Hartford Business Journal

4 Hartford Business Journal • January 7, 2019 • www.HartfordBusiness.com Week in Review Briefs Ideanomics: Interest growing for incoming West Hartford tech hub Incoming West Hartford fintech Ideanomics says it has generated significant interest from private businesses, colleges and other fintechs eyeing a presence at its former UConn campus. The New York company said it has received "regular" partner inquiries since announcing it would purchase UConn's vacant West Hartford campus on Trout Brook Drive in July. The campus sale closed in October for $5.2 million. Ideanomics, formerly Seven Stars Cloud, is building a tech hub for blockchain technology and artificial intelligence (AI) at the 53-acre site in a $283 million development known as Fintech Village, which is expected to create 330 new jobs. The company also said it has started discussions to bring up to 10 fintechs to the area from Asia, Israel and Europe. Those companies would establish their innovation operations under a single, collaborative campus, officials said. CT projects $242M surplus for FY '19 Connecticut is projecting a $242.4 million budget surplus for fiscal year 2019, state officials said. In a letter to outgoing Gov. Dannel P. Malloy, State Comptroller Kevin P. Lembo revealed the estimated surplus and urged "sustained financial discipline" in fortifying Connecticut's reserve funds to prepare for slow economic growth, uncertain federal funding and "volatility" in the financial markets. Gov.-elect Ned Lamont, who will be sworn in Jan. 9, has promised he will not use Connecticut's reserve funds to close a projected budget deficit of $1.7 billion in the fiscal year beginning July 1. Under new statutory revenue caps, revenues exceeding a certain threshold must be transferred to the state's reserve, or rainy day fund. Lembo said recent job gains and wage growth are encouraging signs for Connecticut's economy, but he cautioned there are other factors beyond the state's control. CT to get $5.2M in Wells Fargo deal Wells Fargo will pay $575 million under a 50-state settlement led by Connecticut and three other states relating to fraudulent mortgage and insurance fees, as well as the scandal in which millions of accounts were created without consumers' consent, Attorney General George Jepsen announced. The settlement is the latest in a series of steps by Wells Fargo, the nation's third- largest bank, to resolve allegations of unfair trade practices first disclosed two years ago by federal regulators. It agreed to pay $1 billion in April to federal regulators and $65 million in October to New York. Connecticut's general fund will receive $5.2 million under the deal. Connecticut served on the multi-state investigation's leadership and negotiating team with the attorneys general of Arizona, Iowa and Pennsylvania. All 50 states and the District of Columbia are parties to the deal. Mark Pazniokas | CT Mirror Stalled W. Locks development to move ahead, selectman says A planned mixed-use development in Windsor Locks that has been stalled since 2006 can now move forward, as the developer has acquired an option to purchase an abutting piece of property, First Selectman Chris Kervick said. Although BDL Real Estate Holding LLC purchased property at the intersection of Route 20 and Ella Grasso Turnpike over a decade ago to develop "Governor's Station," which would include residential and commercial space, work couldn't start because of an access issue caused by a lack of frontage on Ella Grasso Turnpike. But Kervick said after a year of negotiations, the town acquired an option to purchase a 5-acre parcel at 5 Ella Grasso Turnpike. That option was transferred to BDL, and Kervick said acquiring the property would provide the necessary access for the development to be viable. Kervick said BDL expects to file a plan of development with the Planning and Zoning Commission within a month. Anthony Branciforte | Journal Inquirer CT's workplace injuries above average While the number of private employer- reported nonfatal workplace injuries and illnesses did not change between 2016 and 2017, the state has a higher incidence rate than the national average, federal labor officials said. Private-sector companies here reported 37,600 nonfatal workplace injuries and illnesses last year, which amounted to 3.2 cases per 100 full-time workers, compared to a U.S. average of 2.8, according to the U.S. Bureau of Labor Statistics. Nineteen other states had incidence rates statistically higher than the national average. The worst was Maine, with a rate of 4.8 cases per 100 workers. TOP STORY CT loses population for fifth straight year C onnecticut is one of nine states that had a shrinking population in fiscal 2017-18, marking a fifth consecutive year of decline, according to the U.S. Census Bureau. The Nutmeg State had 3,572,665 residents between July 1, 2017, and July 1, 2018, representing a loss of 1,215 residents, or less than a half-percent decline from a year earlier. Meantime, the U.S. population increased 0.6 percent as a result of births outnumbering deaths and slightly higher international migration. Connecticut, where population peaked in 2013 at 3,594,915, was the only New England state that recorded a smaller population last year. Other states with declining populations were New York (down 48,510), Illinois (45,116), West Virginia (11,216), Louisiana (10,840), Hawaii (3,712), Mississippi (3,133), Alaska (2,348) and Wyoming (1,197), federal officials said. Nevada and Idaho were the country's fastest-growing states last year with population increases of about 2.1 percent. BY THE NUMBERS $242.4M Connecticut's projected state budget surplus in fiscal 2019, which runs through June 30, according to Comp- troller Kevin Lembo. 37,600 The number of nonfatal workplace injuries and illnesses reported at Con- necticut companies in 2017, which was flat from a year earlier, according to federal labor officials. 4.1% Connecticut's unemployment rate at the end of November, which declined less than 1 percent from the previous month, according to the state Depart- ment of Labor. $265.8B The total wages earned by Connecti- cut workers during the third quarter, which was up 4.1 percent from a quarter earlier, ranking the state 20th in the nation for growth, according to the U.S. Bureau of Economic Analysis. TOP 5 MOST READ On HartfordBusiness.com • 1. CT loses population for fifth straight year • 2. Millstone victorious in quest for CT power contract • 3. Ideanomics: Interest growing for incoming West Hartford fintech • 4. Legrand acquires Wisconsin lighting manufacturer • 5. CT's workplace injuries above average 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 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3.50 3.51 3.52 3.53 3.54 3.55 3.56 3.57 3.58 3.59 3.60 Total residents in millions Connecticut population Source: U.S. Census Bureau

• Cover