Thriving Initiatives on State Main Streets Gain Recognition

Communities and organizations actively championing the revitalization and economic development of downtowns across Connecticut - through initiatives ranging from rebuilding and redesigning downtown spaces to working with local partners to provide fresh food for downtown residents- are gaining recognition for their efforts.

Initiatives and organizations from Hartford, Waterbury, Willimantic and Storrs Center and among those selected for 2013 Awards of Excellence, to be presented by the Connecticut Main Street Center (CMSC) at their annual awards gala, being held in Hartford for the first time on June 10.  The projects and programs range from Fireball Run and iQuilt to vibrant partnerships bringing business, education, municipal and community organizations together to advance new initiatives.  The recipients are:

• Main Street Partnership (sponsored by Webster Bank) - "Brass City Market on Field" Indoor Farm Market, to Brass City Harvest, Main Street Waterbury, Naugatuck Valley Community College, Waterbury Development Corporation and the City of Waterbury.
•  Economic and Business Development - "Make New Friends, but Keep the Old": Retention and Relocation of Existing Businesses during Development of Storrs Center, to Mansfield Downtown Partnership, UConn, Town of Mansfield, LeylandAlliance, Milone & McBroom, Cipparone & Zaccaro, and the Business Owners of Mansfield & Storrs Center.
•  Public Space Master Plan - The iQuilt Plan (Downtown Hartford), to iQuilt Partnership, City of Hartford, and Suisman Urban Design.
• Historic Preservation - End of an Era": Past Identity/Future Vision and the Portrait Project (Downtown Willimantic), to Harrison Judd, Thread City Development, Inc., Eastern CT State University, Windham Textile & History Museum, Town of Windham, TBS Properties, Windham Region Chamber of Commerce, ArtSpace Windham Gallery.
•  Downtown Event -  Fireball Run 2012 (Downtown Waterbury), to Waterbury Regional Chamber of Commerce, City of Waterbury, and Main Street Waterbury.
• Business Owner of the Year (sponsored by Webster Bank) - Dr. Richard A. Fichman, Fichman Eye Center, in the Upper Albany Main Street District, Hartford

In addition, the 2013 Nationally Accredited Main Street Programs - Simsbury Main Street Partnership, Upper Albany Main Street (Hartford), and Main Street Waterbury will be recognized, and The Connecticut Light and Power Company Award for Outstanding Contributions to Main Street Revitalization will be presented to longtime activitst Toni A. Gold of Hartford.

"Connecticut's city centers are critical drivers of commerce and competitiveness," said Governor Dannel P. Malloy. "I applaud the 2013 award winners for their efforts to make Connecticut's downtowns thrive. The collaboration to create more livable communities is to the benefit of all Connecticut's residents."

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.

The Connecticut Main Street Awards of Excellence, established a decade ago, recognize outstanding projects, individuals and partnerships in community efforts to bring traditional downtowns and neighborhood commercial districts back to life, socially and economically. Submissions were judged on criteria which included innovation, replication, representation, partnerships utilized, and outcomes.

Awards will be presented at the 2013 Connecticut Main Street Awards Gala on June 10th at the Wadsworth Atheneum Museum of Art in Downtown Hartford. Major Sponsors include Fuss & O'Neill, Webster Bank, Baywater Properties, Travelers, and Renaissance Downtowns.

Maritime Industry Brings $7 Billion Impact, 40,000 Jobs to Connecticut

The value of Connecticut’s maritime economy is nearly $7 billion, according to a new report researched and developed by the University of Connecticut at Avery Point.  The industry contributes nearly 40,000 jobs to the state, according to “Valuing the Coast: Economic Impacts of Connecticut’s Maritime Industry issued in conjunction with Sea Grant, a national network comprised of 32 Sea Grant programs based at flagship universities in coastal and Great Lake states and Puerto Rico.

Seven sectors classified by the U.S. Department of Commerce (DOC) as directly related to the state’s maritime industry were studied for the report: commercial fishing; seafood product preparation and packaging; ship building and repairing; boat building; transport by water; scenic and sightseeing transportation and support activities for transportation; and amusement and recreational activities.

Lead author was Robert S. Pomeroy, professor in the Department of Agricultural and Resource Economics in UConn's College of Agriculture and Natural Resources and a Sea Grant college fisheries extension specialist.  Pomeroy says the goal of the study was to document the significance of the maritime industry to Connecticut’s economy.

