Solar Panels and Historic Preservation Meet in Connecticut

Historic preservation and solar panel would seem like oil and water, but increasingly in Connecticut, the advantages are seen to outweigh the disadvantages. The acceptance of solar comes as technology helps to make systems less obtrusive, and also as more historic preservationists recognize the urgency to address climate change, according to a report in Energy Network News.

About one-tenth of Connecticut’s 3,000 historic preservation cases last year involved solar installations. That’s a significant increase from five years ago, Todd Levine, an architectural historical for the state’s preservation office, told Energy Network News. Of those 300 solar cases, however, only 10 were concluded to have adverse effects, but even in those cases the state office was able to work with stakeholders and ultimately approve them all.

The National Trust for Historic Preservation and the Department of the Interior recommend installing solar panels on the area least visible to the public or on any new addition on the property, like a garage. Typically, historic commissions don’t want panels on the principle facade of the building facing the public right-of-ways. Lower public visibility is preferred, but increasingly, that is not ruling out solar panel installation at historic properties.

At the state level, the historic preservation office has partnered with the quasi-public clean energy agency, the Connecticut Green Bank, to mitigate any adverse effects installs could have on historic properties. Energy Network News reports that they are currently collaborating on a publication they plan to distribute in the coming months outlining best practices on the intersection of energy efficiency, renewable energy, and historic preservation.

Also last year, Connecticut upped the ante on renewables across the board.

A new law approved in 2018 requires that by 2030, 40 percent of the power provided by electricity suppliers in the state flow from renewable sources, double the target for 2020.  Another law approved by the 2018 legislature established a stringent interim greenhouse-gas-reduction goal of 45 percent below 2001 levels by 2030. The state’s 2008 Connecticut Global Warming Solutions Act mandates an 80 percent reduction by 2050.

The state Department of Energy & Environmental Protection explains that the term renewable energy generally refers to electricity supplied from renewable energy sources such as wind and solar power, geothermal, hydropower, and various forms of biomass. These energy sources are considered renewable sources because they are continuously replenished on Earth.

Currently, Hawaii has the most aggressive clean-energy mandate in the nation: 100 percent by 2045; followed by Vermont: 75 percent by 2032; and California, New York, and New Jersey, which each have a goal of 50 percent by 2030, according to the Council of State Governments.

California set a 100-percent-by-2045 zero-carbon electricity goal in September last year. New York Gov. Andrew Cuomo proposed the state set a 100-percent-by-2040 zero-carbon electricity goal in January. Newly elected governors in Colorado and Connecticut are pushing for 100-percent renewable energy mandates, as well, as are their counterparts in Illinois, Minnesota and Nevada, according to Solar Magazine. Connecticut’s legislature is also considering additional steps to encourage renewable energy in the state, the New London Day recently reported.

Amidst Economic Recovery in New England, Poverty Rate Remains Highest in CT

Between 2007 and 2017, the poverty rate increased more in Connecticut than any of the New England states.  According to data analyzed by the Federal Reserve Bank of Boston, Connecticut’s poverty rate increased from 7.9 percent to 9.6 percent, and increase of 1.7 percentage points, or about a 20 percent increase. Four of the six New England states saw increases: New Hampshire (.6%), Massachusetts (.6%), Vermont (1.2%) and Connecticut.  The other two New England states, Maine and Rhode Island, saw decreases, of .9 and .4 percent respectively.

The analysis found “a regional economic picture with some surprises and plenty of complexity,” the Boston Fed website points out.

It found that across New England, compared with 2007, fewer New Englanders are unemployed but the unemployed are more likely to be poor than in 2007, and those still out of work face diverse barriers to employment. New England’s unemployed are disproportionately young, non-white, and less educated, according to the data.

Among the other findings:

• Long-term unemployment, defined as 27 weeks or longer, is down nationally since 2010, but less so in New England.
• Among 25-54 year olds, the male employment rate is down since 2007, while the female employment rate has gone up.
• Two industries accounted for more than half of job gains in the region between 2016 and 2018: Professional & Business Services and Education & Health Services.  Among the other categories, Construction, Leisure & Hospitality and Manufacturing saw the largest gains.

Although poverty rates declined in all New England states between 2014 and 2017, as of 2017 four out of the six states exhibit higher poverty rates than they did in 2007. Among the region’s unemployed workers, the poverty rate as of 2017 is higher than it was in 2007, and it’s also higher than it was in 2010, after the recession had officially ended, the Boston Fed points out.

Mary Burke, a senior economist at the Federal Reserve Bank of Boston, views the delayed and incomplete recovery in poverty rates as both surprising and troubling, as it could indicate an erosion of the safety net.

