The Challenges & Opportunities of Doing Business in Connecticut

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1 The Challenges & Opportunities of Doing Business in Connecticut Catherine Smith Commissioner November 23, 2015

2 State of the State 74,500 new jobs created since 2011 Budget growth rate has been 3.1% per year State employee headcount has been reduced 4.4% over past 5 years 8.1% decline in long-term obligations of the State Regulations reduced by 1,000 pages Forbes ranked CT #3 in Quality of Life Tied with Oregon for 2 nd lowest total effective business tax rate at 3.4%* *Source: Ernest & Young *Source: Ernest & Young, October

3 Our Updated Economic Strategy Build on our strengths (talent, anchors location) Focus on key business sectors for business development Drive for innovation Simplify governmental processes/regulation Collaborate with key partners (energy, education, transportation) 3

4 Economic Strategic Framework Motivate & engage our employees & partners Build a brand for the state that drives economic growth Retain & grow existing base of jobs Build on established strengths and emerging sectors Foster innovation & new business development Grow & enrich our talent pool Build vibrant neighborhoods & communities 4

5 Our Focus on Business Clusters Connecticut Employment by Cluster, 2013 Health Services 232,244 Business and Commercial Services 191,997 Hospitality and Tourism 166,425 Financial and Insurance Services 121,216 Real Estate, Construction and Development Aerospace, Medical, Shipbuilding and Metal Manufacturing Education, Bioscience and other Research and Development Distribution and Electronic Commerce Food and Beverage Processing, Manufacturing and Distribution Community and Civic Organizations Retail Clothing and General Merchandise Motor Vehicle Products and Services Personal Services (Non-Medical) 45,824 37,893 56,405 50,686 66,218 63,692 87,039 85,015 83,428 Key Strengths to Build Upon: Healthcare/Life Sciences Advanced Manufacturing Insurance/Financial Services Tourism Transportation and Logistics Media and Entertainment Marketing, Design, Printing and Publishing Utilities Information Technology and Analytical Instruments Production Technology and Heavy Machinery Manufacturing 37,521 35,276 25,220 24,885 14,291 11,706 Emerging Opportunities: Digital Media/IT Green Technology - 50, , , , ,000 Employment Source: Data from U.S. Cluster Mapping Project ( Institute for Strategy and Competitiveness, Harvard Business 5

6 A Comprehensive Approach to Economic Development STE(A)M Education UConn Community colleges Green bank/ CPace Energy Plan Technical high schools Regional approach Infrastructure Improvements A vision for 21 st century transportation LEANing government Reducing complexity Vibrant communities Stronger Business Growth and Climate 6

7 DECD Toolbox Financing Loans Forgivable Loans Grants Tax Incentives Credits Abatements Technical Assistance Expertise Research Work with partners 7

8 Helping Businesses Succeed Small Business Express Program Provides loans and grants to Connecticut s small businesses to spur job creation and growth Manufacturing Assistance Act (MAA) Incentive-driven loans and grants for mid-sized companies seeking to expand their businesses and grow jobs in Connecticut Manufacturing Innovation Fund Assists manufacturers in making innovative, strategic investments needed to remain competitive, win new contracts, and grow jobs First Five Program Provides financial assistance for large-scale business projects to encourage business expansion, relocation, and job creation 8

9 Other Forms of State Support High-impact services include: Business guidance Site selection assistance Regulatory and permitting assistance Trade missions and shows Introductions to key businesses and institutions Support for brownfield remediation Support for transit-oriented development 9

10 Conclusion Connecticut is poised for strong growth: Strong base of businesses and institutions Well-educated and productive workforce Vibrant, livable communities with convenient access to East Coast hubs Focused on making it easy for companies to grow 10

11 DECD LOCAL HISTORIC PRODUCTIVE CULTURAL EDUCATED ESTABLISHED 505 Hudson Street Hartford, CT (860)

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