Pomeroy noted that the total impact of the state’s maritime economy is thought to be even higher because this study only looked at seven sectors of the economy. One important area not included is Connecticut’s growing aquaculture industry, which involves farming fish, mollusks, crustaceans, and aquatic plants. The DOC classifies aquaculture as being part of the state’s agricultural industry, so those numbers are not reflected in the findings.

Notably, the research showed that New London County alone accounts for a little less than 50 percent of the total state output impacts. The region consists of 36 towns, including several of the largest cities of the state.  Recreational activities are the most important sector for Middlesex County, one of four coastal counties most involved in the maritime industry.

The total economic output impact, measuring the value of the goods or services produced in each of the sectors studied, resulted in a finding of $6.83 billion at the state level, and $5.88 billion for the four coastal counties most involved in the maritime industry. These include the counties of Fairfield, New Haven, Middlesex, and New London.

Pomeroy and his colleagues used an economic model developed by Nobel Prize-winning economist Wassily Leontif that makes it possible to quantify the interdependencies between different branches of the economy. Leontif’s model shows how the output of one industry serves as an input to each of the other industries in the study. The data used was from 2010.

For Connecticut, ship building for commercial and military purposes is the sector contributing the most to the economy among the seven sectors measured. However, for counties other than New London, the most important sector is transport by water for Fairfield; scenic and sightseeing transport and support activities for transportation in New Haven; and other amusement and recreation industries for Middlesex.

The study also showed that Connecticut’s maritime industry is an important contributor to employment, with nearly 40,000 people being employed in the industry, of which 32,000 come from the four southernmost counties in the state. Among the seven sectors studied, ship building, which employs approximately 17,600 people, contributes the most jobs to the state’s economy.

The Sea Grant program is focused on making the United States the world leader in marine research and the sustainable development of marine resources.  Joining Pomeroy in authoring the report were Umi Muawanah, a Sea Grant Knauss Fellow, and Nataliya Plesha, a Ph.D. candidate in UConn’s Department of Agricultural and Resource Economics.

For purposes of comparison, a previous study commissioned by the Connecticut Maritime Coalition using 2007 data, reported that Connecticut’s maritime dependent industries were estimated to account for over $5 billion in business output, generating approximately 30,000 jobs. While the two studies used different methodologies, the results are comparable and show the critical economic importance of an evolving maritime industry to the state’s coffers and to providing a stabilizing economic force for Connecticut citizens in otherwise uncertain times.

Connecticut Sales Tax is 10th Highest in Nation; Louisiana Promotes Tax-Free Guns & Ammunition Days

When Connecticut’s sales tax inched upwards from 6 percent to 6.35 percent in 2011, the state made its way into the top ten sales tax states, leaving behind a gaggle of 16 states perched at 6 percent or slightly higher, but below the new Nutmeg rate of 6.35 percent.

Today, according to the Federation of Tax Administrators, Connecticut sits at number ten in the nation for its sales tax rate.  Close on our heels are Massachusetts, Texas and Illinois at 6.25 percent, and Kansas at 6.3 percent. Leading the pack is California at 7.5 percent, with five states - Indiana, Mississippi, New Jersey, Rhode Island and Tennessee - at 7.0 percent.

Five states - Alaska, Delaware, Montana, New Hampshire and Oregon - have no sales tax.  However, Alaska and Montana permit local sales taxes and Delaware imposes a rental and service tax.  The five states with the highest average combined rates of state and local taxes are Tennessee (9.44 percent), Arizona (9.16 percent), Louisiana (8.87 percent), Washington (8.86 percent), and Oklahoma (8.67 percent), according to the Tax Foundation.

Many states have sales tax holidays on select products for specific time periods during the year, with the majority focusing on back-to-school items or energy saving products.  Alabama, Louisiana and Virginia offer two or three tax-free days for the purchase of hurricane preparedness related equipment.  In Connecticut, clothing and footwear are exempt for a week in late August, just as families are doing their last-minute shopping for the start of the school year.

