Some Businesses Anticipate More Hiring in CT, But Employers Expectations Lower than Last Quarter, Last Year

Employers in Connecticut expect to hire at an “upbeat pace” during the fourth quarter of 2016, according to the Manpower Employment Outlook Survey, but hiring intentions are weaker than in the previous quarter, and a year ago. Nearly one in five Connecticut employers, 18 percent of the companies interviewed, plan to hire more employees between October and December, while 6 percent expect to reduce their payrolls. Another 73 percent expect to maintain their current workforce levels and 3 percent are not certain of their hiring plans. This yields a Net Employment Outlook of 12 percent, according to Manpower, which produces the quarterly surveys of business hiring plans.

Those numbers are not as strong as in previous surveys, taken  in advance of the third quarter of this year, and prior to the fourth quarter a year ago. Nationwide, the trend is in the opposite direction.  Employers indicate a slight increase in hiring plans for the final three months of 2016.

“Hiring intentions are weaker compared to Q3 2016 when the Net Employment Outlook was 15 percent,” Manpower spokesperson Betty Gooding said about the Connecticut numbers. “The hiring pace is expected to slow down compared to one year ago when the Net Employment Outlook was 16 percent.”

Among metropolitan areas in Connecticut among the top 100 surveyed nationwide, 16 percent of Bridgeport area employers anticipate more hiring in the fourth quarter, compared with 8 percent of Hartford region employers, according to the survey data.

For the coming quarter, job prospects appear best in Transportation & Utilities, Wholesale & Retail Trade, Information, Financial Activities, Professional & Business Services, Education & Health Services, Leisure & Hospitality and Government.  Employers in Durable Goods Manufacturing, Nondurable Goods Manufacturing and Other Services plan to reduce staffing levels, while hiring in Construction is expected to remain unchanged, according to the survey.

Connecticut’s employers’ hiring projections are also slightly lower than the nationwide numbers.  Of the more than 11,000 employers surveyed in the United States, 22 percent expect to add to their workforces, compared with 18 percent in Connecticut, and 6 percent expect a decline in their payrolls during Quarter 4 2016. Sixty-nine percent of employers anticipate making no change to staff levels, and the remaining 3 percent of employers are undecided about their hiring plans.

In the Northeast, 20 percent of employers surveyed anticipate stronger hiring activity in Quarter 4 2016.  Connecticut employers expectations are somewhat lower.

Heading into the fourth quarter, the states with the most optimistic hiring outlook are Hawaii, Tennessee, Utah, Montana, Florida and Arizona.  The most pessimistic are Alaska, New Jersey, Wyoming, Puerto Rico and Indiana.

The Manpower Employment Outlook Survey is conducted quarterly to measure employers’ intentions to increase or decrease the number of employees in their workforces during the next quarter. The Manpower Employment Outlook Survey’s United States results are based on interviews with 11,000 employers located in the 50 states, the District of Columbia and Puerto Rico, which includes the largest 100 Metropolitan Statistical Areas based on number of business establishments.

Opponents to Natural Gas Pipeline Rally to Grow Public Interest

A planned natural gas pipeline in Connecticut and neighboring states brought protesters out in Suffield and East Granby, calling attention to potential adverse environmental impacts. Kinder Morgan’s natural gas project, Connecticut Expansion, is scheduled to begin construction in Suffield and East Granby shortly, according to the Connecticut Sierra Club, which organized the protest and has been conducting a public education initiative opposing the plans. The People Over Pipelines March, held Saturday, mirrors similar efforts held in Massachusetts, aimed at drawing attention the ratepayer subsidized gas pipeline expansion.  Participants followed the Kinder Morgan pipeline route in Suffield and East Granby.  Co-sponosrs of the effort included 350 CT, Toxics Action Center, Bethlehem Ecodefense and Berkshire Environmental Action Team.

At  an accompanying rally, Sierra Club’s Martha Klein said, “We’re here today to fight for the future of our planet, but the real reason to oppose this new pipeline is that it’s expensive, unneeded and what’s worse we’re paying for it!” The high pressure, large diameter fracked gas pipeline is being built in three states Sierra Club officials point out, noting that methane (natural gas) causes global heating that is 100 times worse than carbon dioxide in the near term.

