As you will see in this issue of The Business Edge, there has been a lot of positive economic development news in recent weeks. For example, major corporations like Stanley Black & Decker, Terex, XPO Logistics and Xerox are continuing to invest and grow in our state.
But there is a lot of great news that we at the state level – and the general public – may not know about. That’s where you come in.
If you have success stories or events that need promoting, just let us know by emailing them to firstname.lastname@example.org. We will try to feature them on our social-media channels – Twitter (@CTDECD), Facebook (@CTDECD) and LinkedIn (search for “Connecticut Department of Economic and Community Development”).
By the way, if you’re not one of the more than 18,000 people following us on social media already, join us – our channels are filled with news of interest to the business community.
As 2017 draws to a close, I’d like to thank all of you, our partners and collaborators, for making Connecticut the best it can be and for helping us spread the word about all the great things happening in our state. We value your contributions and look forward to working with you in 2018. Happy Holidays!
Stanley Black & Decker to open a manufacturing research center in Hartford
Stanley Black & Decker, a pillar of Connecticut’s manufacturing history, announced plans to open a facility in Hartford designed to propel it and industry into the future.
The Advanced Manufacturing Center of Excellence, which it will call Manufactory 4.0, will focus on the use of data and the “internet of things” – digitally operated building systems – that will accelerate the company’s “smart factory” initiative. The center will house about 50 experts in new manufacturing technologies who will train personnel from other companies in those technologies. Already, three of Stanley’s 30 U.S. manufacturing facilities have begun implementing these technologies.
13 companies commit to grow and create or retain 4,500 jobs with state support
Thirteen companies in a variety of sectors and sizes have committed to creating 1,594 new jobs and retaining 2,949 jobs with support approved by the State Bond Commission. The support helps companies pay for building improvements, new equipment and relocation expenses.
Among them: Women’s Integrated Network, which committed to bringing 58 jobs and creating up to 46 more in its move from New York; Preferred Display, which committed to retaining 80 jobs and creating 80 more as it moves some of its operations from New Jersey; and Henkel, which committed to retaining 678 jobs and creating 266 more in moving one of its divisions from Arizona.
Connecticut rolls out the red carpet for medical-technology firms from ‘Startup Nation’
Connecticut has begun attracting technology startups from Israel, and is working to bring more. One example of these efforts occurred recently in Hartford, where state and city officials, joined by representatives of some of the region’s largest employers, hosted a delegation of medical-technology firms.
A handful of companies from what is sometimes known as “Startup Nation” has already begun putting down North American roots in Connecticut. DECD and Connecticut Innovations have supported some of those companies with low-interest loans. An Israeli official with the delegation said he is trying to organize another such trip in 2018.
Innovation Places projects under way after completing funding agreements with CTNext
Four Innovation Places teams are proceeding with development of plans to attract talent after completing grant agreements with CTNext, which is overseeing the initiative. CTNext is a Connecticut Innovations subsidiary created to foster entrepreneurship.
Innovation Places are four localities where businesses and local leaders are coming together to create dense, vibrant areas that will attract the talent high-growth companies seek. The four awardees – New Haven, Hartford-East Hartford, Stamford and Thames River (the New London / Groton area) – were selected from 12 communities across the state that applied.
Latest round of state brownfield funding will help advance development in 14 towns
State investments in cleaning up polluted properties has been key to redevelopment projects all over Connecticut. That run of success is about to get longer with the awarding of grants totaling $13.6 million to 14 cities and towns, including $12.1 million to eight remediation and redevelopment projects and another $1.5 million for site assessments needed before cleanup can begin.
Since 2012, Connecticut has invested more than $220 million in brownfield redevelopment, with each dollar leveraging $11.41 in non-state investment. Those investments have resulted in the creation of more than 3,000 permanent jobs and more than 15,000 construction jobs.
STEM grads will soon have another reason to settle in Connecticut – a new tax credit
It’s common knowledge that states and businesses are clamoring for people with education in science, technology, engineering and math. Starting in January 2019, people with bachelor’s degrees, master’s degrees and doctorates in those STEM fields and are working in or have moved to Connecticut within two years of graduation will be eligible for a $500 state income-tax credit.
The measure, part of the recently-enacted two-year state budget, was designed to help Connecticut compete with incentives offered STEM grads by companies in other states, according to legislative leaders. “And if they stay, companies are going to come here to follow them. We’re seeing that happen in the Boston area and New York and also in the Raleigh-Durham Research Triangle,” said House speaker Joe Aresimowicz.
New Haven-Hartford rail line could create new opportunities for employers and job seekers
When the CTrail Hartford Line, which will link New Haven, Hartford and Springfield, Mass., begins service next May, it will benefit both employers and job seekers, business and government officials predict. Employers will have access to talent from beyond their local areas, while people who live in Hartford may be more willing to consider jobs in New Haven, for example.
“It makes Connecticut so much more marketable for attracting talent, attracting businesses that want to tap into that talent,” said John Bernick, assistant rail administrator for the state Department of Transportation. The line could also spur the development of additional service to Boston.
From Carla Squatrito’s kitchen to a twice-expanded factory, her company keeps growing
Carla’s Pasta has broken ground on an addition to its South Windsor complex, a $35 million, 70,000-square-foot production facility. When completed, the complex will total 150,000 square feet, with room for growing by as much as another 115,000 square feet.
The company, which grew out of founder Carla Squatrito’s Manchester kitchen in 1978, built a $26 million, 27,000-square-foot addition to its South Windsor facility in 2013. The company’s workforce has grown from 120 in 2009 to more than 300, with plans to add at least 45 more when the expansion is completed. The company has taken advantage of support from state programs including the Manufacturing Innovation Fund Voucher Program and the Manufacturing Assistance Act.