Investing in Connecticuts Economic Future Tim Sullivan, Deputy - PowerPoint PPT Presentation

Investing in Connecticut’s Economic Future Tim Sullivan, Deputy Commissioner Connecticut Department of Economic and Community Development October 13, 2016

State of the State  Unemployment is at a nearly eight-year low, while wages are at the highest point ever  Since August 2015, the state has added 18,600 private sector jobs  Personal income has grown in every quarter in 2014 through Q1-2016  State continues to streamline regulations and use LEAN tools to improve productivity

Diverse Industry Sectors Insurance/ Green Bioscience Financial Technology Services Advanced Tourism Digital Media Manufacturing

Strategic Northeast U.S. Location Talent Development Strategy Goal Selected Outcomes Massachusetts  Next Generation CT – targeted $137M investment Increase in STEM disciplines at UConn STEM  Wide variety of STEM education programs – Education Young Manufacturers Academy, 142 students in 2016  2011 Jobs Bills authorized up to $20M to expand Add existing and develop new manufacturing programs in community colleges Manufacturing Talent  Manufacturing Innovation Fund programs aimed at developing future pipeline of talent serves 300 companies

Strategic Northeast U.S. Location Talent Development Strategy Goal Selected Outcomes Massachusetts  CI’s Technology Talent Bridge, Entrepreneurs -in- Residence program, accelerators and co-working spaces have served 500+ entrepreneurs Entrepreneurial  CTNext entrepreneur support system provides access to talent, space, expertise, services, and capital. Support Recent projects: − A 100 Coder Training Academy working in New Haven, Stamford − STEM Skills Challenge – tests student developers, connects the best with top tech firms − iTalent Initiative connects universities and tech companies

Strategic Northeast U.S. Location Innovation Strategy Goal Selected Outcomes Massachusetts  CT has moved from 32 nd to 12 th in academic R&D spending More R&D  Increased # of engineers/engineering faculty at UConn; Capacity at # of grads up 70% UConn  $1.5B construction investment in Next Generation CT at UConn to build new classrooms/labs and buy new equipment  Connecticut Innovations’ investments have grown from Expand CI’s $9.4M to $20.2M in last 4 fiscal years (115% growth) Investment  Connecticut Bioscience Innovation Fund provides funds Capacity to early stage companies, and nonprofits building commercialization infrastructure ($200 million fund)

Strategic Northeast U.S. Location Quality of Life Strategy Goal Selected Outcomes Massachusetts  Workforce housing has increased by thousands of Improve units, with a focus on key urban, TOD areas. Being Transit absorbed rapidly Oriented  Have supported cities and towns along MetroNorth and new light rail from New Haven-Springfield to Development develop retail, housing and other TOD  Comprehensive Energy Strategy (strategy for all Comprehensive residential, commercial, and industrial energy issues) Energy  CT Green Bank provides low-cost financing to support Policy renewable energy and efficiency, including C-PACE and Energy on the Line

Strategic Northeast U.S. Location DECD Toolbox Tax Financing Incentives • Loans • Credits • Forgivable Loans • Abatements • Grants Technical Assistance • Expertise • Research • Work with partners

Strategic Northeast U.S. Location Investing in Connecticut’s Manufacturing Anchors

Strategic Northeast U.S. Location Manufacturing Innovation Fund • Originally capitalized with $30M in bond funding, was expanded in 2015 with an additional $20M in FY16 and $20M in FY17 • As of August 2016, more than $37M has been obligated to its programs/initiatives • Manufacturing Voucher Program • Helps CT manufacturers undertake innovative projects to improve productivity, efficiency and competitiveness (e.g., new equipment, training and software) • Incumbent Worker Training Program • Financial assistance to help manufacturers keep their workforce’s skills up to date • Apprenticeship Initiative • Provides incentives to increase the number of apprentices in manufacturing (financial assistance in the form of wage subsidies, competency testing and tuition reimbursement) • Other Programs: • Energy on the Line • Young Manufacturers Academy • Dream It. Do It.

