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

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

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

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

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

Views on Industry Investment Potential Vary

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

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

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

Factors Close to Home of Greater Concern

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

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

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

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

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

Whalers Return to Connecticut - On Lottery Tickets

If you’re wondering why you’re seeing and hearing more advertising featuring the logo and theme song of the defunct Hartford Whalers than the tryin’-to-survive Hartford Wolf Pack, the Connecticut Lottery is the reason.

The lottery is in the midst of a very visible media campaign prominently featuring the sound of “Brass Bonanza,” the former team’s distinctive anthem, and a computer animated rink with the Whalers logo glistening at center ice.

The television and web promotions for the scratch tickets come, coincidentally, as Gov. Dannel Malloy indicated in recent weeks that he’s spoken with “at least two groups” that are interested in acquiring an NHL team about the possibility of relocating or expanding to Hartford.

The Whalers were moved by their owner to North Carolina in 1997, despite solid attendance and a successful season ticket sale drive, after two decades in the World Hockey Association and the National Hockey League, first in Boston, then Hartford.

Last month, the State Bond Commission approved funds for improvements at the 34-year-old XL Center (formerly the Hartford Civic Center, rebuilt after a roof collapse three decades ago). Improvements will include an upgraded videoboard, a new fan club area, renovated bathrooms, concession stand upgrades, a new bar area within the arena bowl, renovated locker rooms and improvements in handicap accessibility. Construction is expected to take place in the summer and be completed by the start of the 2014-15 hockey season.

The CT Lottery received permission to use the Whalers logo for this promotion from the National Hockey League (NHL), which retains rights to the logo.  The scratch game tickets cost $3 and the maximum winning prize is $30,000.  It is anticipated that 1,200,000 tickets will be sold, and the overall odds of winning a monetary prize is 1 in 3.67.  The game launched at the start of the hockey season last fall, and will continue “until the last top prize in the game is claimed” according to lottery officials.

As of last Friday, there remained two $30,000 winning tickets, 15 tickets with  a prize amount of $1,979, 105 tickets worth $500, and 300 tickets worth $250 yet to be claimed.  More than 7,500 winning tickets between $25 and $100 have also yet to be claimed.

The CT Lottery's use of the Hartford Whalers® logo is a first for Connecticut, according to lottery officials  Other CT Lottery sports branded scratch tickets have included the NY Giants®, NY Yankees® and the Boston Red Sox®.  The last time that the Whalers were front and center on a CT Lottery ticket was in 1992, when the team was still in town.  At the time, “Whalers Power Play” tickets cost $1, with prizes ranging from  $2 to $1,000, including some drawings between periods at Whalers games.

“I have encouraged at least two groups that have expressed interest in acquiring a team to do so and that we would be active participants should they acquire a team and win the rights to that team,” Malloy said last month.  In the meantime, die-hard Whalers fans in Connecticut can buy lottery tickets - as they hope that an even bigger bonanza is in the cards.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ManyMentors is moving forward with three central efforts:

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

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

Pay Inequality Gap Widens in Greater Hartford; 8th Largest in U.S. Since 2008

If you thought the earnings gap between the “have’s” and “have-nots” in the Greater Hartford region has been widening in recent years, new data indicates your impression is correct.  The Hartford-East Hartford-West Hartford region ranks #8 among the nation’s metropolitan areas with the largest widening gap in employee earnings, when comparing those making less than, or more than, $50,000. The data was compiled from the U.S. Bureau of Labor Statistics.

Between 2008 and 2013, the gap in the increase in pay between those earning less than $50,000 and those making more than $50,000 was $5,347 – the eighth largest gap in the nation.  The pay increase for the lower paid employees since 2008 was an average of $44, compared with a $5,391 average increase among those earning more than $50,000.

In analyzing the data, Bloomberg ranked the 49 metro areas with the most employed people on the difference in pay since 2008 between those earning more than $50,000 and those earning $50,000 or less.  Occupations with both annual median pay and total employment numbers were included. On average, more than 500 occupations in each Metropolitan Statistical Area were studied.

The widest gap was in the Washington-Arlington-Alexandria metropolitan area, at $9,603, followed by San Jose-Sunnyvale-Santa Clara at $7,837, and Riverside-San Bernadino-Ontario at $7,065.  Also with a wider gap than the Hartford region were metropolitan Sacramento ($6,368), the New York metropolitan area ($6,243), greater Orlando ($5,895) and metropolitan Oakland ($5,830).

The only big city in the U.S. where the gap between highest and lowest earners has narrowed since 2008 is Memphis, TN.

In the survey methodology, annual pay was employee-weighted and included base salary, cost-of-living allowance, guaranteed pay, hazardous-duty pay and incentive pay - commissions, production bonuses and tips. The analysis was released in December 2013, using the most recent data available.

UConn Applications Climb; Board of Regents Makes Commitments on Remediation at White House Summit

Who is attending college in Connecticut – and who is not – was the central topic of conversation in Storrs and at the White House Thursday.