Tax-Free Days for Gun Sales

In Louisiana, firearms including shotguns, rifles, pistols, and revolvers, ammunition and hunting supplies are tax-free for three days in September.  In 2012, the days were promoted on the state’s website with a promotional video announcing the “Second Amendment Sales Tax Holiday.” Among the additional items that can be sold tax-free are knives, bows & arrows, off-road vehicles and safety gear.   The annual three-day tax holiday was approved by the Louisiana legislature in 2009.

The previous year, South Carolina waived the state’s sales and use tax on purchases of handguns, rifles and shotguns during a Second Amendment Sales Tax Holiday, held just after Thanksgiving on Nov. 28 – 29, 2008.  The bill become law after the veto by then-Governor Mark Sanford was overridden in the legislature.  The 48-hour tax break on firearm purchases also applied to any local sales and use tax.  The tax break did not apply to accessories such as ammunition, black powder, holsters, archery supplies and similar items.  The tax holiday, which must be approved annually by the legislature, has not been held the past two years, as the state’s fiscal situation tightened.

 A similar proposal in West Virginia was vetoed by then-Governor Joe Manchin (D) in April 2010.  Manchin was elected to the U.S. Senate later that year.

Earlier this year, a Texas lawmaker proposed that the Lone Star state's independence be celebrated by making Texas Independence Day, March 2nd, a tax-free holiday for gun purchases in that state.  The proposal would include no sales tax on shotguns, rifles, pistols, revolvers and other handguns, gun safes, gun cases, cleaning supplies and optics, ammunition, archery equipment, hunting stands, blinds, and decoys, the NBC affiliate in Dallas-Fort Worth has reported.

 Top ten sales tax rates (percentage):

1.  California            7.5
2.  Indiana                 7.0
3. Mississippi          7.0
4.    New Jersey        7.0
5. Rhode Island      7.0
6. Tennessee          7.0
7. Minnesota          6.875
8. Arizona                 6.6
9. Washington        6.5
10. Connecticut   6.35

The Sales Tax Institute notes that many states allow non-standard rates on many items including meals, lodging, telecommunications and specific items and services. State laws regarding county or local taxes, in addition to the state sales tax, also vary.

New London Features “One of America’s Most Beautiful Town Squares”

Town squares across the U.S. were built to inspire goodwill and be the hearts of their communities, often with stately landmarks and surrounding colorful shops and cafés. Travel + Leisure magazine went in search of the squares keeping that spirit alive, emphasizing smaller towns, with populations of 50,000 or less.  Among the top ten nationwide was Parade Plaza in New London.

Travel + Leisure reported that “Parade Plaza reopened in 2011 with a 100-seat amphitheater and the Whale Tail Fountain, where kids like to splash around. The improvements complement longtime attractions at the square like the schoolhouse where Nathan Hale once taught. “

Other top selections included the Yavapai County Courthouse Plaza in Prescott, AZ, which has been honored by the American Planning Association and the National Trust for Historic Preservation.  At the nation’s top squares, the article pointed out, farmers’ markets, free concerts, and holiday celebrations keep locals and visitors entertained year-round.

The Travel + Leisure website recommended that people “Set your sights on a road trip or weekend getaway to one of these small towns, and make the square your first stop.” 

The description of Parade Plaza was enthusiastic: “Reopened in 2011, this triangular plaza is new and improved, with an open amphitheater that seats 100 and the 10-foot-tall Whale Tail Fountain, popular with kids who play in the water falling from the tail. The schoolhouse where Nathan Hale once taught and the 50-foot-high granite-obelisk Soldiers and Sailors Monument are two traditional attractions. In winter, the upper section is turned into an ice-skating rink.”

More information about Parade Plaza, and New London’s downtown revitalization efforts, is available at newlondonmainstreet.org.  The other New England squares included on the list are in Portsmouth, NH and Bar Harbor, ME.  

Joining New London on the list of top town squares selected by Travel + Leisure (in no particular order):

• The Dover Green, Dover, DE
• Court Square, Bardstown, KY
• Market Square, Portsmouth, NH
• Healdsburg Plaza, Healdsburg, CA
• Historic Canton Square, Canton, MS
• Yavapai County Courthouse Plaza, Prescott, AZ
• Centerway Square, Corning, NY
• Jackson Town Square, Jackson, WY
• City Square Park, Oskaloosa, IA
• Decatur Square, Decatur, GA
• Village Green, Bar Harbor, ME
• The Square, San Marcos, TX

Hometown Names Go Beyond Hometown for Connecticut Banks

What’s in a name?  In the banking industry in Connecticut, quite often it is the name one of the state’s towns.  Although there are more than two dozen out-of-state banks dotting our landscape, nearly an equal number of locally-based institutions have not only adopted the name of their hometown, they’re keeping that name even as the venture into neighboring communities – and well beyond.

