Connecticut Sees Growth In Workforce, Emerging Industries

A growing population and a digital direction for the financial and insurance industries could set Connecticut up for success.

By Kari Williams
From the March/April 2024 Issue

 

Workforce and emerging industries are expected to be the cornerstones of Connecticut’s economic landscape, according to various reports.

Workforce training is among the latest commitments Connecticut Governor Ned Lamont has allocated for in the state’s two-year budget.

Connecticut
Hartford, CT downtown skyline (Photo: Adobe Stock/Sean Pavone Photo)

 

“Unlike our neighboring states which are losing population, Connecticut has gained population over the last few years,” Lamont said in February during his 2024 State of the State Address. “Today, we have more people working, more people starting businesses, more people joining labor unions with better pay and better benefits, more of our graduates staying in Connecticut, and more out-of-staters wanting to move here.”

“Today, we have more people working, more people starting businesses, more people joining labor unions with better pay and better benefits, more of our graduates staying in Connecticut, and more out-of-staters wanting to move here.”

— Governor Ned Lamont

In mid-January, the state also launched a jobs portal to help residents and potential residents find employment — a “next step” in making information more accessible for business and residents.

“Through jobs.ct.gov, jobseekers can access search tools, tips, and resources to help land a job, as well as training and certification opportunities,” Gov. Lamont said. “The jobs portal is also a tool that will help bring qualified candidates to employers’ job openings. It is another step in the right direction in the state’s digital journey, benefiting both residents and businesses.”

On the industry side of the state, the Connecticut Department of Energy and Environmental Protection received a $14.6 million grant from the U.S. Department of Transportation to expand the state’s “network of electric vehicle charging stations,” according to the governor’s office.

Plus, health-related industries are expected to continue leading growth sectors in Connecticut, according to the January 2024 edition of “The Connecticut Economic Digest.”

“S&P projects 7,000 new jobs in this sector, a very modest slowdown from the estimated 8,000 gain in 2023,” Steven Lanza wrote in “2024 Economic Outlook: An Uncommonly Ordinary Year?” “No other sector is projected to add jobs in such numbers.”

Hartford, CT: A Hub For Insurtech Innovation

As the financial and insurance industries undergo a digital revolution, the significance of insurtech and fintech, and the strategic location to where they exist, cannot be overstated. Enter Hartford, CT—an emerging epicenter for fintech and insurtech enterprises standing as a beacon for innovators seeking a cost-competitive, conducive environment to thrive.

Here’s why:

  1. Historic Pedigree Meets Modern Innovation. Located in the heart of New England, Hartford boasts a rich history steeped in insurance heritage. With a lineage dating back to the 18th century, it has earned the moniker “Insurance Capital of the World.” This legacy provides a unique blend of traditional values and cutting-edge vision, creating fertile ground for fintech and insurtech pioneers to flourish.
  2. Collaborative Ecosystem. In Hartford, collaboration isn’t just encouraged—it’s ingrained in the DNA of the community. The city fosters a tight-knit ecosystem where startups, industry giants, academic institutions, and government bodies converge to fuel innovation. The Connecticut Insurance & Financial Services—a business body of more than 25 insurance and financial services companies—further supports collaboration with startups, creating an innovation environment where ideas are nurtured, and breakthroughs are born.

    Connecticut
    The Old State House in Hartford, CT (Photo: Adobe Stock/demerzel21)
  3. Proximity To Talent Pool. A key ingredient in the recipe for success is access to top-tier talent. Hartford’s strategic location with more than 60,000 employees in the insurance and financial services industry and renowned educational institutions—including Yale University, University of Connecticut, Trinity College, University of Hartford, St. Joseph’s University, and Quinnipiac University within a short drive—ensures a steady influx of skilled professionals eager to contribute to the fintech and insurtech revolution.
  4. Cost-Competitive Advantage. Hartford also offers a compelling proposition with its cost-competitive environment. Compared to other tech hubs like Silicon Valley or New York City, the cost of living and operating a business in Hartford is significantly lower.A recent study shows that Hartford has the lowest cost of total effective taxes and Class A office lease costs among the top 15 U.S. markets for insurance and financial services. The Hartford region empowers startups to stretch their resources further by lowering their burn rate and focusing on what truly matters—disruptive innovation.
  5. Supportive Regulatory Environment. Navigating the regulatory landscape can be daunting for fintech and insurtech startups. However, in Hartford, entrepreneurs benefit from a supportive regulatory environment that fosters innovation while ensuring compliance. The Connecticut Insurance Department has demonstrated a proactive approach to embracing emerging technologies, streamlining regulatory processes, and fostering a business-friendly atmosphere conducive to growth.
  6. Access To Industry Leaders. Hartford’s status as a global insurance hub means unparalleled access to industry leaders and decision makers. Whether through mentorship programs, industry forums, or networking events, growing businesses in Hartford can learn from the best and form strategic partnerships that propel their ventures to new heights.
  7. Quality Of Life. Hartford offers an exceptional quality of life that nurtures creativity and fosters work-life balance. With its vibrant cultural scene focused on live music and theaters; the Wadsworth Atheneum, the oldest public art museum in America; landscapes that change with the four seasons; and a close-knit community where business leaders are only one call away from finding the resources that they need. For the sports fan, Hartford is home to the top-ranking AAA ballpark in America four years running and both AHL hockey and USL soccer teams, not to mention NCAA National Champions UConn men’s and women’s basketball.

Hartford, CT emerges as a dynamic nexus where tradition meets innovation, and opportunity beckons at every corner. For fintech and insurtech companies seeking a cost-competitive location with access to talent, resources, and industry leaders, Hartford stands as the ultimate destination to unlock their full potential and shape the future of finance and insurance. Embrace the spirit of innovation. Choose Hartford — where legacy meets the future.

For more information, visit metrohartford.com.


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