Diane Lentakis of 350 CT added, “I’m marching here today to oppose a new taxpayer-funded pipeline because natural gas presents many of the same problems as oil and coal: toxic emissions, huge transport costs, and huge risks of accidents. I want Connecticut to be a leader in our country’s transition to clean energy.  We can take a major step towards this goal by opposing this costly pipeline and instead investing in renewable and clean energy. “

Sierra Club officials explain that Connecticut residents have been paying for the expansion of fracked gas in the state through ratepayer increases on their electric bill since 2013, as a result of state lawmakers approving a “Comprehensive Energy Strategy.”  In 2015, the General Assembly passed a law that mandated future ratepayer subsidies for multi-state gas pipeline projects, which will lead to ratepayers subsidizing the construction of interstate gas pipelines.

The state Department of Energy and Environmental Protection (DEEP)  “is the agency in the state that both procures large natural gas projects, and also issues permits for aspects of the construction. The aim of the State energy plan is to create thousands of new gas customers, through advertising and ratepayer subsidies. Only the two large corporations, Eversource and Iberdrola, will benefit from the expansion.  They have a monopoly on gas distribution in the area,” Sierra Club pointed out in a news release highlighting the issue.  Eversource owns Yankee Gas; Iberdrola owns Connecticut Natural Gas and Southern CT Gas.

Sierra Club officials indicate that it is “not likely” that Connecticut citizens will benefit from the pipeline, stating that “Natural gas is not cheaper, cleaner or safer than other fuels. Gas, which is methane, is currently more expensive than heating oil in Connecticut and according to the International Governmental Panel on Climate Change (IPCC), worse for the environment than oil or coal. Methane extraction (fracking), use, and transport produce significantly more greenhouse gas emissions causing worse climate change than other fossil fuels.”

Studies show that there is no unmet demand for natural gas in Connecticut, opponents of the planned pipeline said, stressing that gas pipelines are routinely only half full now and electricity demand in New England has remained virtually flat over more than 10 years.  Proponents have stated otherwise.

According to DEEP, there are approximately 590 miles of transmission pipeline in Connecticut, including 16 miles in Long Island Sound.  These pipelines range in size from 2” to 36”. Pressures range from 750 pounds per square inch gauge (psig) to 1,440 psig. There are 5 compressor stations in Connecticut with a total of approximately 110,300 horsepower. The pipelines currently in place:

• Algonquin Gas Transmission (AGT - Spectra Energy Corporation) originates in New Jersey where it connects to Texas Eastern and runs from Danbury northeasterly to Thompson, with major spurs to North Haven and New London.
• Iroquois Gas Transmission System (IGT) starts at the Canadian border, enters Connecticut at Sherman and runs southeast through Milford, then offshore to Long Island.
• Tennessee Gas Transmission (TGP -Kinder Morgan) starts in the Gulf, enters Connecticut in Greenwich, runs northeasterly leaving Connecticut in Suffield, with a spur from Massachusetts to Torrington.

The Sierra Club will be conducting a public education session on the pipeline at Quinebaug Valley Community College on Thursday, Sept. 29 at 1 p.m.

Tech Impact Summit to Provide High-Level Focus on Corporate Information Security

Information security experts from the Federal Bureau of Investigation (FBI) and InfraGard will keynote the Tech Impact Summit in Farmington on October 7, coordinated by The Walker Group, one of New England’s leading technology services firms. FBI Special Agent Judy Eide, a 25-year veteran currently assigned to the Bureau’s New Haven Division Computer Crime squad and a coordinator of the Connecticut Chapter of InfraGard, will be one of the speakers.  Also on the program is Mark Ramsey the Chief Information Security Officer for ASSA ABLOY – Americas and President of the Connecticut Chapter of InfraGard. Ramsey also teaches at Fairfield University, and previously held information security positions at Stanley Black & Decker and General Electric.

In addition to the keynote presentations, the event will focus on three top trends in technology: Cybersecurity, Cloud/Hybrid Cloud and Hyperconvergence.

Attendance at Tech Impact is expected to exceed 300 people, which organizers describe as one of the region’s most comprehensive gatherings of technology leadership this year. More than 30 of today’s most innovative technology companies will be represented, including RSA, Splunk, Zerto, Nutanix, Dell, EMC, Microsoft, VMWare, and Aruba Networks. The program includes panel discussions, hands-on exposure to the latest technology and giveaways for participants.

