As we wrap up 2014, it’s a good time to reflect on what the business community should be thankful for from the past 12 months.
This will be Hartford Business Journal’s last regular issue of the year. Next week, we’ll publish our “Economic Forecast” special edition and there will be no issue Dec. 29. A week later we’ll publish our special “5 to Watch” issue Jan. 5.
But before we head into the holiday season let’s look back on what turned out to be a relatively good year for Connecticut Inc.
Economy
Connecticut’s economy in 2014 saw its strongest growth since prior to the Great Recession, with the state adding 18,300 jobs through the first 10 months of the year.
The private sector has led that job creation adding 22,100 jobs, a good sign for the economy.
Connecticut’s economic fortunes were buoyed by several factors including a strong U.S. economy and a boost in manufacturing, as aerospace suppliers ramped-up for what is expected to be a busy few years.
It’s likely economic growth will continue in 2015, but a looming state budget deficit, and the threat of higher taxes, could dampen employers’ appetite to increase their workforce.
Emerging downtown Hartford
A new sense of urbanism has sprouted in the Capital City. With hundreds of new apartment units nearing completion, the market is waiting with bated breath to see exactly how much demand there is among young professionals, empty-nesters, and others to live downtown.
Meantime, several employers decided to move from the suburbs to Hartford this past year, while UConn and Trinity College agreed to add significant presences in the center city.
Meantime, plans are in the works for a total remake of Downtown North, including construction of a new minor league ballpark and beer garden.
The Front Street entertainment district also had a good year with Infinity Hall and Nix’s Restaurant both opening.
Stability among large employers
Small businesses are certainly drivers of new job creation, but Connecticut’s largest employers still have a major impact on the state’s economy. And 2014 proved to be a stable year for Greater Hartford’s largest employers, with few corporate citizens announcing major layoffs or moves outside Connecticut.
Perhaps the biggest storyline of year was United Technologies Corp.’s $400 million tax deal that will keep the conglomerate and its subsidiaries headquartered in Connecticut for years to come.
Bioscience growth
The state has invested hundreds of millions of dollars to boost its bioscience industry and we finally saw some fruits of that down payment with Jackson Laboratory completing its new research facility on UConn Health Center’s Farmington campus.
Meanwhile, Mount Sinai Hospital’s medical school announced it will launch a genomics research center in Branford, while several area hospitals, including Hartford Healthcare and St. Francis Hospital and Medical Center inked new clinical partnerships with some of the most well-known cancer treatment centers in the world.
It’s tough to predict what will become of Connecticut’s fledgling bioscience sector, but a strong foundation has certainly been built. The key moving forward is to make sure that research efforts translate into economic opportunities by moving new discoveries from the lab to the market.
That will require public-private partnerships that have begun to take hold, but must be stepped up as research efforts mature.
