Southwest New England, an organization with a strong classroom presence focused on financial education and entrepreneurship. “According to a recent Forbes article, 44% of Americans don’t have enough cash to cover a $400 emergency and 33% of adults have $0 saved for retirement.  This is staggering evidence that clearly demonstrates the critical need for young people to learn financial responsibility and financial ‘smarts’ at a young age.”

Because the technology is intuitive for most students, their transaction time can be used to talk about subjects they may be less familiar with – such as balancing a checkbook, how debit cards and account balances relate to each other, loans and interest rates, and what a credit score is all about.  Not the typical teen conversation, but Holt indicates that students have been quite interested in learning more.

“The younger generation has a passion for community,” Holt has observed, “and they see the practical value. This has really opened their eyes.”

Some of the lessons are already being integrated into the school’s business classes – which seem “real” with a financial institution’s branch office just down the hall.  The branch is open during lunch periods, study halls, and other times convenient to students, teachers and staff, without being a distraction from more traditional school curricula.

Outgoing Connecticut State Treasurer Denise L. Nappier, a longstanding proponent of financial literacy, has stressed that “Financial education is important during all stages of life, because economic opportunity can be a catalyst for change and enduring success,” adding that “information and training can help them build a better future.”

With the program off to a solid start, Holt said that Nutmeg State FCU would be interested in a similar initiative in another high school near one of their 11 credit union branches in Connecticut. They are headquartered in Rocky Hill, having been chartered in 1936. In addition to Rocky Hill, they’re located in Manchester, New Britain, Hartford, Glastonbury, West Hartford, Cromwell, Orange, Stratford, Milford and North Haven.

The Connecticut-based credit union also reaches out to local communities in other distinctive ways. In Milford and North Haven, they have added “DMV Express” services in conjunction with the state Department of Motor Vehicles, and three locations are within retail stores – the Walmart in Cromwell, and the ShopRite supermarkets in Stratford and Orange. To learn more about Nutmeg State Financial Credit Union, visit www.nutmegstatefcu.org.

Photos:  (Top right) - Rocky Hill High School Student Alisha Chhabra conveniently accesses the new Nutmeg State Financial Credit Union branch at her school.  (Midde left) - Rocky Hill High School recently celebrated the opening of its first on-site Nutmeg State Financial Credit Union branch. From left: Chuck Zettergren Assistant Superintendent, Dr. Mark Zito Superintendent, Mike Petti Vice Chairman, John Holt President & CEO, Ben Lukens Student, Alisha Chhabra Student, Michael Patano Student, Muhammed Bilal Student, Cynthia Latina Business Education Teacher, Timothy Bifolck Business Education Teacher, Mario Almeida Principal. (Bottom right) Nutmeg State FCU President and CEO John Holt.