Western CT COG CEDS Business & Industry Data Compilation Draft - PowerPoint PPT Presentation

Western CT COG CEDS Business & Industry Data Compilation Draft – For Discussion Connecticut Small Business Development Center September 29, 2016

Original Titles Original Page in HV CEDS Last Western Figure 98: Industry Segmentation 101 Figure 99: BSN MSA Clusters with Highest 2010 Employment from U S Cluster 103 COG CEDS plan Mapping Figure 100: Jobs Created by Cluster for the BSN MSA, 2000-2010Source: U S Cluster 104 data exhibits Mapping Project Figure 101: Wages by Traded Cluster, BSN MSA 2010 105 Figure 102: Figure 4 6: Aerospace Vehicles and Defense Cluster – Share of National 106 Employment by MSA, 2000-2010 Figure 103: Aircraft Subcluster, Share of National Employment by MSA, 2000-2010 107 Figure 104: Aircraft Subcluster, Employment by MSA, 2010 108 Figure 109: Financial Services Cluster, BSN MSA Employment by Subcluster, 2010 112 Figure 110: Financial Services Cluster: Securities Brokers, Dealers and Exchanges 113 Subcluster, Employment, 2010 Figure 111: Business Services Cluster, BSN MSA Employment by Subcluster, 2010 113 Figure 112: Distribution Services Cluster, BSN MSA Employment by Subcluster, 2010 114 Figure 114: Medical Devices & Analytical Instruments Clusters (Life Sciences) 115 Figure 115: Medical Devices Cluster, BSN MSA Employment by Subcluster, 2010 116 Figure 116: Analytical Instruments Cluster, BSN MSA Employment by Subcluster, 2010 116 Figure 117: Processed Food Cluster, BSN MSA Employment by Subcluster, 2010 117 Figure 122: Hospitality and Tourism Cluster, Employment by Subcluster, 2010 122 Figure 123: Hospitality and Tourism Cluster, Wages by MSA, 2010 122 Figure 124: WCEDA Industry Analysis Summary Table 124

Context - National Trends And all of this comes as GDP growth has remained tepid for a longer period than realized, on a downward Impact the Region’s Growth trajectory since the 1960s with a significant step-down beginning around 2000.” * Released September 15, 2016 “In a new report* by Harvard Business School, led by Professor Michael Porter, Problems Unsolved and a Nation Divided: State of US Competitiveness , the US economy currently faces grave concerns. And the path to a solution — namely tax reform, immigration reform, and infrastructure investment — is being hindered by the current political climate. Meanwhile, the annual growth rate of quarterly private investment in intellectual property, structures and equipment remains weak, falling below historical rates, according to the report. For 2010-2016, the average quarterly investment by business as a percent of GDP was lower than it has been since the 1980s, hurting productivity further.

Context – Connecticut Economic Performance Source: CBIA Connecticut’s recovery from the Great Recession has been slow and lags all but one of the other New England states. Connecticut’s job recovery is 50% of the national average. Connecticut narrowed the gap in GDP growth with New England in 2013 and 2014, but last year its GDP growth rate was less than 50% that of New England as a whole, and one quarter of the national rate.

Economic Performance Indicators: Fairfield County Source: US Cluster Mapping Project Fairfield County’s rate of GDP Per Capita growth ranked in the 4 th quintile, but in absolute terms it was still in the top 10 nationally. Wage growth was relatively strong over the 1998 and 2014 period.

Comparative Prosperity Performance – Connecticut Counties Source: US Cluster Mapping Project Fairfield County lagged Hartford, New London, and New Haven counties in growth in prosperity, and lagged Hartford County in GDP per capita.