Does Farmington Bank have the same cache in South Windsor?  Or Newington?  Does Rockville Bank sound as inviting in West Hartford as in Vernon?  Essex Savings Bank in Madison?  Jewett City Savings Bank (“your hometown bank”) in Brooklyn?  Simsbury Bank in Bloomfield? Or Savings Bank of Danbury, in Waterbury?

The recent opening  of Rockville Bank’s first west-of-the-river branch in West Hartford (joining 18 east of the Connecticut River), nearly simultaneous with Farmington Bank’s opening in South Windsor and Newington Center, reflects the growing trend of “hometown” banks expanding their footprint beyond the four corners of their town borders – and seeing no need to change the name on the door.

In fact, last year Farmington Bank - now with 20 branches in central Connecticut - was recognized as the #1 small business lender in the state by the Small Business Administration (SBA) of Connecticut.  For SBA's fiscal year 2011-12, Farmington Bank approved 57 loans, totaling $8,628,000.

The town names doing double-duty as bank names:  Fairfield, New Canaan, Groton,Darien, Essex, Farmington, Greenwich, Suffield, Guilford, Jewett City, Litchfield, Milford, Naugatuck, Putnam, Rockville, Salisbury, Danbury, Simsbury, Stafford, Thomaston, Torrington, Wilton and Windsor.

And then there is Connecticut Community Bank, which operates five divisions, using five different names, which each utilize the names of their local communities in Darien, Greenwich, Norwalk, Stamford, and Westport.

Not to mention the regional institutions… from Fairfield County Bank to Northwest Community Bank, Naugatuck Valley Savings and Loan to Bank of Southern Connecticut and Eastern Savings Bank.  There’s also the Quinnipiac Bank & Trust Company – not quite a region, but not quite a town.  (Not connected with the university – neither is Southern or Eastern in the previous group.)

There is also Union Bank with 19 locations in Western Connecticut, which has nothing to do with the town of Union, clear across on the other side of the state.  And some local banks, such as The Community’s Bank with a single location in Bridgeport, or three of the state’s largest, Bridgeport-headquartered People’s United, Waterbury-headquartered Webster, and Middletown-headquartered Liberty Bank, which are very much homegrown but without the name of the their hometown in their moniker.

The list more than two-dozen banks, with a hometown in their name, according to the State Department of Banking:

Bank of Fairfield

Bank of New Canaan

Chelsea Groton Bank

Chelsea Groton Bank

Darien Rowayton Bank

Essex Savings Bank

Farmington Bank

First Bank of Greenwich

First National Bank of Suffield

Guilford Savings Bank

Jewett City Savings Bank

Litchfield Bancorp

Milford Bank

Naugatuck Savings Bank

Newtown Savings Bank

Putnam Bank

Rockville Bank

Salisbury Bank and Trust Company

Savings Bank of Danbury

Simsbury Bank & Trust Company

Stafford Savings Bank

Thomaston Savings Bank

Torrington Savings Bank

Wilton Bank

Windsor Federal Savings and Loan Association

Waterbury, Hartford, Simsbury Achieve National “Main Street” Recognition

Connecticut Main Street Center (CMSC) has announced that three Connecticut Main Street designated organizations have been accredited as 2013 National Main Street Programs for meeting organizational performance standards set by the National Trust Main Street Center.  Simsbury Main Street Partnership, Upper Albany Main Street (Hartford) and Main Street Waterbury have been recognized for outstanding accomplishments toward the goal of revitalizing their historic main street districts following the Main Street methodology.  The announcement was made during the 2013 National Main Streets Conference in New Orleans.

"We congratulate this year's accredited National Main Street Programs for meeting our established performance standards," said Valecia Crisafulli, Acting Director of the National Trust Main Street Center. "Rebuilding a district's economic health and maintaining that success requires broad-based community involvement and support, in addition to establishing a solid organization with sound management that is committed to long-term success."

