February 2018 DECD Business Edge
February 2018 DECD Business Edge
 
February 2018
 
From the Commissioner's Desk
Recent numbers about the state's economic growth, like the fact we added 7,700 jobs last year, are certainly encouraging. I am optimistic 2018 will be even better as our newer initiatives and investments in workforce talent, business expansion and innovation take root.

You can stay up to date with the state's economic development efforts in many ways. One is the Connecticut Open Data Portal, which has a wealth of data on DECD's investment portfolio. Another resource for more analyses of our financial activities and tools is our recently published Annual Report.
There are many highlights - too many to mention here. The key takeaway is that since 2011 we've helped over 2,200 companies that are promising to create over 23,000 new jobs and retain over 93,000 jobs. State assistance has leveraged a whopping $4 billion in private-sector investment. There are many other facts, charts and insights that give you a more complete picture of what DECD is all about.
I invite you to take a closer look at either or both to gain a better understanding of the state's comprehensive approach to helping our businesses grow, thrive and create jobs.

Catherine  
ASML, maker of equipment that makes microchips, plans $100M expansion  

ASML, a company that makes technology and equipment used in the manufacture of microchips, has announced it will add up to 524 jobs at its Wilton facility. That’s part of a $100 million plant expansion – expected to be completed within two years – that will receive support from the state’s First Five Plus program.

In addition to the new jobs being created, the company said it needs to fill 175 vacancies in the next six months. The company expects its Wilton workforce to reach 1,750 within four years. The facility expansion includes more space for its manufacturing and engineering operations and a new parking garage.
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Changing military strategy means more work for Electric Boat, more jobs for Connecticut

Shifting the nation’s defense strategy to focus more on sea power means more submarines, and that means more jobs for Electric Boat and Connecticut. That’s the word from EB President Jeffrey Geiger, who reported that EB is looking to hire 1,200 at its Groton facility this year alone.
Between its facilities in Groton and Quonset Point, R.I., Geiger said, EB’s workforce has topped 16,000 for the first time in 25 years. That’s part of a statewide growth trend; in 2017, Connecticut manufacturers added 4,100 jobs, and they have hundreds of job openings listed at any given time.
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Goodwin becoming a “full-service stop” for manufacturers and workers seeking training

As recently as 2012, Goodwin College offered no manufacturing progams. Today, the East Hartford college offers everything from certificates in CNC machining and other shop-floor specialties to a bachelor’s degree in manufacturing management, and is preparing to add programs in quality and welding.
“We want to be a full-service stop for all these manufacturers,” said Cliff Thermer, who heads up Goodwin’s manufacturing programs. Goodwin also offers incumbent-worker training, supported by the Manufacturing Innovation Fund, either on campus or by bringing its Mobile Advanced Manufacturing Lab to the factory.
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Connecticut Innovations funds eight bioscience projects linked to Yale, UConn, Quinnipiac

The state BioScience Pipeline Program has awarded a total of $240,000 to teams working on eight projects at Yale University, the University of Connecticut and Quinnipiac University. The program is a collaboration between Connecticut Innovations and the three universities.
Among the projects is a wearable device to provide earlier detection of strokes; a low-cost device for home monitoring of sperm fertility; and a skin sensor that monitors for a variety of health conditions. Each team will receive up to $30,000 based on reaching certain milestones. In all, the program has funded 21 other teams that have received an additional $2.9 million in grants and follow-on investment.
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In the news: Growing Connecticut businesses
Check out these recent articles spotlighting businesses that are growing and thriving in Connecticut, including Addaero, Continuity, Express Kitchens, SCA Pharmaceuticals, Arvinas, Granola Bar, Senior Depot, Sheffield Pharmaceuticals and Economy Spring.
Read the news
SCORE volunteers help entrepreneurs across Connecticut launch, grow their businesses
Starting a business can be challenging – there’s developing a business plan, securing capital, marketing, managing finances and more – but in Connecticut, hundreds of entrepreneurs have turned to SCORE for help. SCORE – founded as the Service Corps of Retired Executives – helps small businesses through education and mentorship.
The Connecticut Chapter of SCORE has 11 branch locations and nearly 50 volunteers offering a variety of services, including consultation (both face-to-face and online), workshops and business-planning assistance. In 2016, SCORE helped more than 230 Connecticut businesses start, grow and thrive.
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Mattress makers build new factories in strategically located Connecticut
Texas-based Corsicana Mattress Co. – one of the nation’s top 10 mattress makers – plans to build its 11th U.S. manufacturing facility in Newington. Corsicana, which plans to quickly ramp up to 150 or more employees working two shifts, joined other bedding manufacturers who are building or expanding their Connecticut facilities.
Corsicana officials said proximity to major interstate highways was a factor in its decision. Recently, Serta Simmons Bedding moved its production facility from Agawam, Mass., to Windsor. Two other manufacturers already in the Hartford area, Gold Bond Mattress and Blue Bell Mattress, have announced plans to expand as well.
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Working Cities grants to increase opportunities for 5 cities' low- and middle-income residents
Five Connecticut cities – Danbury, East Hartford, Hartford, Middletown, and Waterbury – have won $450,000 grants to develop programs aimed at increasing economic opportunities for low- and middle-income residents through the Federal Reserve Bank of Boston’s Working Cities Challenge. The grants will be paid out over three years and are funded by the state, the private sector and non-profits.
Waterbury, for example, will use the grant to aid its isolated South End neighborhood, which has a 23 percent unemployment rate, five times that of the state as a whole. The city’s Working Cities Challenge team will focus on job training and childcare services to help residents earn a living wage.
Read more

Where We Rank

Connecticut ranks 5th for concentration of college-educated millennials
Connecticut has the fifth-highest concentration of college-educated millennials of any state, according to a new report from the Brookings Institution. And three metropolitan areas – Hartford-West Hartford-East Hartford, Bridgeport-Stamford-Norwalk and New Haven-Milford – ranked highly among the nation's metro areas.
Read the report
Connecticut, Hartford, Bridgeport rank highly for jobs requiring tech skills
It’s no secret that technology is permeating workplaces in all sectors. The Brookings Institution measure the number of jobs that require computer skills and found Connecticut ranked fourth in the country. Among metropolitan areas, Hartford-West Hartford-East Hartford ranked fourth and Bridgeport-Stamford-Norwalk ranked seventh.
Read the report
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