Connecticut Supports the Future - Governor Lamont Interview with Business Facilities

Governor's Report: Governor Ned Lamont, State of Connecticut 

Connecticut has long been a haven for original ideas and fresh thinking, and this drive toward the future has made the state home to acclaimed scientists, inventors, and creators, producing the first functional helicopter, anesthesia, and color television. Wide-ranging talent and a strong business ecosystem with access to major east coast markets make this New England state a strong locations choice for both U.S.-based and foreign companies. 

Globally recognized brands like ESPN, Xerox, and Cigna have made their headquarters in Connecticut, as have startups like yale University quantum computing spinoff Quantum Circuits, Inc. For companies both large and small, Connecticut has the talent and the business climate to fuel their growth.

Centrally located in the northeast U.S., Connecticut offers businesses a location adjacent to New York City, within two hours of Boston, and ease of access to markets throughout the U.S. and Canada. Along with three deep water ports and an international airport, Connecticut also boasts strong passenger and freight rail and interstate distribution networks. 

The state's robust infrastructure extends into energy and communication networks. And, whether it's highway improvement, rail enhancements, or investments in EV charging stations, Connecticut prioritizes infrastructure resilience to support businesses. 

Business Facilities recently spoke with Governor Ned Lamont, who took office in January 2019, about the latest for business and residents in Connecticut and his administration's recent actions.

When it comes to the business climate in Connecticut, what are the current highlights you’d share with corporate site selection teams?

Over the past two years, Connecticut has seen significant growth and expansion in our advanced manufacturing sector, which is a hugely positive sign. Our corporate investors are getting the workforce and support they need in our state, so they are doubling down on their investments.

We have also seen a rise in foreign direct investment as companies that supply our advanced manufacturing primes open operations closer to their clients. We had South Korea-based Hanwha Aerospace relocate its International Engines Business headquarters to Connecticut and Germany-based MTU Aero Engines expand their workforce, both doing so in part to better serve their major Connecticut customers, like Pratt and Whitney.

Connecticut is a low-risk location, and we value our corporate partners. Our companies see this support in tangible ways that benefit their businesses, so they value the partnerships and stability that our state offers.

What are target industries in the state?

Connecticut is a unique market in that we target the high-end of the value chain across many industry sectors. If a company is involved in R&D, innovation, mechanical and industrial design, life sciences, or any other industry that requires constant innovation and discovery, they choose Connecticut.  

Our key industries are aerospace and defense, life sciences, insurance, fintech, quantum technologies, and technology. Connecticut offers innovative companies an overachieving workforce, a low-risk, predictable operating environment, a state government that supports business, and a location that can’t be beat.

These advantages have led to the investment and expansion of companies like semiconductor machine manufacturer ASML — arguably the most important player in the global microchip supply chain; mission systems, RF component, and advanced printed circuit boards manufacturer TTM Technologies; global cross-border payments fintech firm Banking Circle; and world-leading inhaled pharmaceutical solutions company MannKind.

What incentives and other programs are being emphasized for new and existing business in Connecticut?

Connecticut’s incentives are ‘earn as you grow’ focused and bespoke, depending on the nature of the company’s operations. We do not offer broad incentives for all corporate investments and expansions, but may assist those who can demonstrate a commitment to creating good-paying jobs for Connecticut residents.

We also rolled out the Strategic Supply Chain Initiative earlier this year, which aims to support the growth and attraction of strategically important supply chain companies that contribute to Connecticut’s core industries. The goal of this program is to help companies increase their capacity to not only create more business for themselves but also to promote onshoring and attract new supply chain operations, both domestically and internationally, to Connecticut. 

What is a key challenge or issue facing Connecticut in terms of business attraction and economic development? How is your administration addressing the issue?

Despite having to compete with neighboring states like New York and Massachusetts, we see economic opportunities and advantages. Connecticut has made significant improvements over the past few years when it comes to net migration and the dynamism of our corporate ecosystem, alongside our continued, unparalleled access to top-tier talent and quality of life. We’ve been working tirelessly to sharpen our competitive edge through fact-based campaigns and policies that have increasingly been gaining traction on the national stage, resulting in new businesses moving and growing here.

Connecticut is small enough to make doing business here extremely easy. With an accessible governmental structure and responsive industry organizations, companies can be close to their customers throughout the mid-Atlantic and northeast — and even Canada — while ensuring they receive the support and services that they need to continue to grow. This is the true story of our state’s business environment, and it’s a reality that many companies in the industries of the future have bought into and thrived in. Few other states can offer what we offer in terms of workforce, quality of life, and location.

What else would you share with businesses considering Connecticut?

Business leaders shouldn’t rely on outdated perceptions. They should reach out and sit with our team from AdvanceCT and the Department of Economic and Community Development. Come see for yourself, because you’ll be missing out on an amazing opportunity if you don’t explore Connecticut’s assets. If you’re a company seeking a skilled workforce or manufacturing anything that requires immense precision, knowledge, and expertise, Connecticut is the answer to your business needs. 

Read the original article here.