Economic Impact of CT Hospitals Highlighted in Report

Connecticut hospitals contribute $20 billion to the state and local economies, according to a report, Connecticut Hospitals: Improving Health, Strengthening Connecticut’s Economy, compiled by the Connecticut Hospital Association (CHA). According to the CHA report, Connecticut hospitals provide more than 54,000 jobs, with a total annual payroll of $5.2 billion.  Earnings by Connecticut hospital and health system employees reverberate through the community, creating an additional 55,000 jobs in the local economy.

The four-page report, which focused on the economic impact of Connecticut’s hospitals and was released in the opening weeks of the state legislative session, noted that “hospitals and health systems serve as a magnet for other healthcare businesses and a stimulus for new businesses such as retail stores, banks, grocery stores and restaurants.”

Connecticut hospitals are major employers and purchasers of goods and services, spending $9.6 billion in 2011 – funds that help to stimulate further economic growth across the state.  Goods and services purchased by hospitals, and funding spent on buildings and equipment, create additional economic value.  With these “ripple effects” included, an additional $10.4 billion is added to the Connecticut economy, resulting in a total contribution of $20 billion by Connecticut’s hospitals to the state’s economy, CHA official pointed out.

The report indicates that Connecticut hospitals treat more than 1.6 million patients in their emergency departments, bring nearly 38,000 babies into the world, and care for more than 420,000 admitted patients, providing more than 2 million days of inpatient care.

“Connecticut hospitals are a critical economic engine,” said Jennifer Jackson, President and CEO, CHA.  “They are often a community’s largest employer, stimulating jobs and attracting other businesses.  At a time when the state has never relied more on its hospitals for the safety net they provide, it is critical – both to our quality of life and economic health – that these institutions remain strong and stable.”

CHA membership includes 29 acute care hospitals and health care organizations and facilities throughout the state.  The report was issued at a time of considerable change in both the healthcare delivery and business sides of the industry, with mergers and affiliation agreements having been reached or under active consideration among industry leaders in Hartford, New Haven, Waterbury, New London and elsewhere across Connecticut, as well as nationally.

Three Cities Selected for Program to Bring Housing Downtown

Connecticut Main Street Center (CMSC) has selected Middletown, Torrington and Waterbury for its new pilot program, Come Home to Downtown. CMSC developed the mixed-use real estate planning pilot program to provide selected communities with new tools to strengthen economic health and restore vitality to their downtowns, facilitating the development of viable, interesting housing opportunities while improving downtown neighborhoods. The goal of the Come Home to Downtown program is to set the stage to attract developers and “mom and pop” building owners to redevelop vacant or underutilized buildings with a mix of uses and housing choices. CMSC will also provide local public and private champions and partners with strategic tools to allow them to create or enhance a strong downtown management program.  The Come Home to Downtown pilot was created in partnership with the Connecticut Housing Finance Authority (CHFA), through a $250,000 investment using Community Investment Act (CIA) Program funding.

“Our Come Home to Downtown pilot communities were selected based on criteria we feel is vital for success, including local public and private sector leadership, a strong record of community engagement, success of previous downtown revitalization initiatives and multi-story buildings and property owners who are motivated to redevelop them,” said CMSC’s John Simone.

CMSC will work in concert with Middletown, Torrington and Waterbury, beginning with the collection of data, building analysis and the coordination of community engagement activities, exploring their downtown redevelopment issues in-depth and creating new strategies that respond to changing demographics and market dynamics.  Work will continue throughout the summer on consensus building, a downtown development audit for each of the towns, model building analysis, assistance to small-property owners who demonstrate a desire to redevelop their properties to include housing, and downtown management organizational development.

Connecticut Main Street Center is a statewide nonprofit that inspires great Connecticut downtowns, Main Street by Main Street. Its mission is to be the champion and leading resource for vibrant and sustainable Main Streets as foundations for healthy communities.

Norwich Will Host New York-Penn. League All-Star Game in August

A cold winter’s week is the perfect time to think ahead to baseball season.  And if thinking ahead is attractive, there’s nothing better than seeing future major league stars in action on the diamond.  The Norwich Tigers will make that possibility more accessible this year when they host the 2013 New York-Penn League All-Star Celebration. The 2013 New York-Penn League All-Star Game will take place on Tues. August 13 at 7:35 p.m. at Dodd Stadium in Norwich.

The All-Star Celebration logo honors the community's rich maritime history and it's affiliation with the American League Champion Detroit Tigers. Maritime flags, an anchor and a dock rope make up the nautical logo, combined with classic Tigers old English lettering.