Fairfield County’s Performance in the New York Economic Region, 1998-2014 Source: US Cluster Mapping Project Fairfield County was one of three counties with negative growth in employment during the period. There was roughly a 1% growth differential, compounded annually, between Manhattan and Fairfield County. But Brooklyn and Queens also saw significant growth. New York, NY Economic Area Employment Employment Real Growth in Annual Wages Sub-Regions 1998 2014 Change Employment (CAGR) 2014 New York County, NY 1,951,646 2,188,523 236,877 0.72% $106,194.48 Kings County, NY 409,177 562,928 153,751 2.01% $38,761.26 Suffolk County, NY 487,168 562,520 75,352 0.90% $51,403.33 Nassau County, NY 532,641 545,065 12,424 0.14% $50,668.30 Queens County, NY 444,825 537,442 92,617 1.19% $45,284.94 Bergen County, NJ 446,352 439,344 -7,008 -0.10% $60,451.13 Fairfield County, CT 424,846 408,854 -15,992 -0.24% $77,934.84 Middlesex County, NJ 363,121 383,660 20,539 0.34% $60,934.57 Westchester County, NY 368,745 377,803 9,058 0.15% $65,071.60 New Haven County, CT 334,737 338,587 3,850 0.07% $49,068.34 Essex County, NJ 332,831 289,817 -43,014 -0.86% $58,560.08 Morris County, NJ 280,256 286,394 6,138 0.14% $74,002.99

Employer & Non-Employer Paid employees for pay Establishments, Fairfield First-quarter payroll Annual payroll Industry Number of establishments period including March ($1,000) ($1,000) 12 (number) County 2014 Total for all sectors 27,022 408,854 9,245,720 31,863,974 Source: US Census, County Business Patterns Agriculture, forestry, fishing and hunting 15 98 1,191 5,426 Mining, quarrying, and oil and gas extraction 14 g D D The predominant industries by employment are: • Health care and social assistance Utilities 36 998 46,552 120,847 • Retail trade Construction 2,223 11,835 175,753 814,052 • Finance and insurance Manufacturing 825 33,195 640,736 2,406,690 • Professional, scientific, and technical services Wholesale trade 1,354 24,089 688,986 2,411,679 • Accommodation and food services Retail trade 3,420 50,234 388,452 1,637,517 Transportation and warehousing 471 8,912 139,025 550,362 Information 613 15,671 351,770 1,331,935 By number of establishments: Finance and insurance 2,384 39,358 3,335,838 8,808,742 • Professional, scientific, and technical services Real estate and rental and leasing 1,054 6,490 122,563 467,108 • Retail Professional, scientific, and technical services 3,435 35,959 961,504 3,814,626 • Health care and social assistance Management of companies and enterprises 282 12,851 652,189 2,308,102 • Other services • Finance and insurance Administrative and support and waste management and 1,893 26,669 427,966 1,460,367 remediation services By annual payroll: Educational services 494 13,808 132,704 546,274 • Health care and social assistance 2,904 65,138 767,711 3,323,617 Finance and insurance Arts, entertainment, and recreation 603 11,190 68,350 352,656 • Professional, scientific, and technical services Accommodation and food services 2,379 33,241 166,404 727,777 • Health care and social assistance Other services (except public administration) 2,569 17,903 139,531 596,844 • Wholesale trade Industries not classified 54 b 423 2,062 • Manufacturing

Employees and Annual Payroll by Industry Fairfield County 2014 Source: US Census, County Business Patterns Industry Annual payroll ($1,000) Number of employees Utilities 206,490 2,613 The industries with the most Manufacturing 2,338,215 35,507 significant contributions to wealth Wholesale trade 1,622,430 18,611 in Fairfield County are: Retail trade 1,553,885 49,401  Finance and Insurance Transportation and warehousing 521,520 10,284  Professional, Scientific, and Information 1,083,527 13,218 Finance and insurance Tech Services 9,154,224 42,413 Real estate and rental and leasing 418,109 6,971  Health Care and Social Professional, scientific, and technical services 3,975,886 40,694 Assistance Administrative and support and waste management and remediation services  Manufacturing 1,562,220 34,040 Educational services 102,284 3,195 Health care and social assistance 3,291,827 63,963 Arts, entertainment, and recreation 374,008 10,543 Accommodation and food services 604,592 30,574 Other services (except public administration) 420,840 13,041