Hartford Business Journal

4 Hartford Business Journal • October 1, 2018 • www.HartfordBusiness.com Week in Review Briefs Dillon Stadium overhaul experiencing 'unexpected surprises' While the Hartford Athletic is still expected to kick off its inaugural season in the Capital City in April, the overseers renovating Dillon Stadium are uncovering several infrastructure issues at the 83-year-old stadium. Construction crews have found "unexpected surprises" throughout the stadium, including an outdated concrete bleacher foundation and an uneven playing field, according to Michael Freimuth, executive director of the Capital Region Development Authority (CRDA), the agency overseeing the $10 million stadium renovation. CRDA, Freimuth said, has made progress responding to the antiquated foundation, which is fixed in "very bad" soils at the site. To avoid project cost overruns, Freimuth said CRDA is considering a variety of changes to stay under budget, including reducing the stadium's capacity from 6,000 to 5,000 seats. American Airlines closing premium lounge at Bradley Airport The Admirals Club will be giving its final salute at Bradley International Airport this month, when American Airlines plans to vacate the 2,500-square-foot lounge. American Airlines informed the Connecticut Airport Authority (CAA), which manages Bradley, its plan to close the lounge Oct. 15, said CAA Executive Director Kevin Dillon. "It represents an opportunity for us," said Dillon, pointing out that the Admirals Club was only open to American Airlines' premium fliers. "We feel the space is actually better used for general concessions where there are amenities available for all passengers." The Admirals Club is a space for premium and frequent-flyer passengers and features complimentary snacks, beer and wine. CAA is in negotiations with multiple possible vendors to take over the space, Dillon said. CT income up 4.2% in 2Q Connecticut wage earners ranked average nationwide in personal income growth during the second quarter, according to the U.S. Bureau of Economic Analysis. Personal income in the state grew at an annual rate of 4.2 percent in the second quarter, ranking Connecticut No. 22 nationally in growth vs. the first quarter. For the quarter ended June 30, Connecticut workers earned $265.6 billion, up from $262.8 billion recorded in the first quarter, BEA said. Connecticut and Maine led New England in personal income growth at 4.2 percent, outpacing the region's modest 3 percent uptick after climbing by 6.5 percent during the first quarter. Trailing were Vermont (3.8 percent), New Hampshire (2.7 percent), Massachusetts (2.2 percent) and Rhode Island (2 percent). The nation's 4.2 percent personal income growth decelerated from the 5 percent increase last quarter, BEA said. UConn trustees OK $8.3M hotel sale Nathan Hale Inn, Storrs. UConn's board of trustees has unanimously approved the $8.3 million sale of its 95-room hotel to a Chicago- based real estate developer. The board authorized the school's administration to enter into a sale agreement with AJ Capital Partners LLC, which will purchase the Nathan Hale Inn at 855 Bolton Road in Storrs. Under the terms, AJ Capital has agreed to invest up to $13 million in improvements to the building and land. Upgrades will be made to the guestrooms, bathrooms, guest corridors, lobby, restaurant, meeting rooms, ballroom and other public spaces. The developer will also add a year- round ballroom. All improvements will be made by year-end 2019, officials said. The hotel, which is expected to be closed during the five- to six-month renovation, will not house UConn students. TOP STORY S&P: Aging population is hurting CT's economic growth C onnecticut is the sixth oldest state in the country, and that — along with a stagnant population — has contributed to its diminished economic growth, a new report from S&P Global Ratings said. Between 2010 and 2017, S&P found that states with high population growth and more adults of prime working age (25-54) were more likely to have stronger economic growth. Connecticut's population ticked up by just 0.4 percent over those years, compared with double-digit growers like Texas (12.6 percent), Florida, North Dakota, Utah, Colorado and Nevada. Meanwhile, Connecticut's real gross state product shrank 3.3 percent during that time, the third worst performance of any state. S&P says the state's outlook is "equally dim," as it expects the number of older residents to continue to grow in the years ahead. The median age here was 40.9 in 2017, nearly three years older than the U.S. median. Over the next decade, the number of retirement-age workers in the country will nearly double, which will require decision-making by state governments, the report said. "This demographic shift will make the 2030s an important transitionary decade," S&P's report said. "State governments will need to adapt their revenue structures and service levels to accommodate the growing elderly population." BY THE NUMBERS 40.9 The median age in Connecticut, which is nearly three years higher than the U.S. median, according to S&P Global Ratings. 5,000 The number of seats now being considered for a redeveloped Dillon Stadium, which is down from the originally envisioned 6,000 seats due to potential cost overruns. 4.2% The percentage of personal income growth in Connecticut during the sec- ond quarter, according to the U.S. Bu- reau of Economic Analysis, which was slightly below the nationwide average. 25% The percentage of Americans who op- erate a side business, according to The Hartford's 2018 Side Business Survey. TOP 5 MOST READ On HartfordBusiness.com • 1. Dillon Stadium overhaul experiencing 'unexpected surprises' • 2. S&P: Aging population is hurting CT's economic growth • 3. 40 municipalities to share $12.4M for sidewalk, bicycle lane upgrades • 4. UConn trustees OK $8.3M hotel sale • 5. UTAS strike enters second week STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe Connecticut's aging population poses challenges for state lawmakers. PHOTO | HBJ FILE PHOTO | HBJ FILE

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