"We're thrilled to be hosting this game," said Vice President/General Manager C.J. Knudsen. "It's a great tribute to our fan base and exciting for all baseball fans throughout the state of Connecticut."

Tickets - now on sale - for the All-Star Celebration Game are the same as the 2013 single game ticket prices: $10.00 for premium seat tickets, $9.00 for reserved seat tickets and $8.00 for grandstand seat tickets.  They can be purchased  online at www.cttigers.com and at the ticket office at Dodd Stadium.

The 2013 Connecticut Tigers schedule is now available online at cttigers.com and features six Friday fireworks games in addition to five Saturday promotional giveaways. The 2013 season begins on Monday, June 17 against the Lowell Spinners, the NYPL affiliate of the Boston Red Sox, at 7:05 p.m. at Dodd Stadium with fireworks after the game.

In 2012, the Connecticut Tigers ranked #182 in average attendance among all minor league and independent teams, with 1,660 fans per game.  The independent Bridgeport Bluefish were #162, with an average of 2,033 fans attending games, and the Triple-A New Britain Rock Cats were #47 with average home attendance of 5,061.  The top minor league team in the nation was in Lehigh, PA where the Lehigh Valley IronPigs drew 9,153 per game.

The All-Star logo was brought to life at Brandiose in San Diego, where the company generated top selling logos for teams ranging from the Lehigh Valley Iron Pigs to America's oldest baseball club, the Cincinnati Reds. T-shirts featuring the All-Star Celebration logo will also be available through the Tigers' official website.

The Connecticut Tigers are the NYPL affiliate of the Detroit Tigers and play a 76 game (38 home, 38 away) schedule from late June through early September.  The Dodd Stadium Box Office is open daily from 9 a.m. to 5 p.m. Monday through Friday. Fans that want to purchase tickets may call the Tigers at (860) 887-7962, visit the box office or log on to www.cttigers.com.   Play ball!  (Well, not quite yet.)

UConn Accounting Master’s Program Ranked in Nation's Top 10

The University of Connecticut is getting high marks for its online master’s degree in accounting, earning a spot in the top 10 nationwide among online business programs ranked by U.S. News & World Report. UConn’s program, run by the School of Business, was ranked No. 8 among 213 online graduate business degree programs that the publication’s editors reviewed at colleges and universities nationwide. UConn’s online master’s of science degree in accounting (MSA) received particularly high scores for the credentials and training of its faculty, along with factors that measure student engagement such as retention, selectivity, graduation rates, and class sizes.

U.S. News also praised the program last year in a broader review of online business school learning initiatives, though it did not issue overall rankings then. The rankings were released this month.

According to the U.S. Bureau of Labor Statistics, jobs for accountants and auditors are expected to grow by 16 percent between 2010 and 2020.  The U.S. Department of Labor agency reports that “Stricter laws and regulations, particularly in the financial sector, will likely increase the demand for accounting services as organizations seek to comply with new standards. Additionally, tighter lending standards are expected to increase the importance of audits, as this is a key way for organizations to demonstrate their creditworthiness.”

The UConn program is designed to give students the knowledge they need for successful careers in public and private accounting, allowing current CPAs to expand their skill set and helping aspiring accountants meet the 150-hour educational requirement to seek CPA testing and licensing in most states.

“There are exciting innovations planned for the next year to continue keeping the MSA on the cutting edge. New tools will increase interaction and continue to develop strong online community ties,” says Amy Dunbar, the MSA program’s faculty director and an associate professor of accounting.

UConn’s MSA program started in 1999 and transitioned to a completely online program in 2003. It’s particularly popular with working professionals who want to boost their careers with advanced credentials. The average age of new entrants is about 28 years old, and the student body is split almost evenly between men and women.

New full-time students attend a one-week class in May at the Storrs campus to become familiar with the program, technology, instructors, and each other. They then take courses online during the following summer, winter, and spring semesters to complete the program’s requirements.

The course content is delivered through course-specific websites on a School of Business server. As a result, the activities do not have to take place at the same time for all students. That gives students flexibility to finish their work on their own timeframes, as long as it is completed by the assignment’s deadline. There are also several part-time options, including completing the degree over two summers or taking 10 courses over multiple semesters.

Recently, Robert Half, the world's first and largest specialized financial recruitment service, projected accounting salaries would grow 3.3 percent in 2013, while technology salaries will grow approximately 5.3 percent.

The UConn program has been recognized by the United States Distance Learning Association for best practices in the field, and it is accredited by the Association to Advance Collegiate Schools of Business (AACSB).

