4 Hartford Business Journal • July 17, 2017 www.HartfordBusiness.com
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Corporate Relocation
PDS has been meeting
the needs of the
construction industry
since 1965. Our
dedicated team of
design and construction
professionals welcomes
the challenge of serving
its past and future
customers on their most
demanding projects.
Liberty Bank | Hamden, Connecticut
PDS Engineering & Construction served as Design
Build General Contractor for this Liberty Bank facility.
The project also included a second floor of apartment
units and two other tenant spaces on the first floor.
The bank itself entails a teller area, offices, lobby,
restrooms, break room, conference rooms, equipment
rooms and an elevator.
KEY FACTS
Project Size: 7,300 Square Feet
Date of Completion: 2014
107 Old Windsor Road, Bloomfield, CT 06002
(860) 242-8586 | Fax (860) 242-8587
www.pdsec.com
DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS
SPOTLIGHT ON: Banking
PDS ENGINEERING &
CONSTRUCTION, INC.
THINK • PLAN • BUILD
York and Boston are top notch when it
comes to university linkages with corpora-
tions. "Even [Gov.] Malloy said that Hartford
can never really match Boston and New
York," Cadden said, adding that those cities
make it much easier for universities to pair
up for research projects, which is important
to companies.
Cadden said
there is a theory
that states the great-
est number of ideas
come from the most
populous regions.
"If you have a criti-
cal number of peo-
ple together, they
start getting smart-
er, they feed off each
other," Cadden said.
In Aetna's case,
because it is an
insurance compa-
ny, moving to New
York City makes
the most sense,
Glascock said.
"They see chang-
es to the insurance
industry and want
to be ready to shift if
needed — thus New
York offers more
flexibility in options
and in talented
people than does
Hartford," Glascock
said. Glascock said
bright young talent
is moving to core
cities where they
and their potential
spouse can get jobs.
Seeking solutions
While Connecticut's economy and image
have taken considerable hits in recent
years, the state can take steps to keep com-
panies from relocating, experts say.
For one, getting the state's fiscal house in
order would be a move in the right direction.
Grieco said that Connecticut is one of
only four states with a corporate tax rate
at 9 percent or higher.
"Corporations don't care about the
obscure ratios that are cited to defend
Connecticut's tax structure, such as total
tax burden versus gross state product.
That obfuscates the issue," Grieco said.
"Connecticut corporations with over
$100 million in revenue pay an additional
surtax on top of an already comparatively
high tax rate. But it's not just the corpo-
rate income tax that makes it expensive
to do business in Connecticut. It's energy
costs, property taxes, personal income
taxes, regulatory costs, sales taxes."
Cadden said there must be a solid com-
mitment in the legislature to deal with the
financial issues affecting the state, "par-
ticularly funding the state's pensions."
Policymakers could also "create a tax
system that would be consistent for the
foreseeable future. Corporations want to
be able to accurately forecast what their
tax obligations would be in the near future."
Other steps include developing corporate/
university partnerships "where corporations
can tap into the individual talent of universi-
ties and university students and faculty can
develop product ideas and be economically
rewarded from their linkages with corpora-
tions," and helping companies and education-
al institutions to develop worker re-training
programs, Cadden said. n
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG
network of independent member firms affiliated with KPMG International Cooperative ("KPMG
International"), a Swiss entity. All rights reserved. Printed in the U.S.A. The KPMG name and logo are
registered trademarks or trademarks of KPMG International. NDPPS 693806
kpmg.com
Bravo!
KPMG LLP congratulates
David Ciriello on receiving an
award in the 21th Annual Hartford
Business Journal's "40 Under 40"!
David Cadden, business
professor, Quinnipiac
University
Marissa King, professor
of organizational behav-
ior, Yale School of
Management
John Glascock, real
estate professor, UConn
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