“We want this to be a must-attend event for anyone responsible for strategic technical decisions within their organization,” says Steven Bulmer, Walker’s vice president of professional services.  “Tech Impact is really a self-defining event based upon the intense interest and demand from our clients, especially for information security services.”

The summit is complimentary for information technology professionals responsible for the strategic planning and implementation of all technology-related decisions throughout an organization.

The event will also be used to celebrate a $10,000 Tech Impact Award, given in partnership with Hartford-based reSET, to a social entrepreneur in the technology space that has the potential to make a social or environmental impact.

“Combining the opportunity to learn about cutting-edge trends in technology with a celebration of what technology can do to help make the world a better place is a wonderful way to celebrate our commitment to our social enterprise model,” said Walker’s CEO, Kate Emery.

Tech Impact will run from 9am to 4pm at the Farmington Marriott.

Connecticut Public Accounting Firms Reach National Rankings

The largest Connecticut-based public accounting firm, BlumShapiro, earned the #54 position in the nation’s top 100, according to the publication Inside Public Accounting.  It is one of a handful of Connecticut firms to make the annual top 300 list, in addition to regional firms with offices in Connecticut. BlumShapiro is the largest regional business advisory firm based in New England providing accounting, tax and business consulting services. The firm serves clients from six offices offices in Connecticut (West Hartford and Shelton), Massachusetts and Rhode Island. BlumShapiro ranked #53 last year. 

Noted among the nation’s top 200 public accounting firms is Hartford headquartered Whittlesey & Hadley.  The firm, ranked at #155 this year, up from #178 a year ago, and #192 in 2014, has two additional offices, located in Hamden, CT and Holyoke, MA. The firm provides a comprehensive array of accounting, auditing, tax, and advisory services to a broad range of businesses and individuals.

Ranked #285 is Reynolds & Rowella LLP, which maintains offices in Ridgefield and New Canaan.  “We are proud to be counted among the top-ranked accounting firms nationwide on a list that includes Deloitte, PwC, Ernst & Young and KPMG,” Frank Rowella, Reynolds & Rowella’s managing partner, told the Fairfield County Business Journal. “The IPA list is known as one of the most thorough and accurate sets of rankings in the accounting profession. Our inclusion reflects our determination to provide the very best quality compliance and financial services solutions to our valued clients.”

At #296 is Glastonbury-based Fiondella Milone & LaSaracina.  FML was founded in 2002 “for the purpose of providing professional auditing, tax and business consulting services to a wide range of clients and industries throughout the Northeast,” the company’s website indicates.  After working together at Ernst & Young, the firm’s founding partners, Jeff Fiondella, Frank Milone and Lisa LaSaracina launched FML.

Inside Public Accounting (IPA), founded in 1987, is published by The Platt Group. The Platt Group publishes both the award-winning Inside Public Accounting newsletter and the award-winning National Benchmarking Report.

Beginning in 1994, INSIDE Public Accounting’s Survey and Analysis of Firms and the resulting national benchmarking report on the nation’s largest accounting firms has served as a barometer of the overall health, challenges and opportunities of the profession, according to the publication.

Annually more than 500 accounting firms across the North America complete the in-depth financial and operational survey. The data is then used to compile the annual ranking of the nation’s largest accounting firms, which is unveiled in August of each year. The annual IPA rankings are considered to be among the longest-running, most accurate and up-to-date for the nation’s largest accounting firms.

Leading the list nationally were Deloitte, PricewaterhouseCopers, Ernst & Young, KPMG, RSM, and Grant Thornton.  Ranked at #11 is New York based CohnReznick, which has offices in Hartford.  Marcum LLP ranked #16, Citrin Cooperman & Company, also based in New York and ranked #21, has offices in Fairfield County.

“State of Innovation” Specialty License Plate Is Latest to Join List of Choices

Connecticut, with more than 50 special license plates featuring everything from animals to war survivors, now has one more available for purchase by state residents. At the fifth annual Westport Mini Maker Faire earlier this year, it was announced that a new “State of Innovation” license plate was being developed by a non-profit organization, Remarkable STEAM.   The organization has now announced that their design has been approved, and sales of the new plate are underway.

Individuals can transfer an existing plate or obtain a vanity plate.  A portion of the proceeds goes to Remarkable STEAM, Inc, a 501(c)(3) not for profit corporation, best known for the Westport Mini Maker Faire.  Remarkable STEAM initiatives support job creation and educational programs.