At a White House summit on expanding college opportunity, the Connecticut State Colleges and Universities (ConnSCU) system was among more than three dozen colleges, universities and systems issuing promises of specific policy steps to be taken to improve college access and completion rates, with a particular focus on low-income students.   Connecticut Board of Regents President Gregory W. Gray was among those in attendance.

As part of the day-long summit, the White House released a 90-page “Commitments to Action” summary that included new commitments from over 100 colleges and universities and 40 organizations “to build on their existing efforts.”  The steps the institutions will be taking follow calls from President Obama, Education Secretary Arne Duncan and others to improve higher education opportunity in the United States, in response to the nation’s diminishing standing compared with other nations.

As education, business and nonprofit officials were meeting in Washington, the University of Connecticut, the state’s flagship institution, announced that the number of high school students seeking admission to UConn’s Storrs campus next fall has jumped significantly over last year’s figures, comprising a pool of potential freshmen with even higher average SAT scores and more diversity than previous years’ applicants.

More than 29,500 students applied as of Wednesday’s due date, a 10 percent increase over last year’s number, according to UConn officials. The number of minority applicants also increased by 16 percent – described as an important consideration in UConn’s commitment to diversity.   Officials pointed out that the jump in UConn applications runs counter to national and regional trends in which declines in the number of high school graduates have caused many universities to see their applications and enrollments level off or decrease.

Enrollment Moving in Opposite Directions

The Board of Regents system – which includes more than 90,000 students attending the state’s 17 public colleges and universities (except UConn, which is outside the system) – has seen the largest drop in students among the state’s public and private higher education sectors. At Connecticut's four state universities (Central, Eastern, Southern, Western), enrollment was down 2.2 percent to 34,062 this year compared to 2012, reflecting the continued losses in the number of part-time graduate students. Enrollment at the community colleges fell 2.1 percent to 56,977, reflecting losses in both full and part time students.

Full-time undergraduate enrollment among member institutions of the private Connecticut Conference of Independent Colleges (CCIC) rose by nearly 2.5 percent this past fall. In fact, nine of the 16 CCIC member institutions had an increase in enrollment and five of these institutions hit new enrollment records: Goodwin College, Quinnipiac University, Sacred Heart University, University of New Haven, and the University of Saint Joseph. In contrast, only five of twenty three public institutions showed an increase in enrollment.

According to Thursday’s newly released White House document, “Connecticut commits to planning an evaluation of pilot data to assess and improve upon efforts to implement remediation redesign throughout post-secondary institutions in the state.  Efforts will support improvements to remediation curriculum and practices on campuses.”  One of the panel discussion Thursday in Washington D.C. focused on the remediation issue, in which students graduating high school but not quite ready for college have traditionally taken non-credit bearing courses to prepare for college.

Focus on Remediation

The Connecticut legislature in 2012 passed a new law that requires public colleges to embed remedial education in credit-bearing courses, with extra tutoring and assistance for students who need remedial help. The bill had concerned some faculty at the institutions, who felt that abolishing all remedial classes would be unworkable, considering the learning deficiencies of some incoming students. Beginning with the Fall 2014 semester, the new law allows institutions to offer a student no more than one semester of non-embedded remedial support.

Connecticut will be hosting two upcoming events focusing on the remediation issue, the White House report indicated:

• A“Multiple Measures Summit,” which will offer information and applicability of various methods of placement assessment for consideration of state community colleges and universities.
• A “Remediation Conference,” which “will serve as an opportunity for state-wide collaboration outlining best practices of the piloting of intensive, embedded and transitional remedial education initiatives.  Data results will be shared along with ideas for scalability.”

The “Commitments to Action” document also notes that “The Board of Regents is currently conducting 139 pilots consisting of both math and English, intensive and embedded programming across the 17 ConnSCU institutions… Data will be analyzed by institution and system faculty/administration to highlight challenges for adaptation and strengths for duplication.”   It has been estimated that by 2020, 70 percent of Connecticut’s jobs will require post-secondary education.

Among UConn’s larger applicant pool, several stand-out programs – including engineering, business, digital media, and allied health sciences – are among the disciplines that saw significant increases in interest from the potential new UConn students who applied for admission.  With substantial financial support from the Governor and state legislature, UConn is investing in new faculty, updating its academic plan, and planning for the Next Generation Connecticut initiative to revolutionize its STEM (science, technology, engineering and math) curricula.

UConn will begin notifying this year’s applicants with offers of admissions starting March 1, with the targeted new class of Storrs freshmen estimated to be around 3,550 students. The number of applicants has more than doubled since 2001, when the University received about 13,600 applications.

UConn’s Next Generation Connecticut initiative, a $1.5 billion 10-year state-funded investment, is expected to attract $270 million in research dollars, $527 million in new business activity, and fund the hiring of 259 new faculty members and the enrollment of an additional 6,580 undergraduate students, as well as the construction of new labs and facilities, expansion of digital media and risk management degree programs and development of student housing at UConn’s Stamford campus.

President Obama has set a goal of having the United States achieve the highest proportion of college graduates in the world by 2020.  The U.S., which was once ranked #1 in the world, has fallen from the top 10, and current projections indicate that decent will continue without corrective actions, such as those outlined by participants in the White House-led effort.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1 San Jose-Sunnyvale-Santa Clara, Calif.

