Connecticut
USA
Overview
Connecticut is the southernmost state in the New England region of the northeastern United States. As of the 2010 Census, Connecticut features the highest per-capita income, Human Development Index (0.962), and median household income in the United States. Connecticut is bordered by Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to the south. Its capital city is Hartford, and its most populous city is Bridgeport. Although Connecticut is technically part of New England, it is often grouped along with New York and New Jersey as the Tri-state area. The state is named for the Connecticut River, a major U.S. river that approximately bisects the state. The word "Connecticut" is derived from various anglicized spellings of an Algonquian word for "long tidal river".
EDO Spotlight
| Regional Marketplace | Connecticut (Coming Soon) |
|---|---|
| EDO Website | Connecticut Department of Economic and Community Development |
| SelectUSA Contact | Fred Johnson |
Companies
Projects
Incentives
Low-Interest and Forgivable Loans Low Interest Financing
The State has the discretionary authority to provide low-interest loans to business making significant capital improvements and retaining and creating new jobs. The State, through the Department of Economic and Community Development (DECD), at its discretion may forgive a portion of the loan principal (convert to a grant) if certain minimum employment and investment thresholds are met.Municipal Tax Abatement
Each municipality in the state has the ability to offer, on a sliding scale depending on level of investment, local tax abatements for both real estate and manufacturing machinery and equipment.Enterprise Zones Tax Abatement
Businesses that locate inside an Enterprise Zone, or within a community which contains a zone, may be eligible for an abatement on real and business personal property taxes of up to 80% for 5 years and a 10-year, 25% tax credit on the portion of the Connecticut corporation business tax that is directly attributable to the company relocation, expansion or renovation project.Research and Development Credits Tax Credits
Equal to 20% of R&D expenditures in Connecticut in the current income year exceeding R&D expenditures of the prior taxable year. Unsold credits can be carried forward, and for companies with less than $70 million in gross income, credits can be sold to the State for 65% of their value.Urban and Industrial Sites Reinvestment (URA) Credit Tax Credits
Primary incentive tool used by the State to attract new business investment and job creation to economically distressed areas. Companies that invest at least $5 million in facilities located in eligible areas may be entitled to a non-refundable corporate income tax credit under this discretionary program. TReal and Personal Property Tax Exemptions
Municipalities have the discretion to provide a negotiated exemption from real and personal property tax for up to 30 years. State statutes also provide for exemption of tax on certain newly acquired and installed machinery, inventories, unbundled software, commercial motor vehicles; dependent on certain conditions.Sales and Use Exemption Tax Exemptions
he State has the discretionary authority to provide an exemption from state sales tax on the purchase of construction materials and furniture, fixtures and equipment for businesses that make capital investments and create jobs. Equipment, tools, machinery, supplies, materials, and fuel used in renewable energy and clean energy technology industries are also exempt from state sales and use tax.Relevant Links
22
fdi rank
99,400
fdi jobs
6.9%
of total private employment from fdi
700
global employers
-1.5%
5 year growth in fdi employment
4.4%
5 year growth in private sector employment
FDI Employment by Industry
FDI Employment by Country
3,075,373,011
exports ($)
18,746,115,111
imports ($)
2
state-local tax burden rank
Census Data
| Population | |
|---|---|
| Population estimates, July 1, 2016, (V2016) | 3,576,452 |
| Population estimates base, April 1, 2010, (V2016) | 3,574,114 |
| Population, percent change - April 1, 2010 (estimates base) to July 1, 2016, (V2016) | 0.10 |
| Population, Census, April 1, 2010 | 3,574,097 |
| Age and Sex | |
| Persons under 5 years, percent, April 1, 2010 | 5.70 |
| Persons under 18 years, percent, April 1, 2010 | 22.90 |
| Persons 65 years and over, percent, April 1, 2010 | 14.20 |
| Female persons, percent, April 1, 2010 | 51.30 |
| Race and Hispanic Origin | |
| White alone, percent, April 1, 2010 | 77.60 |
| Black or African American alone, percent, April 1, 2010 | 10.10 |
| American Indian and Alaska Native alone, percent, April 1, 2010 | 0.30 |
| Asian alone, percent, April 1, 2010 | 3.80 |
| Native Hawaiian and Other Pacific Islander alone, percent, April 1, 2010 | |
| Two or More Races, percent, April 1, 2010 | 2.60 |
| Hispanic or Latino, percent, April 1, 2010 (b) | 13.40 |
| White alone, not Hispanic or Latino, percent, April 1, 2010 | 71.20 |
| Population Characteristics | |
| Veterans, 2011-2015 | 199,331 |
| Foreign born persons, percent, 2011-2015 | 13.90 |
| Housing | |
| Housing units, April 1, 2010 | 1,487,891 |
| Owner-occupied housing unit rate, 2011-2015 | 67.00 |
| Median value of owner-occupied housing units, 2011-2015 | 270,500 |
| Median selected monthly owner costs -with a mortgage, 2011-2015 | 2,067 |
| Median selected monthly owner costs -without a mortgage, 2011-2015 | 833 |
| Median gross rent, 2011-2015 | 1,075 |
| Families and Living Arrangements | |
| Households, 2011-2015 | 1,352,583 |
| Persons per household, 2011-2015 | 257.00 |
| Living in same house 1 year ago, percent of persons age 1 year+, 2011-2015 | 87.80 |
| Language other than English spoken at home, percent of persons age 5 years+, 2011-2015 | 21.90 |
| Education | |
| High school graduate or higher, percent of persons age 25 years+, 2011-2015 | 89.90 |
| Bachelor's degree or higher, percent of persons age 25 years+, 2011-2015 | 37.60 |
| Health | |
| With a disability, under age 65 years, percent, 2011-2015 | 7.10 |
| Persons without health insurance, under age 65 years, percent | 6.90 |
| Economy | |
| In civilian labor force, total, percent of population age 16 years+, 2011-2015 | 67.20 |
| In civilian labor force, female, percent of population age 16 years+, 2011-2015 | 62.80 |
| Total accommodation and food services sales, 2012 ($1,000) (c) | 9,542,068 |
| Total health care and social assistance receipts/revenue, 2012 ($1,000) (c) | 29,573,119 |
| Total manufacturers shipments, 2012 ($1,000) (c) | 55,160,095 |
| Total merchant wholesaler sales, 2012 ($1,000) (c) | 161,962,244 |
| Total retail sales, 2012 ($1,000) (c) | 51,632,467 |
| Total retail sales per capita, 2012 (c) | 14,381 |
| Transportation | |
| Mean travel time to work (minutes), workers age 16 years+, 2011-2015 | 25 |
| Income and Poverty | |
| Median household income (in 2015 dollars), 2011-2015 | 70,331 |
| Per capita income in past 12 months (in 2015 dollars), 2011-2015 | 38,803 |
| Persons in poverty, percent | 10.50 |
| Businesses | |
| All firms, 2012 | 326,693 |
| Men-owned firms, 2012 | 187,845 |
| Women-owned firms, 2012 | 106,678 |
| Minority-owned firms, 2012 | 56,113 |
| Nonminority-owned firms, 2012 | 56,113 |
| Veteran-owned firms, 2012 | 31,056 |
| Nonveteran-owned firms, 2012 | 281,182 |
| Geography | |
| Population per square mile, 2010 | 738 |
| Land area in square miles, 2010 | 4,842 |