Connecticut’s “First Five Plus” jobs program has resulted in 3,759 jobs created in the state by 13 participating companies, which have invested nearly $1.3 billion in new infrastructure and human capital – over five times the state’s assistance in loans and grants – according to Gov. Dannel Malloy and Department of Economic and Community Development Commissioner Catherine Smith.
The state has provided $256.6 million in direct assistance to the companies, and $125 million worth of tax credits. So far, 13,349 jobs have been retained.
The initiative has a goal of 5,264 new jobs for Connecticut residents which, if attained, will generate an estimated $284.6 million in new state income tax revenue.
Signed into law in 2011, the First Five Plus program supports large-scale economic development projects to encourage job creation, new capital investment, and business expansion or relocation.
Current participants in the program are Cigna, NBC Sports, Alexion, ESPN, CareCentrix, Sustainable Building Systems, Deloitte, Bridgewater Associates, Charter Communications, Navigators, Pitney Bowes, EDAC, and Synchrony Bank.