Hartford Business Journal

20 Hartford Business Journal • March 20, 2017 www.HartfordBusiness.com OPINION & COMMENTARY EDITORIAL Time to support baseball in Hartford W ith the foot of snow dumped on Connecticut last week, it's hard to imagine that baseball's opening day in Hartford is less than a month away. Come April 13, however, the Hartford Yard Goats ballclub is expected to make its long-anticipated debut, returning the country's national pastime to the Capital City. It's a moment we should all celebrate and embrace. Whether you agreed or disagreed with the construction of Dunkin' Donuts Park and/or the Double-A baseball team's move from New Britain to Hartford, this project is about to become a reality and needs strong community support — from the city and suburbs — to be successful. Rooting for failure, as some misguided folks are, will only do Hartford more harm. After all, the city, through the quasi-public Hartford Stadium Authority, financed the ballpark's construction and is on the hook for millions of dollars in annual debt pay- ments. A financially successful team means Hartford will receive more revenues — from game-day tickets and parking — to help cushion its deficit-plagued budget. We agree the stadium construction delays and cost overruns gave the city a black eye. Those pains likely aren't over yet either. We still haven't heard Dunkin' Donuts Park's final price tag, which was originally estimated to be $56 million but ballooned to $71 million. The many legal disputes that spawned from the project are also still ongo- ing, and now the FBI is investigating issues surrounding the stadium's construction, including alleged non-payments to subcontractors. Despite those issues, the business community has continued to support the team and project. As Hartford Business Journal News Editor Gregory Seay reports in this week's cover story, team officials said the construction delays haven't dampened enthusiasm or financial support from its corporate sponsors like Aetna, The Hartford and Dunkin' Donuts. No sponsors defected amid the turmoil arising from the stadium cost overruns and subsequent acrimonious relationship between the city and the former stadium developer, Centerplan Construction, the team says. The ballclub has sold all of its inventory of outfield signage for the stadium's inaugural sea- son and will likely have over 250 sponsors. United Bank, which is moving its corporate head- quarters to Hartford from Glastonbury, is one of the most recent high-level stadium backers. Meantime, tickets to opening day sold out within 30 minutes when they went on sale March 14, the team said. These are all early positive indicators. Kudos to the business community for maintaining its commitment to the ballpark, which will surely be mutually beneficial. As companies look to attract top talent to Hartford — a difficult task at times — the baseball stadium offers another selling point to prospective recruits, particularly Millennials. The prospects of enjoying a beer and hot dog in a sun-soaked stadium overlooking Hartford's skyline, will be attractive to some, hopefully many. During his state of the city address last week, Mayor Luke Bronin also mentioned the need to support the stadium. "No matter what you thought about the stadium deal," he said, "now is the time to rally together, to embrace this stadium and team that are now ours, and to make it a success." Bronin credited his development team for getting the project near its finish line, reminding residents, and voters of course, that it was just a year ago when we had a "half-built stadium, hopelessly delayed and millions over budget." Bronin certainly deserves credit for getting the project back on track. He showed leadership when he fired Centerplan and demanded the project's insurance company take over. Centerplan's breach of contract lawsuit against the city, however, is still pending, so we need to see how that plays out. Regardless, it's now up to city residents and businesses and those outside Hartford's borders to make the Yard Goats a success. n OTHER VOICES The power of a global marketplace By John Schuyler W ith 95 percent of the world's consum- ers located outside of the United States, Connecticut companies need to think in terms of a global marketplace to remain competitive. Profitable export opportunities are not limited to big com- panies, nor is inter- national business necessarily high risk. A well-executed export strategy can both increase prof- its and reduce busi- ness risk. On average, busi- nesses that export grow faster, generate more sales, create more jobs and even pay higher salaries than those that are not involved in international trade. By having a global market of custom- ers, a company can ride out regional eco- nomic instabilities. Many companies in Connecticut have taken advantage of exporting. There are currently over 5,000 exporters in Con - necticut. This trans- lates into tens of thousands of jobs in Connecticut depen- dent on export sales. It is estimated that for every $200,000 of exports, one job is created. A typical sale by a small or medium-sized com - pany is $100,000 to $500,000. The economic impact of exporting in Connecticut is signifi- cant. Connecticut exports over $15 billion of products annually. These figures do not include services or products like software, which are not counted in shipment figures. Although many know of the substantial exports of major corporations such as Pratt & Whitney, these exporting companies are large and small, manufacturing everything from aircraft engines, medical devices and many consumer products. These companies are in cities and towns across Connecticut, employing people and paying taxes. In the past four years, nine Connecticut companies have been recipients of the highest honor given to U.S. Exporters, the President's "E" Award. In 1961, the President's "E" Award was created by President Kennedy to encourage U.S. businesses to sell their products globally. Connecticut "punches above its weight" and continues to be on the cutting edge of export- ing, and has utilized many resources for com- panies to be successful in building their global market, but even more opportunities exist. What is Connecticut's future in interna- tional trade? We don't have a crystal ball to predict what is ahead for Connecticut businesses. But, companies of all sizes do control the impact of exports in the state. The decision to partner with overseas companies opens the door to many great resources the state has to offer to help build these relationships. The $15 billion of products exported annually in Connect- icut is a testament to the success of Con- necticut businesses pursuing interna- tional trade. Con- necticut has been and should continue to be a power in the global marketplace. One invaluable event Connecticut companies can gain knowledge from is Connecticut Export Week 2017, April 24-28. Export week has a diverse range of events across Con- necticut, each focusing on different industries, international markets and exporter know-how. For more information on Connecticut Export Week 2017 and to register for the events, go to www.ctexportweek.com n John Schuyler is the chairman of the Con- necticut District Export Council. HARTFORDBUSINESS.COM POLL Should CT adopt a carbon tax? ● Yes ● No To vote, go online to HartfordBusiness.com. Last week's poll results: Should CT bring back tolls to pay for infrastructure repairs? 62.5% Yes 37.5% No John Schuyler ▶ ▶ Connecticut "punches above its weight" and continues to be on the cutting edge of exporting, and has utilized many resources for companies to be successful in building their global market, but even more opportunities exist. Send Us Your Letters The Hartford Business Journal welcomes letters to the editor and guest commentaries for our opinion pages. Electronic submissions are preferred and welcome at: editor@HartfordBusiness.com.

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