Connecticut has always been one of the more stable US economies. It shows the twelfth-best national growth as New England’s second-largest economy. In the list below, we see what sectors in Connecticut are not only doing well but are on track for continuous expansion until this decade’s end.
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1. Health-Related Industries
Most US residents need to be more wise to the fact that Connecticut is a booming American health research hub. But it is, with CVS Health, Hartford Healthcare, and the Yale New Haven Health System ranking among the state’s top ten largest employers. According to the Hartford Business Journal, the healthcare sector in the state employs hundreds of thousands of people, with Yale New Haven alone employing close to thirty thousand. Other notable healthcare employers are UConn, Trinity Health, and Athena Health Care.
Connecticut also has around twenty-eight hundred science employees doing various health-based research, as the state stands in the number three spot for biomedical/biological science advanced degrees awarded per capita, and it holds the number nine position for health doctorates in the workforce in the nation. Connecticut offers various state programs and incentives that should keep this sector growing throughout this decade, such as the Angel Investment Tax Credit and the Bioscience Innovation Fund.
2. Advanced Manufacturing
Manufacturing.gov defines advanced manufacturing as the use of innovative tech in building new products based on existing ones, and it includes the production of items and services that depend on computation, software, automation, and networking.
Going by the available data, without argument, Connecticut is a pioneering force in this field. That largely gets credited to the state’s deep roots in the aerospace and defense industry, housing a quarter of all American aircraft parts manufacturing and 16% of shipbuilding and repair activities. Also, Connecticut’s manufacturing prowess for medical devices, semiconductor machinery, and precision manufacturing is impressive. It should be noted that in the overall manufacturing landscape.
The state has over four thousand establishments and around one hundred and fifty thousand employees. It ranks as a top state for engineers and STEM talent concentration and a premium manufacturing hub, supporting manufacturing infrastructure via tax credits and the Connecticut Manufacturing Innovation Fund Voucher Program, administered by the Department of Economic and Community Development (DECD).
On top of all this, the state’s community colleges and technical training centers offer specialized programs in advanced manufacturing technology. These ensure that graduates possess the skills demanded by this sector. So, things will continue to grow regarding advanced manufacturing in this part of the United States.
3. Insurance
Few people know that insurance is a top industry in Connecticut, with Life Insurance & Annuities generating $54.9 billion annually. The Health & Medical Insurance sphere also pulls in substantial numbers, with an annual revenue of $34.5 billion in 2023. Historically, the state is North America’s number one insurance industry location, with Hartford bearing the name The Insurance Capital of the World. Regarding insurance workers, Hartford and Stamford are the number two and one most productive metropolitan areas in the US. Connecticut has around sixty thousand insurance employees, which cannot be rivaled in this field.
Now, it may be strange to list the state’s number one sector as a growing one. But the facts are that the Constitution States has unparalleled expertise in the arena, and it features a regulatory environment created to cater to this industry, so it will keep expanding at a more-than-decent pace in the years to come.
4. Green Energy
Connecticut has been at the forefront of the clean energy movement in the US for more than a while. It boasts the nation’s inaugural Green Bank and has embarked on multiple ambitious ventures in this field. Moreover, the state’s commitment to energetic sustainability is evident in its legislature.
In 2019, Connecticut set its sights on offshore wind energy, committing to procure up to two thousand MW of offshore wind power. That initiative was bolstered by massive infrastructure investments like the offshore turbine redevelopment of New London’s State Pier. That has led to the state having the highest concentration of offshore wind supply chain jobs in the US. It is also the ninth most energy-efficient region in the country.
In terms of job creation, the economic impact of clean energy is significant, as the solar and wind sections are outpacing traditional energy sectors. However, it must be said that the state’s renewable energy ecosystem extends beyond wind and solar power to encompass fuel cell technology, energy efficiency, and shared clean energy initiatives.
5. Interactive Gaming
In 2021, the Constitution State passed a law that legalized real money online casinos in Connecticut. Only seven US territories allow their residents to enjoy games of chance remotely. The other six are New Jersey, West Virginia, Delaware, Pennsylvania, Rhode Island, and Michigan.
The state also permits poker and sports betting over the Internet, but card gambling platforms are yet to launch. Gaming sites licensed and operating within Connecticut’s borders post reported monthly revenues usually in the neighborhood of thirty million dollars, showing month-on-month growth. The remote casino industry is anticipated to rake in $39 billion in revenues in 2024, with the annual expansion rate predicted at 5.48%. That trend should be replicated in US regions that regulate this pastime.
