Hartford Business Journal

4 Hartford Business Journal • December 11, 2017 • www.HartfordBusiness.com Briefs Stanley Black & Decker to open advanced manufacturing center in downtown Hartford New Britain toolmaker Stanley Black & Decker announced plans to launch an advanced manufacturing center in downtown Hartford, in what will be the global manufacturer's first presence in the Capital City. Called "Manufactory 4.0," the 23,000-square-foot Advanced Manufacturing Center of Excellence will be located at One Constitution Plaza and employ approximately 50 industry professionals. Stanley's Hartford office space is expected to open in the second quarter of 2018. As part of the new site, Stanley has made a three-year commitment to partner with a startup accelerator, Techstars, to launch the STANLEY+Techstars Additive Manufacturing Accelerator. Stanley's Hartford presence represents a significant win for downtown Hartford, which has been undergoing a revitalization in recent years with the opening of new apartments, the debut of Dunkin' Donuts Park and UConn's relocation to the former Hartford Times building. This will also be the second accelerator to open downtown in recent months. An insurance technology accelerator, Hartford InsurTech Hub, recently launched at the Stilts Building, 20 Church St. The new Hartford location is designed to accelerate what Stanley calls its "global industry 4.0 smart factory" initiative that focuses on manufacturing automation, using technologies that include internet of things, cloud computing, artificial intelligence, 3D printing, robotics and advanced materials. Report: CT population growth projected to slow through 2040 Connecticut's population growth is slowing, although there's no evidence of an exodus of young people, according to a report in the latest edition of the Connecticut Economic Digest. The state's population is projected to grow just 1.7 percent over the next 25 years through 2040, less than the 20 percent growth rate of the previous quarter-century, according to Patrick Flaherty, assistant director of the Office of Research for the state Department of Labor (DOL). Connecticut's business community is eager to retain young people as it seeks to deploy new talent and grow business and industry and the state's tax base. Compared to 2015, Connecticut is projected to have more children under age 10 in 2040; more people ages 25 to 44; and more over age 70. However, there will be fewer people ages 10 to 24 and 45 to 69, Flaherty said. "Declines in the younger population groups are driven by a low birth rate while migration out of state is concentrated in older age groups," Flaherty said. "Nevertheless, the number of senior citizens will increase while the school-aged population will decline." MakerSpaceCT signs downtown lease at G. Fox Building A large, long-vacant space in downtown Hartford will soon be home to machine, wood, welding and robotics shops, a fledgling makerspace organization announced. MakerSpaceCT, started by wife-husband team Devra Sisitsky and Bryan Patton, will outfit more than 20,000 square feet at the G. Fox Building on Main Street. Patton and Sisitsky had originally hoped to build out space in the Colt Building, but could Week in Review TOP STORY Aetna, CVS execs hint at Apple store-like pharmacy of the future C VS Health's approximately $69 billion proposed acquisition of Aetna will likely mean big changes for the pharmacy giant's vast network of nearly 10,000 brick-and-mortar stores. While neither company is ready to say exactly how different a CVS store is going to look in five years (assuming regulators sign off on the deal), there are hints of what's to come, including new health services and partnerships focused on disease management and value-based care. Meantime, it's not clear what impact the deal will have on Aetna's Hartford workforce or real estate. The health insurer giant, which announced plans earlier this year to move its headquarters to New York City, employs over 5,000 people in the state, mostly in the Capital City. Aetna CEO Mark Bertolini told analysts and shareholders in a Dec. 4 conference call that the vision is for consumers to think of a CVS for healthcare services the way they think of Apple's popular retail stores for technology. "Think of a Genius Bar at Apple and this ability at the store to walk in and get help," Bertolini said. "I think this is the kind of idea we want to create in the stores." It's not the first time Bertolini has talked about Apple — a company Aetna partnered with recently to provide smart watches to its employees and customers. Combining Aetna's plan-design experience and book of 22 million customers with CVS Health's portfolio of stores and pharmacy offerings, while leveraging each company's deep data troves, will help drive down the cost of health benefits for consumers and payors alike, Bertolini and CVS CEO Larry Merlo said. The companies are pitching the deal as a way to create a "front door to health care" for consumers, filling gaps in the current healthcare system and creating a better experience for customers. CVS plans to offer more healthcare services in its stores, building on its "minute clinic" business, which generally offer vaccines and treatment for more minor illnesses. There are about 1,100 minute clinics across the country, including two dozen in Connecticut. Many Americans don't have a regular primary care doctor. Merlo said CVS stores could help spur patients, such as those with diabetes, to follow treatment plans more closely. BY THE NUMBERS 1.7% The projected growth rate of Connecti- cut's population over the next 25 years (2015 to 2040), which is much lower than the 20 percent growth rate of the previous quarter-century. $22.5M The amount Woodbridge businessman Peter J. Werth has pledged to provide the UConn Foundation to establish an Institute for Entrepreneurship and Innovation. $207.8M The state's projected budget deficit for the current fiscal year, which requires Gov. Dannel P. Malloy to create a deficit-mitigation plan. 42nd Connecticut's ranking in Forbes' latest "Best States for Business" list, which is an improvement from 43rd in 2016. TOP 5 MOST READ On HartfordBusiness.com • 1. Stanley Black & Decker to open advanced manufacturing center in downtown Hartford • 2. Downtown's 750 Main sold at $4.3M • 3. MakerSpaceCT signs downtown lease at G. Fox Building • 4. Forbes ranks CT's business climate among 10 worst in U.S. • 5. Aetna, CVS execs hint at Apple store-like pharmacy of the future STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/subscribe Weekly e-newsletters: CT Green Guide Weekly, CT Health Care Weekly www.HartfordBusiness.com/subscribe CVS pharmacies around the country could be reimagined in the wake of the CVS-Aetna deal. PHOTO | CNN MONEY The former G. Fox Building, 960 Main St. PHOTO | HBJ FILE

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