Connecticut did not rank among the topmost states in a new U.S. Chamber of Commerce “Enterprising States” report assessing business climates nationally.
New York was the only Northeast state to make the top 10, with the list headed by North Dakota, Wyoming and Virginia.
New York climbed 11 rungs, which the U.S. Chamber of Commerce attributed to growth in gross state product and per-capita income. The report also highlighted multiple initiatives under Gov. Andrew Cuomo, particularly his decision to push economic development funding to regional entities in a “bottom up” model intended to better match funding with local strengths and areas of opportunity.
The U.S. Chamber of Commerce said several high-ranking states share similar attributes, including:
Ӣ addressing their competitive weaknesses;
Ӣ supporting business development efforts to reach a global marketplace;
Ӣ creating a fertile environment for an entrepreneurial, innovation-driven economy;
Ӣ investing in infrastructure, both physical and digital;
Ӣ getting government, academia and the private sector to collaborate;
Ӣ helping existing businesses become more productive and innovative;
Ӣ maintaining an affordable cost of living;
Ӣ promoting education, workforce development and entrepreneurial mentoring; and
Ӣ cleaning up the DURT (delays, uncertainty, regulations, and taxes) spawned by inefficient government processes.
At the time Gov. Dannel P. Malloy took ofÂfice in January 2011, the report noted, Connecticut”™s unemployment rate was peaking at 9.3 percent. Through this past February, that rate has dropped to 7.8 percent, the sixth best performance by that measure.
The U.S. Chamber of Commerce also noted Malloy”™s “First Five” program that has awarded incentives to Alexion Pharmaceuticals Inc., Cigna Corp., ESPN, and NBC Sports, all of which agreed to add at least 200 jobs in Connecticut. In its new budget, the Connecticut General Assembly authorized an expansion of the program to include 10 additional companies.
The report also cited Malloy”™s $100 million Small Business Express program, which continues to dole out relatively small grants and loans, including this month to Bethel-based Special Testing Laboratories Inc., which got a $12,000 matching grant as it purchases soil testing and fire resistance testing equipment while adding an employee; and to Domack Restoration L.L.C. of Stratford, which is hiring five people as it books a $100,000 grant to expand into a larger facility for its commercial roofing and restoration business.
The Connecticut General Assembly went along with Malloy”™s request to expand the Small Business Express program to companies with up to 100 employees, twice as many as the previous limit.
Also highlighted by the U.S. Chamber of Commerce was Malloy”™s Bioscience Initiative, which drew The Jackson Laboratory of Bar Harbor, Maine, to establish a genomics research center in Farmington; with Malloy classifying Alexion”™s $51 million in First Five incentives this month under the same Bioscience Initiative rubric.
The report also noted the $125 million with which Connecticut Innovations will use to match venture investments to establish fast-growth companies.
The report did not delve into Malloy”™s education bill of the 2012 spring session, under which he hopes to revitalize Connecticut”™s long-term prospects.
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