Strategic Northeast U.S. Location Supporting Connecticut’s Tourism Industry Tourism is a major growth industry in Connecticut • $14 billion in annual economic impact • 82,500 direct jobs • 7,000+ new direct jobs since the end of the recession • 120,000 total (direct and indirect) jobs are supported by the tourism sector • Recent relaunch of www.ctvisit.com • Now ~4 million annual site visits

Strategic Northeast U.S. Location Brownfields: Creating Livable, Vibrant Communities • Since FY12, CT has invested $173M in 100+ projects to remediate and redevelop brownfields across the state • For every $1 invested by the state, $4.99 has been or will be invested by non-state partners • FY16 projects: $8.37 of non-state investment for every $1 invested by the state Two Roads Brewing Co. • $36M of new funding was authorized for FY16- 17, up from $30M in previous biennium • Two Roads invested almost $2.85M to purchase 101 year-old building in • Brownfield Areawide Revitalization (BAR) Stratford and another $18M to grants: new comprehensive cluster-based transform itself into a microbrewery planning program • Received $500,000 grant from DECD • $1M total awarded to 6 communities for site remediation and $100,000 EXP grant

Strategic Northeast U.S. Location Small Business Express Program (EXP)  Matching grants of up to $100,000 or loans/forgivable loans in amounts up to $300,000  To date, 1,601 companies have been provided more than $251 million in financial assistance  Companies will create 6,362 jobs and retain 17,822  All industries are represented – including manufacturing, healthcare and bioscience, business and financial services, construction, and main street retail Hampford Research Inc.  EXP is helping the specialty chemical manufacturer expand in Stratford  A $180,000 loan and $100,000 matching grant  Project retained 31 jobs and will create 2

Strategic Northeast U.S. Location New Initiative: Connecticut Port Authority “Connecticut's ports will be in a stronger position to attract more private investment and import and export business.” – Governor Dannel P. Malloy • Quasi-public state governmental body whose primary responsibilities include: • Marketing Connecticut’s ports • Pursuing federal and state funds for dredging • Coordinating, planning and implementing capital projects • Key milestones: • Appointment and convening of the 15-member Board of Directors • MOU with DECD for support services • Transfer of State Pier and other DOT responsibilities • Search and appointment of Executive Director • Creation of a statewide strategic plan for increasing economic activity and strengthening our maritime policies

Strategic Northeast U.S. Location New Initiative: Technology Talent Fund  2016 legislation establishing a Technology Talent Advisory Committee within DECD, with the ultimate goals of:  Identifying greatest gaps in Connecticut’s tech talent  Developing and/or implementing programs that help fill those gaps  Advisory Committee  Currently composed of 11 members, including representatives from UConn, the Board of Regents for Higher Education, and private industries  First meeting will be held October 4  Potential programs might include:  Partnerships with public and private colleges and universities to build business-oriented IT curricula to support technology and tech skills  Develop training programs for high school students to introduce computer programming, web design, animation, etc.  Develop summer and after-school coding boot camps to teach coding to elementary and middle school students

Strategic Northeast U.S. Location New Initiative: Innovation Places  Public Act 16-3 established CTNext as a subsidiary of CI  11-member Board of Directors  Key initiative: Innovation Places  Higher education initiatives, existing program expansion  Innovation Places Vision:  Entrepreneurship and innovation stakeholders throughout each community collaborate to develop and implement strategy such that Connecticut develops top-tier destinations for entrepreneurs and technology talent  Value Proposition:  Incentive funding for collaborative visioning & planning (initial applications being reviewed now)  Direct funding for implementation projects  Indirect funding through other state economic development entities for compelling plans and collaborative communities

Strategic Northeast U.S. Location Opening Soon: DistriCT NHV Former CT DOT Bus Garage (470 James Street in New Haven) being converted into a “Google - style” tech campus (100K SF, opening early 2017, leasing now)