National Main Street Program Accreditation is a partnership between Connecticut Main Street Center and the National Trust Main Street Center to establish standards of performance for local Main Street programs. These standards set the benchmarks for measuring an individual Main Street program's application of the Main Street Four-Point Approach to commercial district revitalization, which includes Organization, Promotion, Design and Economic Restructuring.

Evaluation criteria determine the communities that are building comprehensive and sustainable revitalization efforts and include standards such as development and commitment to mission, fostering strong public-private partnerships, securing a stable operating budget, tracking economic progress, and preserving and bringing back to life historic buildings. These standards provide benchmarks and guidelines on how Main Street organizations should be functioning and serve as incentives for improvement.

Connecticut Main Street Center (CMSC) 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.   Since the Connecticut Main Street program began in 1995, designated Main Street programs have generated over $1 billion in public and private reinvestment in their downtowns. Over the same time, 425 net new businesses have opened and 2,538 net new jobs have been created.

Connecticut's 2013 National Main Street Programs

Simsbury Main Street Partnership, designated in 1995, describes its focus as "forward-thinking economic development within the context of historic preservation, so that Simsbury's assets and legacy can be passed on to future generations." Designated a Preserve America Community by the White House in 2006, the Partnership works to integrate Simsbury Center's shopping, civic and entertainment activities into community heritage tourism opportunities. Through its partnership with the Town and the Hartford Symphony Orchestra, Simsbury Main Street Partnership has linked downtown restaurants and merchants to visitors to the Talcott Mountain Music Festival by establishing an outdoor vendor program where concert-goers can purchase food and drink and retail items. Simsbury was named by the National Trust for Historic Preservation as one of the 2010 Dozen Distinctive Destinations. More about Simsbury Main Street Partnership can be found at www.shopsimsbury.com

Upper Albany Main Street is "an economic development engine in Hartford working to improve the environment for small businesses, promote entrepreneurship, and establish Albany Avenue as a vibrant Afro-Caribbean neighborhood destination of choice." Designated by Connecticut Main Street Center in 2001, Upper Albany Main Street continues to position the organization to meet the socio-economic challenges of the neighborhood by addressing leadership development, and engaging residents in the entrepreneurial initiatives on the Avenue. Through its partnerships with the University of Hartford, the City of Hartford and the Metro Hartford Alliance, the Main Street program has developed the award-winning Micro-Business Incubator program, and a Public Safety initiative which has resulted in the Avenue being named a Weed & Seed Community by the U.S. Department of Justice. More about Upper Albany Main Street can be found at www.upperalbany.com

Main Street Waterbury, designated a Connecticut Main Street Community in 2003, has been guided by a commitment to building community consensus around the need to bring downtown back to life through a culture of collaboration. Forming a unique partnership with the City, the Waterbury Regional Chamber of Commerce and the Waterbury Development Corporation, Main Street Waterbury has been successful in bringing people back to downtown through its special events, community forums, and by focusing on a strategy of "Waterbury at Night"; recruiting restaurants and creating a downtown environment which encourages and complements activity around the existing entertainment destinations in downtown. Downtown Waterbury has seen the rehabilitation of a number of downtown's historic vacant and under-utilized mixed-use buildings, providing market-rate residential development on upper floors. More information about Main Street Waterbury can be found at www.mainstreetwaterbury.com

CMSC is supported by Founding Sponsors, the Connecticut Department of Economic & Community Development (DECD) and The Connecticut Light and Power Company, and by Growth Sponsors, The United Illuminating Company and the Connecticut State Historic Preservation Office. For more information, visit www.ctmainstreet.org

Movie Ticket Sales Up in 2012; Industry Cites Value vs. Sports, Theme Parks

Despite an increasing number of alternative forms of entertainment as technology continues to advance, the motion picture industry reminds us that movie theaters continue to draw more people than all theme parks and major U.S. sports combined. Noting that the average cinema ticket price increased by 3 cents in 2012, less than the 2% increase in inflation, the industry uses the comparisons to highlight the dollar value they provide to families nationwide.  Comparisons to other forms of entertainment, including video games and internet programming, was not included in the industry’s “Theatrical Market Statistics 2012” report.