Connecticut Has 4th Highest Costs for Residents of Assisted-Living Facilities

The average monthly cost of a room in an assisted-living facility is higher in Connecticut than in 48 states.  Only Delaware, New Hampshire and the District of Columbia, on average, have higher rates than the Land of Steady Habits. The top twelve, as reported by the Wall Street Journal:

1. District of Columbia         $5,933
2. Delaware                             $5,249
3. New Hampshire                $5,086
4. Connecticut                        $4,935
5. Maine                                   $4,881
6. Alaska                                   $4,850
7. New Jersey                        $4,794
8. Vermont                              $4,741
9. Massachusetts                  $4,660
10. Hawaii                                   $4,659
11. Maryland                             $4,546
12. New York                            $4,011

The data reported in the WSJ was compiled by the MetLife Mature Market Institute, based on a survey of nearly 6,700 long-term care providers nationwide. At the other end of the spectrum, 12 states had average monthly costs that were below $3,000.  Lowest rate?  Arkansas at $2,355 – less than half that of the eight most costly states, including Connecticut.

Six CT Communities to Receive "Preservation of Place" Grants to Boost Local Downtowns

Connecticut Main Street Center (CMSC), the downtown revitalization and economic development non-profit, has awarded six organizations and municipalities a total of $60,000 in 2013 Preservation of Place grants. These grants will be used to provide the communities and organizations with targeted resources to increase their capacity to plan for preservation and revitalization initiatives in their downtowns and neighborhood commercial districts. The winning organizations and initiatives - which will each receive a $10,000 Preservation of Place grant - are:

• the Town of Kent for a Planning & Engineering Study for its Village Center Streetscape;
• the City of Bridgeport for the Little Asia Historic Streetscape and Archway Project;
• the Town of Putnam for the Putnam Downtown Center Signage and Wayfinding Design Project;
•  the Town of Seymour for the Seymour Greenway Trail and Linear Park Master Plan;
• the Westville Village Renaissance Alliance for the Westville Village Public Parking Comprehensive Design & Marketing Plan; and the
• Northwestern Connecticut Regional Planning Collaborative for the NW CT Village Center Vitality Tourism Marketing Campaign.

The Preservation of Place grant program provides a source of funding for new initiatives that can be integrated into, and leverage, comprehensive Main Street preservation and revitalization programs. The funds are meant to be flexible to meet individual community need.

"Historic preservation and the revitalization of our Main Streets create jobs, bring vacant buildings back on the tax rolls and add value and vitality to adjacent buildings and neighborhoods," said John Simone, CMSC President & CEO. "The diversity of locations and the diversity of projects will allow each community to respond to their greatest current need, actively creating their direction of growth."

Since 2008, CMSC has awarded $288,030 through the Preservation of Place grant program to sixteen Connecticut communities, leveraging over $768,427 in local Main Street initiatives. The program receives support from the State Historic Preservation Office with funds from the Community Investment Act.

The mission of CT Main Street Center is to be the champion and leading resource for vibrant and sustainable Main Streets as foundations for healthy communities. CMSC is dedicated to community and economic development within the context of historic preservation, and is committed to bringing Connecticut's commercial districts back to life socially and economically. The Main Street initiative is one of the most successful economic development programs in the country. For every $1 spent on a local Main Street program, $73.13 is reinvested in Connecticut Main Street downtowns.

Manufacturing Summit Planned to Accelerate Industry Growth

“Manufacturing is vital to Connecticut’s economic health and future. Now, after decades of uncertainty, the state’s manufacturers could be entering a new era of opportunity. Employment is rising, companies that moved overseas are returning and continuous improvement initiatives are helping many manufacturers hone their operations and enhance competitiveness.”  That assessment, from the Connecticut Business & Industry Association, is driving a Connecticut Manufacturing Summit on Friday, January 25 at the Trumbull Marriott. The program will include an overview of U.S. manufacturing from Steve Menaker, Partner,  McGladrey LLP, and a presentation of CBIA’s report, Connecticut Manufacturing: Building on the Past, Creating Our Future, issued in mid-2012, from Pete Gioia, Vice President and Economist at CBIA. Among the key stats that will inform the discussion:

• Connecticut is home to nearly 5,000 manufacturing companies that employ approximately 165,000 people and produce a vast array of products.
• A CBIA/ DataCore Partners index contained in the report, placed Connecticut as 30^th in the nation for manufacturing competitiveness.
• Connecticut ranked 9^th in the nation in the Milken Science and Technology Index that measures states’ ability to support growing manufacturing industries. (The ranking is based on public investments in R&D, a well-educated and skilled workforce, and the availability of risk capital to help convert R&D into viable technology products and services.)
• Citing manufacturing as a jobs driver, the report also said that for each manufacturing job created in the state, between 1.5 and 4 additional jobs are created in other parts of the economy.
• Each dollar’s worth of manufactured goods creates another $1.35 of activity in other economic sectors – twice the multiplier effect of most of the services sector.
• Each year, manufacturers purchase more than $21 billion in goods and services from other state businesses, according to the Connecticut Economic Resource Center.
• According to a Connecticut Industrial Energy Consumers report, manufacturing contributed $25.9 billion to the gross state product and accounts for about 11.4 percent of the state’s total employment.

The Summit will also include manufacturing executives discussing approaches for achieving success, resources needed for sustaining success, and strategies for cost-control and streamlining operations.  Among the participants are Brian DiBella, Vice President and General Manager - Wiremold Electrical Wiring Systems Division, Legrand and Don Janezic, CFO, Bigelow Tea. Panel participants also include Jason Howey, President, Okay Industries, Dr. Karen Wosczyna-Birch, Executive Director College of Technology, Connecticut Community Colleges, Dave J. Tuttle, Department Head/ Manufacturing, Connecticut Technical High School System and Douglas Johnson, Vice President of Operations, Marion Manufacturing Company.

There will be a policy discussion on improving Connecticut’s manufacturing climate led by Joe Brennan, Senior Vice President of Public Policy, CBIA.

The Summit, coming at the start of the 2013 state legislative session and prior to the Governor’s presentation of the state budget, aims to build on efforts at the Capitol to focus on high-tech manufacturing as part of the state’s economic mix.  At a news conference last Many to announce the formation of a “manufacturing caucus,” Sen. Gary LeBeau, D-East Hartford, said that over the last 10 years Connecticut has lost 50,000 jobs in manufacturing, which equates to 419 jobs lost each month. The caucus includes Sen. Tony Guglielmo (R-Stafford Springs), Rep. Zeke Zalaski (D-Southington), Rep. Vincent Candelora (R-North Branford), and Rep. Jeffrey Berger (D-Waterbury).

Modest Economic Growth Seen in 2013 Amidst Competing Indicators

The Connecticut Economic Digest, assessing the prospects for the state’s economy in the new year, has unveiled a series of observations and analyses that suggest it may be a challenging twelve months, but not without the possibility of progress, and an overall prediction of “modest growth”.  The first issue of 2013 of the journal produced by the state Departments of Labor and Department of Community and Economic Development, notes a range of factors that could impact economic prospects, among them:

• Tourism: "Last year the state launched a multi-million-dollar, two-year marketing initiative to develop, foster and stimulate the state’s brand identity and bolster business and tourism. Tourism has a significant impact on the state’s economy, estimated by the University of Connecticut’s Center for Economic Analysis at $11.5 billion every year through total traveler and tourism revenue and $1.15 billion in state and local tax revenue. Travel and tourism creates more than 110,000 jobs throughout the state, or 6.5% of Connecticut’s total employment."
• Large businesses: "The state’s “First Five” and “Next Five” job initiatives have promised substantial growth in employment and capital investment in Connecticut. At year’s end, nine business deals had been announced as part of the ongoing expansion program, which leveraged $1.3 billion in private investment. Between the nine companies — Cigna, ESPN, NBC, Alexion Pharmaceuticals, CareCentrix, Sustainable Building Systems LLC, Deloitte, Bridgewater Associates, and Charter Communications — up to 4,748 jobs are expected to be created and 11,087 retained."
• Small Businesses: "The Small Business Express Program (EXP) provides loans and grants to Connecticut’s small businesses to spur job creation and growth and has seen vigorous activity since its inception. The state has assisted 435 companies with more than $60 million in loans and grants. With this much-needed capital, up to 1,523 jobs are expected to be created and 4,080 retained."
• Housing: "The state’s housing market languished in 2011. Residential permit data through September 2012, however,  had grown by 32.2% compared to the same period the previous year. New homes sales grew 5.7% in September, and housing starts 3.6% in October, the highest level in four years."

The Digest noted that “the Connecticut recession from March 2008 through February 2010 saw the loss of 117,500 jobs. Jobs regained numbered 30,700 (26.1%) since February 2010 when the recovery began through November 2012, including 1,900 in the year 2012 through November (0.12%) seasonally adjusted since the beginning of the year. The private sector has regained 42,000 (38.1%) of the 110,200 private jobs lost in that same recessionary period.”  It is forecast that Connecticut will gain about 5,600 jobs or 0.3% in 2013.