State law allows the Department of Motor Vehicles to issue of special background plates on behalf of non-profit organizations. The organization must be non-profit, must submit a copy of the organization's charter or by-laws, provide a letter of good standing from the State of Connecticut Secretary of State’s Office (if required) and supply any Internal Revenue Service ruling on their non-profit tax exemption status.

The logo production and cost incurred will be the responsibility of the organization. The logo prototype design, preferred in PDF format, must be submitted to the DMV. The logo can be no larger than 2 inches wide and 3.5 inches high. DMV has final approval on all the plate and logo designs.

A liaison for the organization must be appointed. This individual will be responsible for all communications with the DMV as well as certifying and authenticating (by signature) each member’s application, submitting the logo design to DMV for approval, submitting 400 applications with the required fee prior to the manufacturing of the special background plates, and submitting a Special Interest Plate disclaimer.

Many organizations in Connecticut offer license plates to their members and the general public.  General categories include animals, colleges, environment, organizations, police and fire, cities and towns, and recreation.

Organization vanity plates include Amistad, Benevolent & Protective Order of the Elks, IUOE Local 478, Grand Lodge of Connecticut, Knights of Columbus, Olympic Spirit, P.T. Barnum Foundation Inc., Preserving Our Past CT Trust for Historic Preservation, Red Sox Foundation, Lions Eye Research Foundation, Special Olympics, Federated Garden Clubs, Fidelco Guide Dog Foundation, Keep Kids Safe, New England Air Museum and the U.S.S. Connecticut Commissioning Committee.

All fees established and collected pursuant to the United We Stand plate (except moneys designated for the administrative costs of the DMV) shall be deposited in the United We Stand commemorative account.  Funds are directed to the United States Department of State Rewards for Justice program and is used solely to apprehend terrorists and bring them to justice. The account will also be distributed to the Secretary of the Office of Policy and Management for the purpose of providing financial support and assistance to the former spouses and dependents of persons killed as a result of the acts of terrorism committed on September 11, 2001.

When individuals purchase a Keep Kids Safe plate, a portion of the fee goes to the Keep Kids Safe Fund, which “makes many worthy projects happen for youngsters.”  The fund awards grants to schools, hospitals, municipalities and other non-profit organizations working to make all Connecticut children safer from severe and preventable injuries, according to the DMV website.

In most cases, remake of a current plate is $70; a new vanity plate is $139, a new series plate is $50.  For others, including the UConn Huskies plate, the price tag is somewhat different.  Off-the-shelf license plates cost $55, remake of a current plate is $75, a new vanity plate costs $144, according to the DMV website.

The Support Our Troops plate sends a portion of the fee to provide funding for programs to assist Connecticut troops, their families and veterans. When you buy a Red Sox plate, a portion of the fees support and help fund academic scholarship programs in Connecticut.

Also included are 17 varieties of military specialty plates, including Disabled American Veteran, Gold Star Family, Iwo Jima Survivor, Korean War Veterans Association, Marine Corps League, Laos Veterans of America, Military Order of the Purple Heart, Pearl Harbor 1941, U.S. Submarine Veteran, National Guard Association of Connecticut, First Company Governor’s Foot Guard, First Company Governor’s Horse Guard,

Colleges with designated plates include Central Connecticut State University, Penn State Alumni, University of Hartford, University of Connecticut, and University of New Haven.  Cities with available plates include Meriden, Norwich, and Stafford.

Organizations interested in launching a new special plate, should contact the DMV Special Plate Unit at (860) 263-5154 for further information.

CT Residents Concerns About Health Care Affordability, Job Prospects Increase; More Expect to Leave, Even as Optimism Grows

Nearly two-thirds of Connecticut residents are concerned about the affordability of health insurance, a jump of 12 percentage points in just the past year, and the highest level since the quarterly Inform CT Consumer Confidence Survey began 18 months ago. And slightly more than 4 in 10 Connecticut residents now say it is likely that they will move out of the state within the next five years, reflecting concerns about a lack of jobs, declining business conditions and health insurance costs. Yet, many residents continue to say that Connecticut is a good place to live and raise a family, and some optimism is evident in consumer spending expectations.  The survey found that:

• 41% say it is likely they will make a major consumer expenditure (for furniture or other products) during the next six months.
• 31% say it is likely they will purchase a car in the next six months.
• 71% indicated they expected to take a vacation outside of Connecticut in the next six months.

