{"id":246179,"date":"2022-04-25T21:19:40","date_gmt":"2022-04-26T01:19:40","guid":{"rendered":"https:\/\/chiefexecutive.net\/?page_id=246179"},"modified":"2025-02-12T16:29:24","modified_gmt":"2025-02-12T21:29:24","slug":"connecticut","status":"publish","type":"page","link":"https:\/\/chiefexecutive.net\/best-worst-states-business\/connecticut\/","title":{"rendered":"Connecticut"},"content":{"rendered":"\t\t
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CEO Guide to Site Selection<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Connecticut<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A HOTBED OF EDUCATED WORKERS\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Connecticut continues to grow as a hotbed for life sciences, with companies like Talam Biotech, CellsBin,
EpiTET Therapeutics and Oxylus Energy all expanding there in 2024. Connecticut is ranked No. 4 in the U.S. for most employees with advanced degrees and No. 1 for college readiness and is home to 38 colleges and universities. Proximity between the major metro areas of New York and Boston also retains its strategic location. The state is aiming to expand its presence on the international stage. AdvanceCT officials and Gov. Ned Lamont traveled to Germany in July 2024 to meet with company
leaders. More than 100 German companies currently operate in the state, employing more than 12,400 residents and representing over 13% of the state\u2019s EDI.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\u201cConnecticut has the besteducated and best-trained\nworkforce in the nation,\nwhich is the number one resource needed to conceive,\ndevelop and produce the\ncutting-edge products and\nservices that revolutionize\nindustries and make businesses thrive. We are the\nhome of innovation, and\nthrough this new program\nwe can support the growth\nof the sectors that are\ndriving job creation and advancements in technology.\u201d\n<\/div>\n\t\t\t\n\t\t\t\t\t\t
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Ned Lamont<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
Governor<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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TAXES<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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top corporate income tax<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t#<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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on the Tax\nFoundation\u2019s State Tax\nCompetitiveness Index<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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EDUCATION<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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of adults 25 years of age and older graduated high school<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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of adults age 25 and older have a bachelor\u2019s degree or higher<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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UNEMPLOYMENT RATE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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RIGHT TO WORK STATE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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No<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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QUALITY OF LIFE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t#<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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POPULATION GROWTH<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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increase between\n2020 and 2023\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\u201cI\u2019ve run businesses for Lockheed Martin in a number\nof states, including Florida and New Jersey and Maryland, and Connecticut has been the most friendly\nstate. Flat out, we\u2019ve had the most communication\nwith the political establishment, the governor and\nthe senators.\u201d\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\tPaul Lemmo<\/span>Former CEO of Sikorsky, Head of Lockheed Martin IWSS<\/span><\/cite>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\u201cConnecticut\u2019s universities are great engines of\ninnovation. Those ideas attract capital, both from the\nprivate sector and the public sector. Together with\nConnecticut\u2019s talent pool, those are the three ingredients for a successful bioscience company.\u201d\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\tCraig Crews<\/span>Founder, Arvinas<\/span><\/cite>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tKEY INCENTIVES\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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JobsCT:<\/strong> Eligible employers are offered a rebate of 25% of withholding taxes in three to seven years from net new employees for more than 25 jobs. The rebate
increased to 50% for projects located in an Opportunity Zone or distressed municipality.<\/p>

Sales & Use Tax Exemption:<\/strong> Administered by Connecticut Innovations, companies can receive an exemption from the state\u2019s 6.35% sales & use tax for qualifying
capital asset purchases.<\/p>

Angel Investor Tax Credit:<\/strong> Administered through Connecticut Innovations, this program provides qualified investors with a 25% credit against Connecticut\u2019s
state income tax when they invest at least $25,000 in a Qualified Connecticut Business. The maximum credit per angel investor cannot exceed $500,000.<\/p>

R&D Tax Credit:<\/strong> Qualified small businesses may claim up to 6% of the current year\u2019s R&D expenditures as a tax credit and 20% of incremental R&D expenditures over the prior year. Gross income may not exceed $100 million.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tEDCs\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Connecticut Department of Economic and Community Development<\/strong>
portal.ct.gov\/DECD<\/p>

AdvanceCT<\/strong>
advancect.org<\/p>

Metro Hartford Alliance<\/strong>
metrohartford.com<\/p>

Connecticut Economic Development Association<\/strong>
cedas.org<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tHIGHLIGHTED PROGRAM OR INITIATIVE\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Connecticut Certified Sites Program is a property identification and investment readiness program that showcases strategic location solutions suitable for corporate investment, supports soft and hard cost site improvements, decreases project uncertainty, shortens lead time and increases the likelihood of economic development wins.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tBIG DEALS\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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  • Battery manufacturer Nanoramic Laboratories announced in November 2023 plans for a $57.5 million manufacturing facility that would create 200 jobs in
    Bridgeport.<\/li>
  • Circuit board manufacturer TTM Technologies announced in January 2024 a $33 million expansion and 270 new jobs in Stafford.<\/li>
  • Home Market Foods announced in June 2024 it will construct a $71 million facility and create 210 jobs in South Windsor.<\/li>
  • Nuclear submarine manufacturer General Dynamics Electric Boat is adding 3,100 jobs to its Groton headquarters in 2024 and investing more than $200 million to upgrade and expand its shipyards.<\/li>
  • Modular construction manufacturer Blueprint Robotics announced the construction of a $97 million manufacturing facility and 120 new jobs in Windsor.<\/li>
  • Tradewind Aviation announced a $10 million expansion
    and 230 new jobs in Oxford.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tBIG COMPANIES\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Fifteen Fortune 500 companies headquartered in the state, including:<\/p>

    • Cigna<\/li>
    • Charter Communications<\/li>
    • Philip Morris International<\/li>
    • Hartford Financial Services Group<\/li>
    • Booking Holdings<\/li>
    • Synchrony Financial<\/li>
    • Stanley Black & Decker<\/li>
    • United Rentals<\/li>
    • Otis Worldwide<\/li>
    • EMCOR Group<\/li>
    • Amphenol<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      CEO Guide to Site Selection Connecticut A HOTBED OF EDUCATED WORKERS Connecticut continues to grow as a hotbed for life sciences, with companies like Talam Biotech, CellsBin,EpiTET Therapeutics and Oxylus Energy all expanding there in 2024. Connecticut is ranked No. 4 in the U.S. for most employees with advanced degrees and No. 1 for college […]<\/p>\n","protected":false},"author":965,"featured_media":0,"parent":59194,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_acf_changed":false,"_oasis_is_in_workflow":0,"_oasis_original":0,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-246179","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nConnecticut<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chiefexecutive.net\/best-worst-states-business\/connecticut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Connecticut\" \/>\n<meta property=\"og:description\" content=\"CEO Guide to Site Selection Connecticut A HOTBED OF EDUCATED WORKERS Connecticut continues to grow as a hotbed for life sciences, with companies like Talam Biotech, CellsBin,EpiTET Therapeutics and Oxylus Energy all expanding there in 2024. 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