Craft Brewers Look to Continue CT Growth with Legislative Support

After two ill-fated legislative proposals that would have been detrimental to the state’s burgeoning craft brewery industry disintegrated within days amidst a public outcry, the Connecticut Brewers Guild is conveying its eagerness to work closely with state lawmakers.  Their aim: to help the booming industry create even more good-paying jobs, bolster local craft beer production, and to increase direct-to-consumer sales. “In 2012, when the Connecticut Brewers Guild was founded, there were around 12 craft breweries statewide,” said Phil Pappas, the executive director of the Connecticut Brewers Guild. “Now, our state’s booming craft brewery scene has more than 85 operational breweries with many more in the planning stages. These craft breweries -- all of which are independently owned -- employ over 4,600 people statewide, produce more than 166,000 barrels of locally brewed craft beer, and contribute to an overall economic impact of $746 million annually.”

It is those numbers, and the degree of progress in recent years, that drive the conversation, although Pappas points out that although a lot of progress has been made, there is more work to be done to ensure the industry continues to grow and thrive statewide.  On doesn't need to look further than the map of the COnnecicut Beer Trail to see the impact of the industry all across the sate.

“Connecticut’s growing craft beer industry has been helped by state lawmakers providing a relatively healthy regulatory environment,” Pappas said.  “We thank state lawmakers for their support to date, and now more than ever -- in an increasingly competitive state-by-state landscape -- we need a renewed commitment to strengthen our industry, which is a bright spot in Connecticut’s economy.

“Moving forward,” he added, “we hope to work with state lawmakers and others to create even more local jobs, increase local craft beer production, and drive additional direct-to-consumer sales.”

In 2015, MarketWatch—a financial information website—ranked Hartford/New Haven as one of 10 cities that love craft beer the most. Other cities included Portland (Oregon), Cleveland and Washington, D.C. A year ago, Innovation Hartford reported that 2016 data indicated the craft beer industry in Connecticut contributed $718 million to the economy. That year there were 49 breweries that produced a combined 129,825 barrels of craft beer per year.  A year ago, there were 65 breweries operating throughout the state and another 49 breweries are either in the planning and construction phases or set to open shortly.

“We also look forward to working with representatives from the wholesaler, distributor, retailer, brewpub, and restaurant communities, to positively impact our state’s small businesses and economy both today and tomorrow,” Pappas said. “Our Connecticut Brewers Guild members strive every single day to produce the highest quality, best-tasting craft beer in the market. We consistently seek out ways to improve our product, utilize locally sourced ingredients, generate jobs, support local businesses while cultivating fun experiences for customers on-premise and off-premise.”

Connecticut Innovations Among Nation's Top Venture Capital Firms in Healthcare in 2018

Connecticut Innovations (CI) has landed on Forbes magazine’s list of the ten top venture capital firms making the most investments in healthcare start-ups during 2018.  With 20 deals done during the year, CI ranked at number seven. CI is Connecticut’s strategic venture capital arm and the state’s leading source of financing and ongoing support for innovative, growing companies. The two largest CI deals were with locally headquartered Arvinas, a $56 million investment, and Rallybio, a $37 million investment. 

Leading the way among venture capital firms in the U.S. were California-headquartered Alexandria Venture Investments (38 deals), Maryland-based New Enterprise Associates (28), Keiretsu Forum of California (27), OrbiMed, headquartered in New York (24), and ARCH Venture Partners (22) of Illinois.  Just ahead of CI was SV Health Investors, with 21 deals.  The venture capital firm is based in Massachusetts.

Nationally, startups in the sector have raised more money in 2018 than any previous year in the past decade.

Rallybio, based in Farmington at the University of Connecticut’s Technology Incubation Program, was co-founded in January 2018 by Martin Mackay, PhD, Stephen Uden MD, and Jeffrey Fryer, CPA, recognized leaders from the biopharma industry.  The company’s focus: identifying and accelerating the development of transformative breakthrough therapies for patients with severe and rare disorders.  They aim to develop innovative drug candidates against mechanisms that have strong biological rationales.  Rallybio’s focus is on antibodies, small molecules and engineered proteins.

Last month, the company was named by FierceBiotech as one of 2018’s Fierce 15 biotechnology companies, designating it as one of the most promising private biotechnology companies in the industry.

Arvinas, headquartered in New Haven, is a biopharmaceutical company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development, and commercialization of therapies to degrade disease-causing proteins.