All are the highest percentages since the quarterly survey began in 2015.

The quarterly survey is released by InformCT, a public-private partnership that provides independent, non-partisan research, analysis, and public outreach to help create fact-based dialogue and action in Connecticut.  Administered by researchers from the Connecticut Economic Resource Center, Inc. (CERC) and Smith & Company, the analysis is based on the responses of residents across Connecticut and addresses key economic issues, providing a glimpse of the public’s views.

Despite qualms about the state’s economy, residents are increasingly optimistic about their own financial circumstances.  One-third (32%) say they are better off now than six months ago, and 42 percent believe they will be better off six months from now than they are today.  Both numbers are 5 percentage points higher than they were a year ago.  The overall view of the state’s fiscal picture differs:

• A year ago, 40 percent of those surveyed disagreed with the statement that the Connecticut economy is improving. That percentage has now climbed – one year later – to 49 percent, nearly half the state.
• The percentage who believe that the state’s economy is improving has dropped from 29% a year ago to 23% during the second quarter of this year.
• Residents of New London and Fairfield County most strongly believed that business conditions had improved over the previous six months, with Middlesex, Windham and Litchfield more likely to say that business conditions had worsened.

Increasingly, residents believe that jobs are “very hard to get” in Connecticut compared with six months ago (from about one-quarter to one-third of those surveyed in Q2 2016 versus Q2 2015), and are, in growing numbers, saying they would rather leave than stay.

• A year ago, 32 percent of those surveyed said it was very likely or somewhat likely that they would move out of Connecticut within the next five years.
• A year later, that percentage has climbed by 10 points to 42 percent.

At the same time, about half of those surveyed say that “Connecticut is a good place to live and raise a family” – a number that has remained consistent for the past year and a half.  Only 1 in 4 disagree.  More than half of 18-21 year-olds and 22-25 year olds say they are likely to leave in the next five years; in all other age categories it is less than half, with those age 56-65 the least likely.

Concerns about having “enough money to retire comfortably” have remained steady for six consecutive quarters, with about less than 1 in 4 expressing the opinion that they anticipate having sufficient funds. And 1 in 4 now say it is likely that they will refinance their home or purchase a new home in the next six months, the highest percentage since the quarterly survey began.

With increasing calls for regional support of Hartford and regional approaches to tackling budget challenges, the survey found that an increasing number of residents in Connecticut believe that a range of services “could be effectively delivered regionally.”

Forty-three percent, an increase from 40 percent in the year’s first quarter, answered “all of the above” when asked if education, libraries, public health, public safety and animal control could be provided regionally.  Among those services individually, there was slightly greater support for a regional approach to public safety, slightly less for each of the others.  The largest increase was for “all” of the services.

The question of what residents in the region consider to be the “best way to grow the economy” saw a preference for investing in schools and community features over recruiting companies, by an increasing margin.  In this year’s first quarter, the margin was 52% to 48%. In the most recent quarter that margin had grown by 9 percentage points to 61%-39%, from just over half to more than 6 in 10.

Childcare Costs Continue to Outpace Inflation, Low Income Families Hit Hardest; CT 6th Most Expensive

One of the more notable aspects of the latest data on consumer prices provided this month by the U.S. Bureau of Labor Statistics is the striking increase in childcare and nursery school prices.  That data, along with statistics that reflect the impact of those increasing costs on families ability to afford such care, highlight the struggles and disparities that continue to exist, in Connecticut and nationwide. Over the past 25 years, childcare and nursery school costs have risen 177 percent, while prices more generally have risen just 77 percent.  Childcare and nursery school costs have been outpacing general inflation for at least 25 years (the data do not go back any further than 1991);  this is putting a significant strain on the budgets of low-income families.

The Center for Economic and Policy Research points to an August 2014 study by the U.S. Department of Agriculture that found a two-parent, middle-income family (those making between $62,000 and $107,000 per year) will spend an average of $245,000 (in 2013 dollars) on their kids between the ages of zero and 17.

Significantly, due to rising income inequality, poor families are finding it harder to give their children the same opportunities afforded to rich children, the study points out. At present, families in the top fifth of the income distribution spend seven times as much on their children as families in the bottom fifth.

“This inequality can also be observed for paid leave: about 23 percent of workers in the top tenth of the wage distribution have access to paid family leave, compared to just four percent of workers in the bottom tenth,” the findings show.

