2016 | Doing Business in Connecticut 63
SPONSORED REPORT
Economic Report of the Governor,
Connecticut manufacturers added
almost $28 billion to the state's
GSP in 2013.
And, every $1 spent in manufac-
turing generates $1.35 in additional
economic activity.
Connecticut is also rapidly be-
coming a hub for bioscience, with
the fast growing sector responsible
for more than 50,000 jobs and over
800 companies throughout the state,
from small startups to multinational
corporations.
In 2011, the most recent year data
was available, the biopharma sector
generated $8.9 billion in economic
output and supported another $7.7
billion through vendors, suppliers, and
the economic activity of its workforce.
"Biotechnology and related indus-
tries are a keystone for Connecticut
future," says Paul Pescatello, executive
director of the Connecticut Bioscience
Growth Council.
"The value they bring to the
state's economy, and most importantly
to patients and consumers, cannot be
underestimated."
Connecticut's quality of life is an
important factor in the state's poten-
tial to succeed in the new economy.
Forbes magazine ranks Connecti-
cut as having the fourth best quality
of life among all states.
In addition, Connecticut is the num-
ber one healthiest state in the country
and has the highest personal income per
capita of any state.
When it comes to educational op-
portunity and achievement, few states
compete with Connecticut, where
almost 40% of those aged 25 years or
older have a bachelor's degree.
All of these factors make Connecti-
cut a desirable location for business
investment.