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

 2 San Francisco-Oakland-Fremont, Calif.

Overall median pay: $79,000

Starting median pay: $60,400

Mid-career median pay: $114,000

 3 Houston-Sugar Land-Baytown, Texas

Overall median pay: $71,900

Starting median pay: $56,400

Mid-career median pay: $99,000

4 Bridgeport-Stamford-Norwalk, Conn.

Overall median pay: $71,800

Starting median pay: $55,500

Mid-career median pay: $96,900

No. 5 Seattle-Tacoma-Bellevue, Wash.

Overall median pay: $71,200

Starting median pay: $53,900

 Mid-career median pay: $99,000

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

Overall median pay: $70,200

Starting median pay: $54,800

Mid-career median pay: $104,000

7 Hartford-West Hartford-East Hartford, Conn.

Overall median pay: $69,200

Starting median pay: $53,000

Mid-career median pay: $92,000

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

Overall median pay: $68,900

Starting median pay: $53,300

Mid-career median pay: $99,600

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

Overall median pay: $68,800

Starting median pay: $52,900

Mid-career median pay: $101,000

10 San Diego-Carlsbad-San Marcos, Calif.

Overall median pay: $67,900

Starting median pay: $51,700

Mid-career median pay: $96,500

Revitalizing CT Downtowns Earns Recognition, Success

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

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

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

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

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

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

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

Connecticut Ranks #42 in Population Gain Between 2010 and 2013; New England Lags Nation

Connecticut’s population grew six-tenths of one percent between 2010 and 2013 according to estimates by the U.S. Census Bureau, ranking the state 42nd among the nation’s 50 states in population growth.  The state population, which was 3, 574,097 at the 2010 U.S. Census was estimated at 3,596,080 as of the official July 2013 estimate, announced at year’s end.

The 2013 estimates also show the nation's population grew by 2.4 percent in the three years since the 2010 Census, with the South and the West leading the expansion. The total for the 50 states, the District of Columbia and Puerto Rico rose from 308,745,538 in 2010 to an estimated 316,128,839 in July 2013.  Only Rhode Island lost population (1,056 people) during the period, and the Southern and Western states accounted for more than 80 percent of the growth nationwide.

The bottom twelve states in population growth – all under one percent - include five from New England:  Rhode Island, Maine, Vermont, New Hampshire and Connecticut.  The remainder are in the Mid-West.  Massachusetts population grew by 2.2 percent, New Jersey by 1.2 percent, and New York by 1.4 percent.

The South, the nation's largest population center, also had the highest percentage-point growth at 3.3 percent: from 114,555,744 in 2010 to an estimated 118,383,453 in 2013. The West was close behind, with a 3.2 percentage-point growth during the period, from 71,945,553 in the 2010 Census to an estimated 74,254,423 in July 2013.

The Midwest region had the smallest growth, at 0.9 percent: 66,927,001 people in 2010 to 67,547,890 in 2013, according to published reports. The population growth for the Northeast was 1.1 percent between 2010 and 2013, growing from 55,317,240 in 2010 to 55,943,073, according to the census estimates.

The bottom twelve, including Connecticut, saw increases of less than one percent, including Rhode Island’s drop in population, and Maine standing essentially even, adding less than 1,000 people.

• Rhode Island -0.1
• Maine   0.0
• Michigan 0.1
• Vermont 0.1
• West Virginia 0.1
• Ohio 0.3
• Illinois   0.4
• New Hampshire 0.5
• Connecticut 0.6
• Pennsylvania 0.6
• Mississippi 0.8
• Missouri 0.9

The new figures from the Census Bureau shows Massachusetts is continuing to add to its population. The latest estimate as of July 1 puts the state's population at nearly 6.7 million, up by more than 47,000 from July, 2012.  Massachusetts' ranking is the 14th most populous state in the country.

New York remains the third most populous state in the nation -- behind California and Texas -- but the state's lead over fourth-place Florida continues to erode, according to 2013 population estimates. New York saw an increase of 1.4 percent from 19,378,102 people in the 2010 Census to 19,651,127 in the 2013 estimate, according to the bureau.

Florida's population in the 2010 Census was 18,801,310, about 576,000 fewer than New York's 2010 Census population. However, Florida's population rose an estimated 4 percent between 2010 and 2013, to 19,552,860 -- about 98,000 fewer than New York's 2013 population estimate.  Some have projected that Florida will overtake New York in population next year.

North Dakota, with its expanding oil and gas industry, led the growth chart between 2010 and 2013, at a 7.6 percent clip, including a 3.1 percent population increase in just the past year.

For the 12 months ending July 1, 2013, population growth nationwide was 0.71%, or just under 2.3 million people. That's the slowest since 1937, USA Today reported.  An aging Baby Boomer population and slower immigration combined for what the newspaper described as “nearly stagnant U.S. population growth,” the slowest pace since the Great Depression.

Maine and West Virginia were the only two states to lose population between 2012 and 2013.  The Census Bureau estimates that Connecticut picked up 4,315 residents in that 12-month period.