Child care in Connecticut, the Economic Policy Institute points out, “is expensive.” Connecticut is ranked 6th out of 50 states and the District of Columbia for most expensive infant care.

• The average annual cost of infant care in Connecticut is $13,880—that’s $1,157 per month.
• Child care for a 4-year-old costs $11,502, or $959 each month.

Childcare is also “unaffordable” for a large percentage of Connecticut famiies.  The Economic Policy Institute indicates that infant care for one child would take up 16 percent of a typical family’s income in Connecticut, noting that according to the U.S. Department of Health and Human Services (HHS), child care is affordable if it costs no more than 10% of a family’s income. By this standard, only 28.1% of Connecticut families can afford infant care.

A minimum-wage worker in Connecticut would need to work full time for 36 weeks, or from January to September, just to pay for child care for one infant. And a typical child care worker in Connecticut would have to spend 63.6% of her earnings to put her own child in infant care, according to the data.

CEPR points out that other costs for raising children have increased as well, also outpacing the inflation rate. For instance, elementary and high school tuition and fees have risen 3.2 percent over the past year (four times the overall inflation rate of 0.8 percent); college tuition and fees are up 2.7 percent. At the same time, infant care in Connecticut costs $3,752 (37.1%) more per year than in-state tuition for 4-year public college, according to the Economic Policy Institute.

According to the Organisation for Economic Cooperation and Development (OECD), public expenditure on pre-primary education and childcare is just 0.4 percent of GDP in the United States; this is far lower than the rates of spending in Denmark (2.0 percent of GDP) or Iceland and Sweden (1.6 percent). By this measure, the U.S. comes in 33rd out of the 36 countries surveyed by the OECD, according to the CEPR report.

Public expenditure on pre-primary education spending is 0.3 percent of GDP in the U.S. but averages 0.5 percent in the other OECD countries; even more shockingly, public expenditure on childcare is just 0.06 percent of GDP, well short of the 0.4 percent average from the rest of the OECD. Nor do differences in GDP make up for the latter gap.  In 2011, public expenditure on childcare was $794 per child in the U.S., less than one-third of the OECD average. By contrast, public spending on childcare is $7,100 per child in Finland, $6,400 in Norway and Denmark, $5,900 in Sweden, and $5,700 in Iceland — despite the fact that the U.S. is substantially richer than all those countries except Norway.

In a separate survey, the OECD found that just 14 percent of all public spending on children in the U.S. went to children age five and under — dead last among the 32 OECD countries in the sample. In the United States, 14 percent of all public spending on children goes to children ages zero to five; 41 percent goes to children ages six to 11; and 45 percent goes to children ages 12 to 17. For the other 31 countries (data were not available for Canada and Turkey), 26 percent of all public spending on children went to children ages zero to five; 35 percent went to children ages six to 11; and 39 percent went to children ages 12 to 17, the Center for Economic and Policy Research explained.

Prompted by Economy, Only Half of Nation's Millennials Plan to Work for Same Company Next Year, Gallup Survey Says

Millennials are entering the workforce in increasing numbers, and are the intense focus both of governments – including Connecticut – and businesses seeking to attract and retain them.  As Connecticut’s economic ranking among the states continues to hover near the bottom, the job choices of millennials become increasingly important to future economic vitality. Even amidst less than favorable comparisons in recent rankings, Connecticut has managed to achieve recent employment figures that show improvement. Last month, the state added some 3,000 jobs in the private sector and wages have also risen slightly in recent reports after a period of stagnation, WNPR reported recently.

Heather Ziegler, managing partner for Deloitte in Stamford, told WNPR that in her view the state is doing some things right, like encouraging high technology industries and fostering entrepreneurship. "But what I think is most effective, and one of the challenges at the same time," she told WNPR, "is getting individuals with the right skill sets interested in staying in the area and staying in Connecticut, versus moving on to the larger metropolitan areas that we are right between."

Millennials are already in a tough situation – they’re better educated, yet earning less than their counterparts in 1990, points out Christine Schilke of Young Energetic Solutions (YES CT), a statewide initiative seeking to empower young people to create a vibrant Connecticut.  She indicates that “while 28% of millennials hold bachelor’s degrees compared to 24% in 1990, only 67% are employed, compared to 74% two decades ago.  Those who are working earn an average $40,849, versus $46,569 by their predecessors.”

