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62 Doing Business in Connecticut | 2016 SPONSORED REPORT Connecticut's Economic Hallmarks: Quality of Life, Productivity, Talent, Innovation C onnecticut is uniquely positioned to thrive in today's global economy. To grow and create high-wage jobs, companies need a location with a strong talent pipeline, a vibrant business ecosystem, and a quality of life that can attract employees and make them feel good about the place where they'll raise their families. Connecticut excels in these areas and many others, as outlined in an April 2016 report presented to the state's Com- mission for Economic Competitiveness. Among the report's findings: High Quality of Life • 3rd in quality of life of any U.S. state (Forbes) • 3rd highest life expectancy in the U.S. • 2nd lowest violent crime rates among peers, 9th nationwide Productivity • Connecticut ranks third in the U.S. for GDP per worker ($138,600) • GDP per capita is $64,700, good for fourth highest in the country Education and Talent • 6th best K-12 educational system in the nation. • 7th highest AP participation rate in the U.S. • Over 50% of college students in Con- necticut attend public universities • 38% of those 25 years and older have at least a bachelor's degree (versus 30% nationwide) Blue-Chip Companies and Growth Sectors • 7th in the U.S. in number of S&P 500 Headquarters • 3.3% of all Fortune 1000 companies by revenue are in Connecticut (versus 2% in Massachusetts and 2.9% in New Jersey) • Growing sub-sectors of strength, e.g. aerospace, ship building, medical and electrical equipment Innovation • 8th in the U.S. for R&D as a share of GDP • Academic research surged 38% from 2009 to 2013, advancing Connecticut from 32nd to 12th in the U.S. "Our companies tend to be at the top of the food chain — the highest of the high end — when it comes to manu- facturing, financial services, and research and development," says CBIA economist Pete Gioia. "Those companies depend on in- novation and productivity gains, so they place a high value on a well-educated, productive workforce and the quality of a state's colleges and universities — ar- eas in which Connecticut has tradition- ally excelled." Innovation has always been one of Connecticut's hallmarks — Bloom- berg ranked the state as the 4th most innovative market in the country in 2013 — and today, that legacy contin- ues through a vibrant network of small and large companies driving advances in Connecticut's key economic base industries, including: • Manufacturing • Bioscience • Aerospace • Medical technology • Financial services • Insurance • Healthcare Home to numerous businesses on the cutting edge of technology and in- novation, Connecticut is ranked fifth in the country for private R&D investment per capita — twice the national average. A critical part of Connecticut's leadership role in the new economy is its manufacturing sector, which looks very different today than it did in generations past. Today, significant global changes are presenting new economic op- portunities to states that are able to successfully combine a skilled work- force, R&D capability, and tech-driven manufacturing production. Number five in the U.S. for science and engineering doctorates in the workforce (National Science Founda- tion), ninth on the Milken Institute's 2014 State Technology and Science Index, and fifth in global productiv- ity, Connecticut is a manufacturing powerhouse. "Connecticut has a tremendous con- centration of highly capable, high-tech manufacturing operations," says Gioia. "You find pockets of fairly small companies that have niche products and are the worldwide technological leaders in those products." The impact of that manufactur- ing prowess on the state's economy is enormous. Connecticut hosts 4,152 manufactur- ing establishments that export $15.35 billion in products and employ 162,800 workers with an average annual com- pensation of $95,671. According to the state Depart- ment of Revenue Services, Connecticut manufacturers paid $103 million in corporate taxes in 2013, along with over $180 million in sales and use taxes in 2014. Each manufacturing job in Con- necticut creates 1.5 to 4 additional jobs in other parts of the state's economy. According to the 2014-2015