Building on groundbreaking research at Yale University by Craig Crews, Ph.D., Arvinas’ Founder and Chief Scientific Advisor, Arvinas has developed a broad technology platform “focused on high-value targets, with the potential to deliver safer, more potent treatment than small molecule inhibitors, and to address up to 80% of proteins that evade inhibition and are currently undruggable.”  Among the company’s Board members is Ted Kennedy, Jr., a health care policy and disability activist, regulatory attorney, and former Connecticut state senator.

Connecticut Innovations is located in Rocky Hill.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Federal Government Shutdown Direct Impact on Connecticut Among Least in U.S.

The impact of the continuing partial federal government shutdown in Connecticut is among the smallest among the 50 states, in terms of the number of federal employees affected, according to a new analysis. A total of 1,481 federal employees in Connecticut work for agencies that are without federal appropriations, as the political stalemate in Washington, D.C. has drifted into the new year.  That is 18.3% of all federal employees in Connecticut.  There are 6,595 federal employees in Connecticut working for agencies that currently do have federal appropriations.

Nationally, about 800,000 federal employees are working without pay or will be furloughed.  The partial government shutdown began on December 22.

About one-third of federal agencies have not received funding. The largest of the federal agencies not yet funded include the departments of Agriculture, Commerce, Homeland Security, Interior and Transportation. In these and other agencies, a sizable share of employees are furloughed or working without pay, according to published reports.

Only Maine, Delaware and Rhode Island have fewer federal employees employed by agencies without appropriations, according data compiled by GOVERNING magazine.  Connecticut’s share of the total number of federal employees who work for agencies that have not been funded is four-tenths of one percent.

States most affected – those with the most employees – are the District of Columbia (102,183), California (41,178), Texas (35,694), Virginia (34,344), Maryland (28,266), New York (16,657), Florida (15,992), Colorado (15,818), Georgia (15,735), Missouri (14,048) and Pennsylvania (14,024).

Connecticut’s Department of Labor reportedly hopes to help some of the approximately 1,500 federal employees likely affected by the partial federal government shutdown, and who work or live in Connecticut.  Published reports indicate that Commissioner Kurt Westby indicated that the agency can assist those workers who are eligible to collect unemployment benefits to navigate the unemployment compensation process. Federal employees who are on furlough are eligible to apply online for benefits, while those required to work during the shutdown but are not getting paid are ineligible to file for unemployment.

The impact in D.C. is the greatest.  About 32,000 Homeland Security and Justice department employees are stationed in D.C., GOVERNING reports, many of whom are continuing to report to work without pay. State Department, Securities and Exchange Commission and Smithsonian Institution employees are also heavily concentrated in the District, accounting for more than half the workforce for those agencies.

California is home to nearly 10,000 employees of the Department of Agriculture, which hasn’t secured funding. The state’s federal workforce also includes approximately 7,600 Treasury Department employees and nearly 6,800 in the Department of the Interior, the GOVERNING analysis indicates.  Among agency employees impacted in Texas are nearly 9,000 Treasury Department employees, along with about 5,700 Homeland Security employees and 4,300 in the Department of Transportation.

To determine federal employment in each state, GOVERNING compiled the latest data from the federal Office of Personnel Management (OPM). Data current as of June reflect all civilian workers, excluding those who work for the Postal Service and a limited number of smaller agencies.  The analysis does not include federal relationships that  impact private businesses.

Co-Working Headed to Sacred Heart University in Alliance with Verizon, Alley

Co-working in Connecticut will be gaining another player in the field, with a distinctive twist.  Sacred Heart University in Fairfield will be the site, as the university signs an agreement with Verizon and Alley, for the creation, management and operation of a coworking space on the university’s West Campus in Fairfield, formerly the corporate headquarters for General Electric. This new partnership, called Alley powered by Verizon, will be the first in Connecticut and the first time “Alley powered by Verizon” is located on a college campus. Verizon and Alley together have successfully built innovation hubs in New York, Cambridge, and Washington.  Locations in Palo Alto and Los Angeles were announced in September, described as “the next phase of its business that will fuel local innovation and entrepreneurship on the West Coast.”

“Fairfield County has several corporations and businesses that stand to benefit from the work that will be done here, not to mention its ideal location between New York City and Boston. We’re helping to create a startup mindset and environment that will provide members much-needed access to corporate resources typically unavailable to small businesses, from key relationship introductions to cutting-edge technology,” said Jason Saltzman, CEO of Alley.

Work on the new innovation coworking space is expected to be completed with the space open for business late next year.  It is slated to be a hub for innovation teams from large and small companies; for entrepreneurs who want to test their ideas, grow their businesses and work collaboratively in a supportive environment; and for individual professionals who want to work in a dynamic office environment, according to officials.