“Today’s millennials,” Schilke adds, “are also burdened with college debt, and are less likely to be married, live alone or drive. Adding to these challenges is the fact that Connecticut has some of the highest homeownership and rental costs in the nation (6^th and 8^th most expensive, respectively), creating a tough living environment for today’s young adults.”

Nationwide, according to a recent Gallup poll, six in 10 millennials say they're open to different job opportunities, and only 50% plan to be with their company one year from now. Millennials are cracking under the weight of too much debt, according to Merrill Lynch's 2016 Workplace Benefits Report, which points out that only 24% of millennials surveyed say that they are in control of their finances.

Technology is the primary facilitator of millennials' job research: 81% of millennials indicate that they view the websites of organizations they're interested in, and a majority (62%) report that they conduct a general web search to learn about job opportunities, Gallup reports.

Not surprisingly, “millennials are extremely digitally connected, and smartphones have become a ubiquitous accessory for them.” Gallup found that 91% of millennials owned smartphones in 2013, compared with 83% of those in older generations. And compared with other generations, millennials are:

• almost 40% more likely to say they sent or read email messages "a lot" within the past day
• 2.5 times more likely to say they posted or read messages on Facebook, Instagram or another social media site "a lot" within the past day
• 11 times more likely to say they used Twitter, including posting or reading tweets, "a lot" within the past day
• more than 2.5 times more likely to say they sent or read text messages "a lot" within the past day

To attract the best workers, Gallup suggests, “organizations need brand strategies that account for millennials' motivation and ability to find the best employers -- especially considering that millennials currently make up 38% of the U.S. workforce, and some estimate that they will make up as much as 75% of it by 2025.”

https://www.youtube.com/watch?v=OkOmyg5lJbQ

Two CT Companies Among Inc. 500 As Fastest Growing Private Businesses; 40 in State Reach List of 5,000

Two companies with Connecticut addresses are among the 500 fastest growing private companies in America, cited in the annual survey published by Inc. magazine in their September edition.  Saatva, which sells “America’s best priced luxury mattress” exclusively on-line, is ranked at #316 and Discover Video, a video hardware and software company that works across multiple industries, is ranked #428. They were the only two companies to earn a slot in the top 500.  An additional 38 Connecticut companies were listed on the Inc. 5000, also announced recently.

Wallingford-based Discover Video provides software and hardware to corporations and educational institutions that seek to improve their communications through the use of video. The company ranks #428 on the Inc. 500, is ranked #5 among America’s fastest growing media companies, and #2 in Connecticut. The company has grown 893 percent in the last three years.

“We are thrilled to be recognized” said Rich Mavrogeanes, Discover Video CEO. “We provide great products, love our customers, and have a fantastic team. Our customers take comfort in our financial stability and long term prospects, and this award certainly demonstrates that.”

Founded in 2009, Discover Video, LLC provides “powerful and affordable video streaming and digital media solutions to organizations of all sizes in three ways: Products, Services and Expertise,” according to the business website. Clients include the Emmy Awards, the National Association of Broadcasters and the White House, according to the company.

Ranked at #316 on the Inc. list, Saatva’s three year growth is 1,220.9 percent.  The company constructs and sells luxury mattresses.  The company’s administrative mailing address is Wright Street, in Westport; another administrative office is located in Austin, TX.  The online Inc. summary indicates they are a Connecticut company; the magazine’s print edition lists the company as based in New York City, where back-office logistics emanate.  The business has 18 factories around the country; the CEO is Ron Ruzdin.

The seven-year-old Saatva was named to Forbes Top 100 "America's Most Promising Companies" last year, and was ranked the 8th fastest growing e-tailer in the Top 500 Guide for 2015 by Internet Retailer.  The company sells exclusively online and does not have showrooms. Saatva provides “nationwide in-home delivery and set-up,” and highlights it’s mattresses’ “individually wrapped coils, edge & lumbar support, steel coil support base, organic cotton cover, and euro pillow top with a memory foam enhancement in the lumbar area.”

Also reaching the Inc. 5000 were Saffron Road Foods, a consumer products and services business (American Halal Company) based in Stamford, at #703; Votto Vines Importing, a food and beverage business in Hamden, at #786, and Continuity, a New Haven software company, at #955, launched in 2008.

