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Industry NewsIndustry news that affects Connecticut's economy and businesses.
College Class of 2008 Largest in State's History HARTFORD, May 5 — In some brighter news for the economy, Connecticut colleges are expected to graduate the largest number of students in the state's history, based on a profile of the graduating class of 2008 by the Connecticut Department of Higher Education. Based on previous years' trends, some 36,000 individuals are expected to graduate from the state's public and independent colleges this spring with degrees ranging from one-year certificates to first-professional awards such as medicine and law. Hartford System of Schools
Thursday, May 1, 2008 United Technologies Sponsors Hartford 's Academy of Engineering and Green Technology The Academy of Engineering and Green Technology, opening at Hartford Public High School in August 2008, has received a $74,000 grant from United Technologies Corporation (UTC), allowing the Academy to meet start-up requirements set by the National Academy Foundation (NAF) Project Lead the Way program.
Governor Rell Announces Formation of Governor M. Jodi Rell today announced that she has established an eight-member panel of economists to advise her on key issues affecting the Connecticut economy. The Governor's Economic Advisory Panel will meet periodically and will be led by Don Klepper-Smith, Chief Economist and Director of Research at DataCore Partners LLC. “Job creation and retention has always been a top priority for my Administration,” Governor Rell said. “Our state has surpassed the previous record number of jobs, set in July 2000, and our economy is truly moving in the right direction. I want to not only maintain that momentum but build on it, and I will be looking to this panel of experts for guidance as the process moves forward. For Immediate Release Press contact: Jeannie Bunton 202-216-2067; jbunton@sifma.org or cell: 202-577-3901
SIFMA Files Lawsuit to Protect Privacy of Connecticut Children and Spouses SIFMA Appeals for Safety and Privacy and New Solution to Serve Public Interest WASHINGTON, D.C., December 15, 2006 -- The Securities Industry and Financial Markets Association (SIFMA) today filed a complaint and motion for preliminary injunction in U.S. District Court (D. Conn.) to stop the state from publishing the names of the spouses and dependent children of state contractors on the State Election Enforcement Commission’s Internet site on December 31, 2006, as required by the state’s campaign finance reform law. This law, if fully implemented forces executives and managers of state contractors to reveal the names of their spouses and dependent children and even affects contractors and their families who live out of state. Moreover, the name of the child would be linked to the names of both parents and the place of business of at least one—making it easier to identify the dependent child and his or her surroundings. As a result, anyone with Internet access could gather the names of five-year olds playing in the backyard, middle schoolers waiting at the bus stop, or 20-year olds away at college.
Connecticut’s Business Climate Ranks 37th Connecticut ranks toward the bottom of the list when it comes to having a business friendly state. According to The Tax Foundation’s 2007 State Business Tax Climate Index, which ranks how "business friendly" the 50 state tax systems are, Connecticut ranks 37 th. "The State Business Tax Climate Index is a tool for lawmakers, the media, and individuals alike to gauge how their states’ tax systems compare," said economist Curtis Dubay, co-author of the report. "The best states in the Index are those that levy taxes on a broad base and at a low rate." Click here to read the four-page executive summary. Click here to read the full study.
Breakfast Will Be Held on September 29, from 8:00 am to 9:30 am
DANBURY, CT—Boehringer Ingelheim Pharmaceuticals, Inc. will be honored as the winner of the 2006 Greater Danbury Family-Friendly Workplace Award at a breakfast on Friday, September 29, 2006 from 8:00 am to 9:30 am at the Inn at Ethan Allen. Lauren Weisberg Kaufman, Vice President of the Connecticut Business and Industry Association (CBIA) and executive director of the CBIA Education Foundation, will be this year’s guest speaker. She will discuss how businesses can work with schools, families, and the community to help ensure a well-educated and trained future workforce. Media Contact Hartford, Connecticut – June 20, 2006 – ISO New England today unveiled the Take Charge NewEnglandcampaign. The initiative promotes simple yet effective steps for becoming more energy efficient at a time when New England’s electricity consumption has been growing steadily each year.
For IMMEDIATE Release May 24, 2006 Contact: David Fink 860/244-0066
FOR IMMEDIATE RELEASE Contact: Heather Tolley, VP
Citizens Bank launches second Job Bank program to help revitalize local economy Having successfully created thousands of jobs through its first Job Bank, Citizens will offer New England businesses an additional $150 million in low-interest loans to create 3,750 more jobs Hartford , CT – Richard M. Barry, President and CEO of Citizens Bank of Connecticut today announced the launch of a second Citizens ‘Job Bank’, a nationally recognized program designed to spur the creation of new jobs. The new Citizens Job Bank program will establish a $150 million below-market fund that will create up to 3,750 additional full-time jobs in New England .