A movie “still provides the most affordable entertainment option,” costing under $40 dollars for a family of four, according to the Motion Picture Association of America, as compared with $107.92 to attend a major league baseball game, $199.00 to attend one of the nation’s leading theme parks, $203.96 to go to an NBA game, $244.04 at an NHL arena, and $313.52 to attend an NFL game.

More than two-thirds of the population in the U.S. and Canada (age 2+) went to the cinema at least once in 2012, and the “typical moviegoer” bought six tickets during the year, a slight increase from the previous year.  A total of 1.4 billion tickets were sold during the year.

Among the nation’s 12 most populous states, 74 percent of the population of Illinois saw a movie in 2012, the highest share in any of those states.  Data pertaining to Connecticut was not released. Cinema ticket sales continue to be driven by frequent moviegoers –those who go to the movies once a month or more. Frequent moviegoers represent 13% of the population but purchased 57% of all tickets sold in 2012.

“I am happy to report that in 2012, both global and domestic box office were up and so were domestic admissions,” said former Connecticut Senator Chris Dodd, Chairman and CEO of the MPAA. “It’s a powerful reminder of just how much movies matter – not just to our culture, but also to our economy. Our industry supports 2.1 million jobs in the United States and more than 120,000 of those jobs are in movie theaters.”

The  top movies of 2012, by attendance:  The Avengers, The Dark Knight Rises, The Hunger Games, Skyfall and Twilight Saga: Breaking Dawn Part 2.

Stamford Ranks #7 Among Most Expensive Places to Live in U.S.

Stamford has been ranked as the seventh most expensive place to live in the United States, according to a report by CBS Moneywatch. The Council for Community and Economic Research measured prices of common items in 307 urban areas across the country to create the list, the survey said. The study gave Stamford a cost of living index of 146.1 for 2012, the national average is 100.

The “market prices” that served as the data for the survey included the price of a half-gallon of milk, monthly rent, home prices, a gallon of gas, a haircut, and a bottle of wine.

Three of New York City’s boroughs – Manhattan, Brooklyn and Queens – were also in the top 10.  Stamford was just ahead of Washington, D.C.  Boston rounded out the top 10.  A year ago, Stamford ranked #6 in the survey.

The Council for Community and Economic Research, headquartered in Arlington, VA,  promotes excellence in community and economic research by working to improve data availability, enhance data quality, and foster learning about regional economic analytic methods.

The top 10 most expensive places, according to CBS Moneywatch:

1. Manhattan 2. Brooklyn 3. Honolulu 4. San Francisco 5. San Jose 6. Queens 7. Stamford 8. Washington, D.C. 9. Orange County, CA 10. Boston

Women-Owned Firms Propel Economic Growth, CT Ranked #22

Connecticut ranks 22^nd in the “economic clout” of women-owned firms, according to a new study which averages each states’ ranking in the growth of the number, revenue and employment levels of women-owned firms between 1997 and 2013. The number of women-owned businesses in Connecticut increased 35 percent since 1997 and sales at those firms increased by nearly 67 percent,  in an analysis of U.S. Census data by American Express Open.  The review of state-by-state and national data estimates the number of Connecticut businesses owned by women increased to 97,800 this year. Those businesses will have $15.5 billion in sales and employ 92,200 workers in 2013, according to The 2013 State of Women-Owned Businesses Report.   Connecticut firms exceeded the national average in hiring employees (up 17 percent in the state vs. 10 percent nationally) and in sales growth (67 percent vs. 63 percent).

As of 2013, it is estimated that there are over 8.6 million women-owned businesses in the United States, generating over $1.3 trillion in revenues and employing nearly 7.8 million people. The American Express analysis showed Connecticut still lags behind the 59 percent national average in growth among women-owned businesses since 1997.

Driving Growth

Between 1997 and 2013, when the number of businesses in the United States increased by 41%, the number of women-owned firms increased by 59%— a rate 1½ times the national average.

The report noted that in the six years since the beginning of the recession in 2007, private sector job growth in the United States has come from two main sources: large, publicly traded corporations, and privately-owned majority women-owned businesses.

Women of Color

In 1997, there were just under 1 million (929,445) firms owned by women of color, accounting for one in six (17%) women-owned firms. That number has skyrocketed to an estimated 2,677,700 as of 2013, now comprising one in three (31%) women-owned firms.

