Hartford Business Journal

6 HARTFORDBUSINESS.COM | MAY 13, 2024 Report: CT a top destination for relocating remote workers What's Trending By David Krechevsky davidk@hartfordbusiness.com C onnecticut is a top 10 desti- nation for remote workers, according to a new study by Yardi Kube, a coworking management platform. The study, which is based on data from IPUMS USA and analyzes U.S. Census data, ranked the top 10 states based on their net gain of remote workers who relocated in 2022. Connecticut ranked sixth, with 20,506 remote workers moving into the state, while 10,653 moved out, for a net gain of 9,853 remote workers. Florida was No. 1, with a net gain of 43,937 remote workers, followed by Texas, North Carolina, Georgia and Arizona. The study also looked at the migra- tion of on-site workers — those who work primarily in the office — and Connecticut ranked a surprising third on that list, with a net gain of 32,619 on-site workers. Texas ranked first with a net gain of 66,164 workers. The study did not indicate where a majority of the remote workers who migrated to Connecticut moved from. It did note that the majority of remote workers moving to Florida came from New York, while most moving to Texas relocated from California. It also found that millennials were "the most eager generational group to embrace relocation," with that generation making up 54% of the workers who relocated within the same state, and 51% of those who moved out of state. Madeline Fagaras, a spokes- person for Yardi Kube, said Connecticut did experience a "substan- tial migration from high-cost states." "The demographic shift brought about by this trend is reshaping local economies and communities," Fagaras said, "positioning Connecticut as a vibrant hub for business and innovation and making it one of the top destinations for millennials." Most popular states for migration of remote workers RANK STATE TOTAL REMOTE IN TOTAL REMOTE OUT NET REMOTE WORKERS 1 FLORIDA 107,136 63,199 43,937 2 TEXAS 94,645 63,585 31,060 3 NORTH CAROLINA 46,859 30,003 16,856 4 GEORGIA 43,335 28,694 14,641 5 ARIZONA 33,954 21,162 12,792 6 CONNECTICUT 20,506 10,653 9,853 7 SOUTH CAROLINA 23,397 14,502 8,895 8 WASHINGTON 40,204 32,535 7,669 9 TENNESSEE 24,554 17,891 6,663 10 MICHIGAN 22,114 18,196 3,918 Source: Yardi Kube analysis of IPUMS USA data Berkshire Bank shrinking CT presence with pending branch closures By Greg Bordonaro gbordonaro@hartfordbusiness.com B oston-based Berkshire Bank, which first entered the Connecticut market following its 2012 acquisition of the Connecticut Bank and Trust Co. in Hartford, has notified the state Department of Banking that it plans to close three branches in the Nutmeg State. Berkshire Bank, a subsidiary of the publicly traded Berkshire Hills Bancorp, is asking the banking department permission to close the branches, with a combined $113.6 million in deposits, by June 28. The branches slated for closure are located at: • 596 Hartford Pike, in Dayville (it had $62 million in deposits as of June 30, 2023, according to Federal Deposit Insurance Corp. data) • 114 Woodland St., in Hartford, at St. Francis Hospital ($3.2 million in deposits) • 159 Merrow Road, in Tolland ($48.4 million in deposits) The pending closures follow the departure earlier this year of one of Berkshire's top bankers in Connecticut, Jeffrey Klaus, who was hired by the bank in 2021 to serve as senior vice president and regional president and middle market team leader in southern Connecticut, based in New Haven. He left the bank in January, according to his LinkedIn page. In a statement about the pending branch closures, a Berkshire Bank spokesperson said the bank "is committed to delivering an excep- tional customer experience. We regu- larly evaluate our network of financial centers to ensure we are delivering our services based on customer preferences. Berkshire Bank remains committed to serving our clients and communities in Connecticut through our network of nearly 20 financial center locations in the state." Berkshire Bank established its brick-and-mortar presence in the state following its 2012 purchase of the tiny Hartford-based Connecticut Bank and Trust Co., which at the time of the deal had $280 million in assets and eight branches serving the Greater Hartford area. Berkshire followed up that deal with its 2019 acquisition of Williman- tic-based SI Financial Group, parent of the Savings Institute and Trust Co. That $180 million purchase grew Berkshire's Connecticut presence from nine to 27 branches and an additional $1.7 billion in assets. As of June 30, 2023, Berkshire reported 21 branches in Connecticut with $1.5 billion in assets. Banks across Connecticut and the country have been trimming their branch footprints in recent years as more consumers use online banking services and as a way to cut costs. 0 250 500 750 1,000 1,250 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CT BANK BRANCHES NO. OF CT BANK BRANCHES SHRANK 22.7% OVER PAST DECADE 1,250 1,200 1,150 1,100 1,050 1,000 950 900 850 800 *Each year as of June 30. | Source: Federal Deposit Insurance Corp.

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