“A robust commitment to innovation is in keeping with the University’s dedication to educating our students on technology, emerging trends and entrepreneurship. This is exactly the kind of innovative and entrepreneurial platform that Connecticut desperately needs, and we’re delighted to be hosting it on our campus, working collaboratively with Verizon and Alley,” said SHU President John J. Petillo.

A dedicated SHU project coordinator will help identify, activate and create engagement between the innovation community and SHU’s faculty, staff, administration and student body.  As part of this venture, Alley will oversee marketing and advertising to develop a vibrant community of members, manage member experience and help coordinate events and programs. SHU also will establish a Student Concierge Service that members can use as a resource for making connections with various University programs, internships, recruiting, events, speaker sessions, office hours and mentoring.

The new center at Sacred Heart University will further Verizon’s commitment to cultivate strong relationships with academic institutions with emerging technology curricula, officials stressed.  The coworking spaces allow Verizon to tap into local startup and innovation networks, build relationships with potential partners and open new doors for ideas and technology. With Verizon, Alley is bridging the gap between startup and corporation by helping the community workspace build next-level ecosystems for entrepreneurs. Verizon provides entrepreneurs and start-up companies working on new products with the technology and services they need for growth.

As with other coworking spaces that have increasing taken root across Connecticut, the space is expected to offer various levels of memberships and services that include private office space, hot desks, meeting and conference room space, events, recruiting services, marketing services and programming services. The community also plans to draw on SHU faculty, staff, students and other resources to build an academic-focused environment that attracts local startups, entrepreneurs, corporations and other forward-thinking organizations and individuals.

“This is a major boost to Fairfield’s economic development efforts to bring more jobs and businesses to our town,” said Fairfield First Selectman Mike Tetreau. “I am very excited about this Sacred Heart University initiative as it certainly goes a long way to helping replace the loss of GE in our community.”

New Tax Credit of $500 Annually for 5 Years Offered to STEM Graduates Working in CT

Passed by the state legislature over a year ago as part of the 2017 state budget compromise, a new tax credit aimed at keeping college graduates in the technology fields in Connecticut – and attracting young professionals to the state - becomes effective this year. It is a “refundable personal income tax credit for college graduates who are employed in the state; receive, on or after January 1, 2019, a bachelor’s, master’s, or doctoral degree in a science, technology, engineering, or math (STEM) field; and live in Connecticut or move here within two years after graduating.”  The credit is $500 and may be claimed in each of the five years after graduation.

The initiative is new to Connecticut, but not New England.  Maine has had a similar initiative for a decade, Rhode Island for more than a year.

The tax credit approved in Connecticut was advocated by House Speaker Joe Aresimowicz. Testifying at the State Capitol in support of the proposal in March, 2017, the president of the Connecticut Conference of Independent Colleges, Jennifer Widness, pointed out that “projections included in our state’s Strategic Master Plan for Higher Education indicate that by 2025 Connecticut’s economy will require a workforce in which 70% will have some education beyond high school. Hitting that 70% target will require production of 300,000 more graduates than the current rates of production will yield.”

In his testimony supporting the proposal in 2017, State Rep. Christopher Rosario of Bridgeport noted that “This is not a new concept. Over the years, we tried to find ways to provide incentives for our constituents to not only pursue higher education, but to continue to live and work in our state.”  Added Milford State Rep. Kim Rose: “This is a way to not only encourage student success in our state, but also attract creative new ideas that add to our economy. Student success is Connecticut’s success, they are the future of tomorrow.”

The program in Maine is broader, and was started in 2008 as a retention tool for young professionals already living in Maine, CNN reported recently. It has been revised through the years into a tool to attract young workers in the STEM fields. The Opportunity Maine Tax Credit reimburses student loan payments for college graduates who live and work in Maine.

The state’s website declares” “The State of Maine recognizes the investment you've made in your education, and has puts its money where its mouth is – come here to live and work, and the State will reimburse your student loan payments via the Opportunity Maine Tax Credit.”

When you move to Maine, CNN reported, the money you spend toward paying your student loan debt each year is subtracted from your state income taxes.  For instance, if you pay $1,800 toward your loan and owe the state $2,000 in taxes, you’ll only end up paying Maine $200.

Rhode Island reopened their Wavemaker Fellowship Program last year. The program offers tax credits for taxpayers who work in a science, technology, engineering or mathematics (STEM) field at a Rhode Island-based employer. The credit is equal to the taxpayer’s annual loan payments -- up to $1,000 for an associate degree, $4,000 for a bachelor degree, and $6,000 for a master’s degree or higher. Taxpayers may use the credit to pay their state income tax, receive a refund of the credit amount, or both.