There is a traditional Chinese curse that, when translated into English, says “May you live in interesting times.”
Get Instant Access to This Article
Subscribe to Hartford Business Journal and get immediate access to all of our subscriber-only content and much more.
- Critical Hartford and Connecticut business news updated daily.
- Immediate access to all subscriber-only content on our website.
- Bi-weekly print or digital editions of our award-winning publication.
- Special bonus issues like the Hartford Book of Lists.
- Exclusive ticket prize draws for our in-person events.
Click here to purchase a paywall bypass link for this article.
There is a traditional Chinese curse that, when translated into English, says “May you live in interesting times.”
Clearly, we in Connecticut are living in “interesting times” and with the election this fall they are likely to become even more so.
There are many good stories to tell about doing business in Connecticut. Real estate costs are lower than surrounding states and we have a well-educated workforce, top-ranked colleges and a good quality of life for our employees.
Unfortunately, those good stories have been overwhelmed by the larger reality of a zero-growth market, state finances that are in disarray, high taxes and operating costs, and a burdensome regulatory environment.
While Connecticut enjoyed a competitive advantage in terms of being the home for many top-ranked companies and a leading education system, the fact is that numerous markets have caught up with us and they are now at least our equal in these and other areas. We now compete with many markets having similarly attractive attributes, but also more attractive environments for business expansion, growth and investment.
The result of all this is that Connecticut has had more than three decades of virtually no population growth and no net increase in jobs or number of businesses.
In contrast, most markets in the U.S. have seen steady growth over the same time. Some markets, including Boston, Atlanta and Dallas, to name just a few, have seen substantial growth, creating hundreds of thousands of net new jobs while Connecticut has struggled to replace jobs lost during the last recession.
Today, the reality is that Connecticut is at a serious competitive disadvantage in terms of attracting and keeping investment capital in the state. Our limited ability to attract investment means fewer new jobs and new businesses. Perhaps most damaging, it also means that too many of the businesses within our state will choose to disinvest, moving their capital to markets that offer a better risk/reward equation.
So, where do we go from here?
That's what we'll talk about in upcoming columns. In these times, we will benefit from a frank and open dialog about Connecticut's future. Can we agree on what that future should look like and, if so, can we then agree on a path that will get us there?
More importantly, I hope that these columns contribute to the discussions that we, as a state, will be having over the coming months as we listen to the candidates discuss their views of our future. This is an important election and we need to be engaged in these issues.
R. Michael Goman is a principal of Goman + York Property Advisors LLC, an East Hartford-based real estate advisor.