FOR IMMEDIATE RELEASE
HARTFORD , CONN – Rensselaer at Hartford , along with fellow sponsors, Connecticut Business and Industry Association (CBIA), Hartford Area Business Economists (HABE), and the MetroHartford Alliance, presents a free discussion with Mark J. Warshawsky, Assistant Secretary for Economic Policy, U.S. Treasury Department, on the topic, “Administration Economic Policy.” The presentation and Q&A session will be held on Thursday, February 16, at CBIA, from 8 - 9 a.m. Registration and a continental breakfast will begin at 7:30 a.m. Admission is free, but space is limited, so reservations are required. FOR IMMEDIATE RELEASE
WAKEFIELD, MA – Business Development Company (BDC) New England, and its affiliate company New England Certified, today announced the “re-birth” of an Avon, Connecticut based lender, Commercial Loan Partners, Inc. Commercial Loan Partners is now part of New England Certified, an SBA 504 provider, following the sudden and unexpected death last year of Tom Kellogg, its founder. “We are pleased to continue the legacy of Tom Kellogg, who was truly committed to helping small business owners finance and grow their businesses,” said Kenneth J. Smith, President of BDC New England. The Connecticut Business & Industry Association (CBIA), the business partner of BDC in Connecticut , promotes financing programs offered by the BDC and New England Certified to its 10,000 members. Tom Guerra, CBIA director of products and services said, “This is an important program for the business community. Many of our members have used the SBA 504 loan program for the acquisition of real estate and equipment to help grow and expand their companies. This transfer allows BDC and New England Certified to continue the good work that Tom Kellogg started in Connecticut .” (BDC release) FOR IMMEDIATE RELEASE June 27, 2005 CONTACT: Dan Tapper, 524-7372 324-9862 (Cell)
SULLIVAN THANKS STATE BUSINESS LEADERS FOR ORGANIZING TO SUPPORT SUB BASE Letter to BRAC focuses on strategic advantages, federal costs & economic impact
Lieutenant Governor Kevin Sullivan today thanked the Connecticut Business and Industry Association (CBIA), regional and local chambers of commerce throughout Connecticut, and other state business leaders for joining together to oppose the proposed federal closing and relocation of the submarine base and related naval facilities in New London and Groton. The proposed closing, as recommended by the U. S. Department of Defense, is now under review by a citizen Base Realignment and Closure Commission (BRAC). Conservative economic analysis prepared by state authorities indicates a potential $3.3 billion loss, including 31,500 jobs, to the state if the proposed closing goes forward. (Lt. Governor's release)
For Immediate Release
SULLIVAN TO RALLY BUSINESS COMMUNITY TO SAVE THE SUB BASE Lt. Governor will meet with chambers of commerce statewide and vendor business leaders
In consultation with Governor Rell, Lt. Governor Kevin Sullivan announced today that he will work with the Connecticut Business and Industry Association and the state’s Department of Economic and Community Development to mobilize businesses throughout the state to help fight the threatened closure of the submarine base and related naval facilities in Groton. Sullivan will meet with executives and board members of all of the state’s major chambers of commerce and then with representatives of all Connecticut companies who are vendors of any kind to the Sub Base, Naval School and Electric Boat to organize federal lobbying following the Base Relocation Commission hearing in Connecticut next week. NEWS from The Governors Prevention Partnership Brennan Named to The Governor’s Prevention Partnership Board (Hartford, CT – May 26, 2005) – Joseph F. Brennan, senior vice president of public policy for the Connecticut Business & Industry Association, has been appointed to serve on the board of The Governor’s Prevention Partnership. The Governor’s Prevention Partnership is a public-private partnership formed in 1989. It is a unique alliance between state government and business leaders with a mission to keep Connecticut’s youth safe, successful and drug-free. Today it is the only statewide organization focused exclusively on prevention and is among the state’s largest organizations dedicated to preventing alcohol and drug use among youth, and combating violence in schools. “Joe’s background in the business community and his knowledge in public policy make him an outstanding asset to the board,” said partnership president and CEO Stephen Ristau in announcing the ppointment. “We welcome him and look forward to his guidance.” (Governors Prevention Partnership News Release)
For Immediate Release
SBA AWARDS CONNECTICUT'S BEST FOR EXCELLENCE AND ACCOMPLISHMENTS IN SERVICE AND BUSINESS
Hartford - Seven Connecticut individuals have been named as "Champions" of the year by the U.S. Small Business Administration (SBA). This recognition is made in conjunction with Small Business Week 2005, held and celebrated annually by the SBA. These advocates represent a variety of business experiences and expertise and have devoted their professional and personal lives to bettering the small business environment.