The number of firms owned by Latinas are estimated at 944,000 as of 2013, according to the analysis. These firms employ 408,100 workers and generate an estimated $65.5 billion in revenue. Latina women own 36% of all Latino-owned firms, employ 20% of the workers employed by Latino-owned firms, and contribute 16% of the revenue generated by Latino-owned businesses. While nationally 11% of women-owned firms are owned by Latinas, they comprise the greatest share of all women-owned firms in New Mexico (29%), Texas (25%), Florida (24%) and California (20%).

Across All Industries

The states with the fastest growth in the number, employment and revenues of women-owned firms are the District of Columbia, North Dakota, Nevada, Wyoming and Georgia. The states with the lowest growth in the number of women-owned firms between 1997 and 2013 are: Alaska (12%), West Virginia (23%), Iowa (23%), Ohio (27%) and Kansas (27%).  Among the nation’s 25 most populous metropolitan areas, the fastest growing for women-owned firms are San Antonio TX, Portland OR, Houston TX, Riverside CA, and Washington DC/MD/VA.

Women-owned firms continue to diversify into all industries. The industries with the highest concentration of women-owned firms are: health care and social assistance (53% of firms in this sector are women-owned, compared to a 29% share overall), educational services (45%), other services (41%), and administrative support and waste management services (44%).

The industries with the lowest concentration of women-owned firms (in industries contributing 2% or more of the business population) are construction (where just 7% of firms are women-owned), transportation and warehousing (11%) and finance and insurance (20%). All other industries are close to the 29% share in all industries—illustrating that women-owned firms are staking a claim in all sectors of the U.S. economy.

Connecticut's overall ranking at #22 falls between Pennsylvania and West Virginia.

Young Adult Unemployment Rates Persist at High Levels, Education Remains Key Factor

Analyzing the enduring economic effects of youth unemployment, a new report by Demos outlines a serious job crisis, especially those with less education and individuals of color.  Surveying a full year of U.S. Bureau of Labor Statistics data from 2012, Stuck: Young America’s Persistent Jobs Crisis shows that 18 to 34 year-olds make up 45% of the total share of the unemployed population nationwide and continue to face a serious jobs gap—with 4.1 million new jobs needed to return to pre-recession levels of employment. Among the report’s key findings:

• Young adults gained little ground in 2012. Altogether, there are more than 5.6 million 18 to 34-year-olds, 45 percent of all unemployed Americans, who are willing and able to take a job, but have been shut out of opportunities for employment.
• Young adult Hispanic workers experience unemployment rates 25 percent higher than those of whites, while African Americans face rates approximately double.
• The greatest differences were attributed to education: the unemployment rate for 18 to 24 year olds with a Bachelor’s degree was 7.7% compared to 19.7% for those with a high school diploma.
• In 2012, the labor force participation rate of 18 to 24 year olds declined to its lowest point in more than four decades.
• Workers with a four-year degree are 9 to 12 percentage points more likely to be in the labor market than workers with a high school diploma in every age group. The unemployment rate for workers with a high school diploma is twice as high as unemployment among workers with a Bachelor’s degree

The findings update data provided in 2012 to the Connecticut Commission on Children and Connecticut Workforce Development Council, which indicated that teenage labor force participation had dropped 48.2 percent over the past 22 years across the US, and employment rates were lowest among teens of color.   The Commission and Council held a public forum on youth unemployment last year, noting that “For young people, the Great Depression isn't a history lesson - it's a current event.  While the overall unemployment rate hovered around 8 percent last summer, it stood at 17.3 percent for those between the ages of 16 and 24.”  The new Demos report suggests that progress has been negligible in the year since.

Demos is a public policy organization “working for an America where we all have an equal say in our democracy and an equal chance in our economy.”  The organization is led by former Connecticut Secretary of the State Miles Rapoport, and has offices in New York, Washington and Boston.   The new report indicates that if job growth continues at 2012 levels,  “it will be another ten years before the country recovers to full employment. Even then, workers under 25 will face unemployment rates twice the national average.”

The Demos report recommends that “Public investment to directly employ young adults—especially young adults of color and those without a college degree—could address the jobs crisis facing this generation, contribute to the recovery through increased consumer spending, and accomplish the kind of strong, stable, and diverse society that we envision for our future.”