Opportunities for Dutch Companies in Connecticut
Connecticut has a long interconnected cultural history with the Netherlands that goes back to the first European exploration and settlement of what would become the state. After Dutch explorer Adriaen Block mapped the Connecticut River and other rivers of the state, the Dutch became the first Europeans to settle Connecticut, claiming all land west of the Connecticut River for New Netherlands, with trading posts along the Long Island Sound in New Haven, Branford, and Old Saybrook and their most important fort on the site of what would become the Connecticut capital of Hartford. Today, both Connecticut and the Netherlands are highly respected on the global stage for their expertise in and impact on knowledge economy industries like advanced manufacturing, insurance and financial services, and technology.
Connecticut and the Netherlands share more than historical similarities, with both locations occupying comparatively small areas but boasting an incredibly dense, productive population. Connecticut and the Netherlands are also among the world’s most developed states, sharing a near identical Human Development Index score (which captures life expectancy, education, and per capita income indicators). As a result of these similarities, the Netherlands plays an outsized role in the economy of Connecticut. Connecticut-based subsidiaries of Dutch companies currently sustain the 2nd highest source of foreign employment in the state1, with more than 24,000 jobs supported by trade and investment from the Netherlands2. The Netherlands accounts for the 4th largest source of foreign direct investment in the state3, more than 6% of all total foreign direct investment in Connecticut, and is the #6 top export destination for Connecticut companies, with more than $1 billion in goods exported to the Netherlands in 20224.
Notable Dutch Companies with Major Operations in Connecticut
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Center for Advanced Manufacturing Excellence
Connecticut is one of the premier centers for advanced and precision manufacturing in the United States. The state's manufacturing prowess is rooted in our aerospace and defense industry, with thousands of supply chain and component firms supporting the production of jet engines, helicopters, and nuclear submarines among others. Industry stalwarts like Pratt & Whitney, the Lee Company, and Hanwha Aerospace have made the state the most productive aerospace center in the U.S., supplying global giants like Airbus. As the state with the #1 most aerospace employment per capita5 and the #1 location in the U.S. for aerospace worker productivity6, it's true that nothing flies without Connecticut.
The engineering and manufacturing talent that the defense industry has also brought to the state has brought rise to numerous firms specializing in high-tech, highly sensitive equipment, such as electric and fiber-optic connector-maker Amphenol, medical device manufacturer Medtronic, and the most valuable company in the Netherlands – as well as one of the most valuable in the world – ASML. ASML's facility in Wilton, located approximately 50 miles outside of New York city, is home to 3,000 workers and is the company's largest R&D and manufacturing facility in the U.S., and is 2nd only to ASML's Veldhoven headquarters. Connecticut has quickly become a center of the semiconductor industry in the U.S. – in fact, the first optical lithography machine, which enabled the microchip revolution, was invented in Wilton before being acquired by ASML. ASML and its suppliers have become invaluable to filling the worldwide need for advanced microchips and require skilled, educated, productive workers to design, engineer, and assemble their products, which has made Connecticut the top destination in the country for high-tech manufacturing.
Key Facts About Connecticut
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Home to Insurance Giants
Connecticut and the Netherlands have long shared a commonality as leaders on the international stage in the insurance and financial services industry. International industry giants are located both domiciles, with Connecticut’s capital of Hartford long known as “The Insurance Capital of the World,” hosting insurance leaders such as Travelers, The Hartford, Aetna, and Cigna, as well as outposts of international firms like Munich Re, AXA, and Zurich Insurance. Stamford and Hartford rank as the 1st and 2nd most productive metropolitan areas in the country for insurance workers14 while remaining significantly lower cost than other major metropolitan centers, creating an enticing environment for international firms to establish a foothold in the United States. As the #1 location for the insurance industry in the country, Connecticut offers international firms access to a workforce with unparalleled depth and expertise in the industry and a business and regulatory environment that caters specifically to this industry, with numerous industry and support organizations in place to ensure the easiest possible relocation. The creation and expansion of insurtech and captive insurance firms has seen rapid growth in Connecticut as they explore the plethora funding and partnership opportunities within the state’s vibrant ecosystem.
1Global Business Alliance, 2023; 2Netherlands and You, 2024; 3fDi Markets, U.S. Bureau of Economic Analysis; 4U.S. Department of Commerce, 2022; 5U.S. Census Bureau, CBP, 2021; 6Lightcast, 2021, AdvanceCT calculations; 7Fortune, 2023; 8Milken Institute, 2020; 9U.S. Census Bureau, ACS 1Y, 2021; 10Lightcast, 2022, AdvanceCT calculations; 11Lightcast, 2022, U.S. Bureau of Labor Statistics, O*NET definition, AdvanceCT calculations; 12Lightcast, 2022; 13Captive Review, 2022; 14GRP per worker, Lightcast, 2022