"These businesses and individuals represent what is finest about Connecticut's small business community" said the SBA's Regional Administrator Charles E. Summers, Jr. "Connecticut is a better place because of the accomplishments of these award recipients and we are pleased to have the opportunity to recognize their success." (more)
For Immediate Release Citizens Bank announces job creation program in Connecticut “Citizens Job Bank” offers $100 million loan fund for New England businesses Hartford –Citizens Bank of Connecticut President and CEO Richard Barry today announced a $100 million fund that will offer very low-interest loans to companies that commit to creating or expanding jobs in New England. The Citizens Job Bank, the first of its kind in Connecticut, will help create more than 2,500 new jobs in Connecticut and throughout New England. The new, region-wide loan pool requires borrowers to create a minimum
of one full-time job for every $40,000 borrowed at the fixed interest
rate of 3.50 percent (2.00 percent below prime). The terms of the loan
will require that the specified jobs be created within three years after
the funds are borrowed. For Immediate Release
Hartford Foundation for Public Giving spearheads
effort to develop HARTFORD – A residential construction business, an elderly arts education program, and riverfront adventure experiences for corporations are three of eight social business ventures chosen to be part of a unique pilot project funded by the Hartford Foundation for Public Giving. (more) “Insourcing” in Connecticut Supports
More than 110,000 Jobs Washington, DC — October 19, 2004 — Connecticut ranks 17th in the nation in terms of the total number of “insourced” jobs — jobs supported by the U.S. subsidiaries of foreign companies. Insourcing companies employ 113,000 Connecticut workers. The benefits of insourcing have been lost in the outsourcing debate, according to a study released today by an economics professor at Tuck School of Business at Dartmouth. The study details the increasing importance of ‘insourcing’ jobs. (Organization for International Investment news release) October 21, 2004 Jobs up by 900 in September; state’s unemployment at 4.7
percent FOR IMMEDIATE RELEASE July 6, 2004 CBIA SPONSORS BEACON SYMPOSIUM AND TECHNOLOGY
FAIR BEACON, (The Biomedical Engineering Alliance and Consortium
located in Hartford, CT), has received a
STATE'S UNEMPLOYMENT RATE REMAINS AT 4.6 PERCENT; JOBS INCREASE BY 4,100 WETHERSFIELD, June 17 – Connecticut’s nonfarm employment in May was 1,646,200 – an increase of 4,100 jobs from the revised April figures, while the unemployment rate remained at 4.6 percent, the Connecticut Department of Labor announced today. (more) SKILLS SHORTAGE LOOMING IN MANUFACTURING Small Manufacturer from Connecticut Testifies Before House Small Business Committee WASHINGTON, D.C., June 2, 2004 -- A National Association of Manufacturers member and small business owner based in West Haven, Connecticut, today warned the House Small Business Committee that, as the Baby Boom generation retires from the workforce, U.S. manufacturing will struggle to fill a critical “skills gap” if policy makers don’t begin taking corrective action now. Roger Joyce is Vice President of Engineering at The Bilco Company, a family business founded by his grandfather in 1926 that employs 200 people making architectural access products in West Haven and Truman, Arkansas. He told committee members that one notable industry source puts “the average age of highly skilled, highly paid machinists at 58, and there’s no pipeline for replacements.” (Joyce's testimony) (News release) (New Haven Register article) Good News for Connecticut Job Growth The Connecticut Labor Department on May 20, 2004 reported an increase of 4,000 jobs in April. That, they say is the biggest montly jump in employment in the state since July 2000. "This is very good news," said Pete Gioia, CBIA economist. "We've been waiting for Connecticut to show job growth for quite some time now, especially since the national numbers have been so high--employment in April rose 288,000 and 308,000 in March, both above expectations." (Connecticut Labor Dept. News Release) Connecticut Ranks 17th in Nation for “Insourced”
Jobs Washington, DC — April 7, 2004 — Connecticut ranks 17th in
the nation in terms of the total number of “insourced” jobs
— jobs supported by the U.S. operations of companies headquartered
abroad. Insourcing is the forgotten side of the outsourcing debate. U.S.
subsidiaries of foreign companies support over 120,000 jobs in Connecticut,
according to the Organization for International Investment (OFII).
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Steven J. Adamowski,