Saffron Road is the culmination of Founder and CEO Adnan Durrani’s life’s work.  Right after the turn of the 2000 millennium, the natural food pioneer first envisioned a halal food brand which also embodied ethical consumerism: halal, sustainably farmed, authentic, anti-biotic free, and 100% vegetarian fed, all harvested on family-owned farms, the company’s website explains.

Votto Vines is a family-operated business focusing primarily on the importation and wholesale distribution of fine wines produced by leading boutique vineyards around the world as well as high-profile private label and wine licensing transactions.

Continuity provides a combination of technology, expertise and leadership “designed to make compliance a seamless part of how your institution does business,” providing compliance management solutions.  By combining regulatory expertise and cloud technology, Continuity provides a proven way to reduce regulatory burden and mitigate compliance risk. In addition to its New Haven headquarters, the company has an office in Boston.

Connecticut-based fast growing businesses on the first-half of the list of 5,000 nationwide also include HPC Wireless Services (#1,033), InterMerchant Services (#1,392), Charles IT (#1,631), Northeast Private Client Group (#1,786),eEuroparts.com (#1,912), Clarity Software Solutions (#,2108), Johnson Brunetti (#2,380), Square 9 Softworks (#2,387), and DGDean (#2,436).

The full list of Connecticut companies is at http://www.inc.com/inc5000/list/2016/state/ct/

CT's Economy Among 10 Worst States But Rising, Governor's Approval Rating is Nation's Second-Worst

Connecticut’s economy is among the ten worst states in the nation, but that is an improvement from three years ago, when the state ranked 49^th out of the 50 states.  Now the state ranks 42^nd in a ranking of overall economic performance by Governing magazine, with results that show a connection between a state's economic performance and its governor's approval ratings. The approval ratings for governors of the top 10 states averaged 62.1 percent, according to the publication, while the gubernatorial approval ratings for those in the bottom 10 averaged 50.8 percent. No governor in the top 10 states had an approval rating lower than 54 percent, while six of the governors in the bottom 10 states had approval ratings below 50 percent and one -- Connecticut's Dannel Malloy, a Democrat -- had an approval rating as low as 29 percent, Governing’s analysis showed.

In 2013, Connecticut’s economy ranked 49^th, and Governing said this: “Gov. Dan Malloy is a Democrat in a solidly blue state and has won plaudits for his handling of the Newtown school shooting and for his leadership during several weather emergencies. However, his poll numbers from Quinnipiac University are mediocre -- a 47 percent to 47 percent split in job approval, with only 44 percent of voters saying he deserves re-election, compared to 46 percent who say he does not.”  Malloy was re-elected, but his poll numbers have plummeted in the nearly two years since, as Connecticut has remained mired in the nation’s 10 worst performing economies.

The top-ranked state is Massachusetts, where Republican Governor Charlie Baker has an approval rating of 72 percent.  Also earning a slot in the top 10 are Oregon, Delaware, Colorado, California, Tennessee, New Hampshire, Utah, Virginia and Maryland, where Republican Gov. Larry Hogan has a 71 percent approval rating.

The worst-ranking state economy is in West Virginia, followed by Alaska, and Wyoming – all states where the Governor has an approval rating exceeding 60 percent.  Most others among the bottom 10 states have approval ratings in the 40’s – the lowest by more than 12 points is Malloy’s 29 percent approval rating.

The only Governor in the nation less popular than Malloy is Sam Brownback, Republican of Kansas, with an approval rate of 26 percent.  Michigan’s Rick Snyder (R) at 32 percent, Kentucky’s Matt Bevin (R) at 33 percent, Illinois’ Bruce Rauner (R) at 34 percent and New Jersey’s Chris Cristie ( R) with a 36 percent approval rating are the others at the low end of the survey, conducted by Morning Consult, weighted using the U.S. Census Bureau’s Current Population Survey, and published in Governing.

Louisiana, just behind Connecticut at number 46, like other states on the bottom 10 list has been heavily influenced by a decline in the energy sector. In addition to Louisiana, today's bottom 10 includes such energy-dependent states as Alaska, New Mexico, Oklahoma, West Virginia and Wyoming. In fact, two of these states -- Alaska and West Virginia -- actually ranked in the top 10 in 2013, before the full force of the energy decline was felt, Governing reported.

Among state economies in the Northeast and New England, Massachusetts, Delaware and New Hampshire ranked in the top 10; New Jersey was number 24, Vermont number 25, Maine number 28 and New York number 29.  Rhode Island was ranked 35^th.