Utilities’ Economic Review Spotlights

State’s Growing Role In World Markets

BERLIN –– Economic challenges may abound, but there are still plenty of reasons for optimism in Connecticut, according to the 2010-11 edition of the Connecticut Economic Review. The booklet, published annually by Connecticut Light & Power (CL&P) and Yankee Gas, reveals a variety of data that shows how Connecticut compares to the other 49 states, and in some categories, the world.

Some of the areas covered include business innovation, education and productivity, international trade, energy and infrastructure, and quality of life.

The booklet shows Connecticut stands out as a top five state for worker productivity, foreign direct investments, energy efficiency, advanced degrees, research and development, finance and insurance, and high-speed connectivity.

“This report shows that there is good economic news happening around the state,” said Jeff Butler, president and chief operating officer, CL&P. “We’re proud to help promote Connecticut through this publication.”

In regard to the state’s access to world markets, the report notes that Connecticut’s strategic link between New York City and Boston provides excellent access to European and Canadian markets. Exports by Connecticut companies totaled nearly $14 billion in 2009, giving it a per capita ranking of eighth nationally.

Roughly 52 percent of these exports went to Canada and Europe.

Connecticut serves world markets through five seaports: New London, New Haven, Bridgeport, Stamford, and Norwalk. Together these ports handle approximately 18 million short tons of freight.

Rail service is available across much of the state and nearly nine million tons of cargo carried by rail in Connecticut. Passenger rail service provides easy access to New York City and Boston. And train ridership was approximately 38 million passengers.

Looking to the air, the report indicates that Bradley International Airport, Connecticut’s largest commercial airport, located just north of Hartford, was used by more than 5.3 million passengers in 2009. Bradley ranks 60th among the US airports in the number of passengers and 33rd in tonnage of freight.

Nonstop service from Bradley is provided to 31 destinations with more than 225 daily flights, including service to Puerto Rico, Canada, and Mexico. Connecting flights are readily available to Europe and worldwide locations for travelers who want the convenience of a user-friendly international airport.

Coincidentally, transportation equipment remains the largest export at $6.4 billion and supports roughly two of five transportation equipment manufacturing jobs in Connecticut.

And foreign-based corporations employ nearly 100,000 people and invest $13.6 billion in Connecticut. Connecticut has proven to be an attractive location for international employers, ranking the state 18th in the United States in the number of employees of US subsidiaries.

The relative portion of jobs in the state supplied by US subsidiaries remains significant, providing the livelihood for more than five percent of Connecticut’s private sector workforce. Connecticut ranks fourth in the country in the share of its workforce hired by US subsidiaries.

This latest edition of the Review also shows:

*Connecticut’s cost of living compares favorably to other premier business locations

*More than 250 aerospace companies have a presence in the state and employ some 40,000 people

*Connecticut is home to 11 members of the Fortune 500, ranging from General Electric and Xerox to Northeast Utilities, the parent company of CL&P and Yankee Gas

The annual publication is utilized by business recruiters at CL&P, Yankee Gas, the Connecticut Department of Economic & Community Development, and many local regions and communities to promote the state as an attractive business location to corporations and site selection consultants around the world.

Printed copies are now available. Call 860-665-5143 to request a copy. It can also be viewed online at www.cl-p.com/Business/EconomicDevelopment/ExistingBusiness.aspx.