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Tags: US State Facts | industries | in | connecticut | strongest | economy | parts

Top 5 Industries in Connecticut: Which Parts of the Economy Are Strongest?

Top 5 Industries in Connecticut: Which Parts of the Economy Are Strongest?
Connecticut map with cash. (Fintastique/Dreamstime.com

By    |   Thursday, 26 February 2015 10:02 PM

The Connecticut state economy is highly diversified. Industries in Connecticut have included manufacturing and financial services all the way back to colonial days when early settlers realized that the geography wasn't suited for agriculture. Connecticut has been the insurance capital of America since the late 18th century, and shipbuilding for whaling and the military have been one of the top industries in the state since the 1840s.

1. Insurance and Financial Services

Connecticut's reputation as the insurance capital of the U.S. is well deserved. Connecticut ranks No. 1 in insurance jobs per capita in the U.S.

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According to the U.S. Census Bureau, finance and insurance is the highest paying industry in the state, with over $16 billion in annual payroll, more than $3.5 billion more than the next highest industry.

The Hartford, Travelers, and Aetna are just some of the insurance companies that call Connecticut home.

2. Healthcare and Bioscience

Healthcare and social services are the top industries in most states, but Connecticut adds a large device-manufacturing and biotech-research base to its medical industry.

According to the state's Department of Economic and Community Development, Connecticut has the fifth highest concentration of scientists and engineers in the country. Pharmaceutical giants Pfizer and Bristol-Myers Squibb have their research headquarters in the state. Bioscience employs over 18,000 Connecticut residents.

3. Large-Scale Manufacturing

Manufacturing companies in Connecticut benefit from the state's central location within the northeast corridor. One-third of the nation's economy is within a day's drive of the state, which allows manufacturers to reach suppliers and customers throughout the U.S. and Canadian East Coast.

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United Technologies Corporation, based in Hartford, employs 22,000 Connecticut residents, according to The Hartford Courant. Electric Boat, a division of General Dynamics, continues the state's shipbuilding tradition as the primary supplier of submarines for the U.S. Navy.

4. Digital Media

Video production, software design, and television production are small but quickly growing industries in Connecticut. Employment in the industry is expected to reach 20,000 residents by 2020, according to the Connecticut Economic Resource Center, Inc.

This industry is a major focus for the state government because some of the sub industries within digital media have very high earning positions. ESPN is headquartered in Bristol, and A&E cable networks has a large presence in Stamford.

5. Tourism and Entertainment

Travel to tourism destinations in Connecticut increased over 5 percent from 2011 to 2012, the most recent year measured. More than 1.6 million people visited Connecticut from neighboring states to visit destinations such as Foxwoods Casino, the second-largest casino in the country. The tourism industry employs more than 60,000 people in Connecticut, a 13.6 percent increase over 10 years.

Since industrial growth in Connecticut is closely tied to military spending and the finance industry, the state has lagged behind the rest of the country in economic growth. However, the state's diversified range of industries and leadership positions in research mean the state is well positioned for the future.

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FastFeatures
Industries in Connecticut have included manufacturing and financial services all the way back to colonial days when early settlers realized that the geography wasn't suited for agriculture.
industries, in, connecticut, strongest, economy, parts
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2015-02-26
Thursday, 26 February 2015 10:02 PM
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