In addition, the Digest pointed out that “The state’s unemployment rate, after peaking at 9.4% for five consecutive months in 2010 and falling rather steadily to 7.7% in March and April 2012, jumped unexpectedly through last summer to 9.0% and declined to 8.8% in November.” The New England Economic Partnership forecasts Connecticut’s unemployment rate will be 7.7 % in 2013.

State's Small Business Program Targets Jobs, Economic Growth

When a survey of family owned businesses last year found almost two-thirds of respondents projecting sales and revenue growth in 2013, it appeared that optimism was on the upswing. This weeks’ news from Connecticut’s Department of Economic and Community Development (DECD) on the progress of the state’s Small Business Express Program, launched a year ago, may be a contributing factor. The Small Business Express Program (SBEP) supports the retention and growth of small business in Connecticut through a combination of loans and grants. SBEP incorporates a stream-lined process that provides financial assistance in the form of revolving loan funds, job creation incentives; and matching grants. The program is designed to provide small business with access to capital, support job creation, increase skill development and encourage private investment. SBEP loans and grants are intended to have a positive impact on the growth of the companies receiving the funds, and correspondingly on Connecticut’s overall economy.

Slightly more than 1,607 businesses with 100 or fewer employees applied for loans or matching grants in the program's first year, according to state officials. DECD approved just over half of the applications, and the program is currently helping about 500 small businesses retain 4,616 jobs and to create another 1,738.

The DECD authorized $67.2 million in financing to 494 companies through Dec. 31 -- $27.5 million in loans and $39.7 million in grants. It has already received $412,130 in principal and interest payments. State officials are reviewing applications from another 271 businesses, for an additional $38.3 million.

Components of the program include:

• Small Business Express Revolving Loan Fund - Loans are available at a minimum of $10,000 to a maximum of $100,000 to assist small businesses with capital and operational needs.
• Small Business Job Creation Incentive Program - Deferred Loans are available at a minimum of $10,000 and a maximum of $250,000 to assist small businesses to spur growth. DECD may forgive all or part of loan based on the attainment of job creation goals.
• Small Business Creation Matching Grant Program - Grants are available at a minimum of $10,000 and a maximum of $100,000 to provide a dollar-for-dollar matching grant for specific job creation, capital investment and working capital goals.

The SBEP program assistance has leveraged approximately $40 million in private investment, according to DECD figures. Some participating business owners have noted that banks became more willing to lend once the business is accepted into the program.

Newtown Was Rated #4 Town Among Peers, with Lowest Crime Rate

When Connecticut magazine last ranked Connecticut’s towns and cities on their quality of life, Newtown placed fourth overall among 26 communities with between 25,000 and 50,000 residents. Breaking down the individual categories in the rating, Newtown placed first with the lowest crime rate, third in the vibrancy of its economy, and sixth in the quality of education, in data compiled for the 2011 rating.

The top eight communities were Westport, Farmington, Glastonbury, Newtown, Cheshire, Wallingford, Mansfield and New Milford. The categories included were education, crime, economy, cost, and leisure.

The crime category is based on major crimes (murder, rape, robbery, aggravated assault, burglary, motor-vehicle theft) committed in 2007, 2008 and 2009 per 1,000 population, using figures available from the state Department of Public Safety.  The education category combines five elements: the 2009, 2010 and 2011 Mastery Test results for 4th, 6th and 7th grades; results of the 2009, 2010 and 2011 Connecticut Academic Performance Test (CAPT); local SAT scores for 2008, 2009 and 2010, and the percentage of 2010 public high school graduates who went on to two- or four-year colleges. Test scores were weighted more heavily.

The strength of the local economy was determined by the 2011 Public Investment Community score, compiled by the Office of Policy and Management, which rates all Connecticut towns under a formula based on population, per capita income, the adjusted equalized grand list per capita, the unemployment rate, the equalized mill rate and per capita aid to children.

Newtown was in the middle of the pack in leisure/culture, placing 13^th, and among the lowest in cost of living, placing 25^th out of 26 communities evaluated. The cost of living category weighs most heavily the median price of a single-family house purchased in the first six months of 2011.   Leisure includes local library expenditures per capita in 2010, the number of theaters, museums, festivals, concert venues, historic sites, colleges and universities, golf courses, local newspapers, radio stations, state parks and forests, voter turnout in the 2008 election and good local restaurants.