U.S. Bureau of Economic Analysis 2019
3 Mar 2022
Bridgeport-Stamford-Norwalk Named #10 in Top Metro Areas for Corporate Facility Investment
Bridgeport-Stamford-Norwalk Metro Area Jumps 97 Spots in Investment Ranking
New Haven, March 3, 2022 - The Bridgeport-Stamford Norwalk metropolitan area has been named the 10th most targeted metro area for corporate facility investment in 2021 for cities with a population of less than 1 million by Site Selection Magazine. Southwestern Connecticut saw a total of 23 new projects in 202, that included both the construction of new facilities and the expansion of existing businesses.
Site Selection’s Conway Projects Database focuses on new corporate facility projects with significant impact, including headquarters, manufacturing plants, R&D operations, and logistics sites, among others. It does not track retail, government projects, schools, or hospitals. New facilities and expansions included in the analyses must meet at least one of three criteria: (a) involve a capital investment of at least US$1 million, (b) create at least 20 new jobs, or (c) add at least 20,000 sq. ft. (1,858 sq. m.) of new floor area.
The Bridgeport-Stamford-Norwalk area has seen a huge uptick in new corporate investment, climbing 97 spots from the 2020 rankings to take its place in the top 10 this year. These projects include new headquarters locations from Philip Morris International (Fortune 500), ITT Inc. (Fortune 1,000), and Digital Currency Group, as well as substantial investments from existing companies to expand their operations and infrastructure in the state such as WWE and Athletic Brewing Company.
Fairfield County has increasingly become an attractive destination for companies looking to leave behind the burdensome costs and regulations of larger cities, like New York and Boston, without losing access to Northeast and international markets. Bridgeport-Stamford-Norwalk’s highly talented workforce has proven to be another major draw, with the metro area being ranked #12 in the nation for most educated cities (WalletHub, 2021) and Stamford ranked top 10 for Small Cities of the Future (fDi, 2021).
The metropolitan area’s highly educated, highly diverse workforce has established it as a juggernaut of the international financial services and asset management industry and placed at the forefront of the life sciences and cryptocurrency industries as well, among others.
These projects were tracked and data was submitted to Site Selection Magazine/Conway Data by AdvanceCT on behalf of Connecticut’s statewide economic development efforts through their tool Project Tracker, which aims to capture all inbound investment in Connecticut including job creation, capital expenditures, and facility construction and expansion.
AdvanceCT is a nonprofit organization that works to engage, retain, and recruit businesses and advance the overall economic competitiveness of Connecticut. AdvanceCT works in close collaboration with the Connecticut Department of Economic and Community Development (DECD), as well as the private sector and other statewide economic development organizations to implement high impact and inclusive economic development solutions. Our team advocates for and promotes Connecticut as a location for companies to compete and grow. www.advancect.org
About Site Selection Magazine
Site Selection magazine, published by Conway Data Inc., delivers expansion planning information to a qualified circulation of 45,000 executives of fast-growing firms. Celebrating its 68th anniversary this year, Site Selection is also available via Site Selection Online. Headquartered in Atlanta, Ga., Conway Data, publisher of Site Selection magazine, the Conway Analytics Report and a family of online industry newsletters, in 2017 was recognized as Georgia International Small Business of the Year by the Atlanta Business Chronicle. Conway Data has been a trusted advisor to corporations, government economic development and investment promotion agencies around the world since 1954. Conway Data owns and manages Conway Events, organizer of worldwide FDI events, and also manages the Industrial Asset Management Council.
U.S. Bureau of Economic Analysis 2019
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