|
|
|
Tale of the Tape
State makes economic-development ‘honor roll
|
Business New Haven
10/30/2000
By: Michael C. Bingham
|
The economic-development report card is in and, to the surprise of some, Connecticut is an honor-roll student.
So says the non-profit Corporation for Enterprise Development (CFED) which issues an annual “report card” ranking each state according to some 70 key economic indicators.
“Honor-roll” status was conferred on states receiving an A or B in each of three main economic categories assesses. Connecticut earned an A in Performance, a B in Business Vitality and an A in Development Capacity. It was the Nutmeg State's second consecutive appearance on the CFED honor roll.
Three states earned straight As from the Washington, D.C.-based organization: Colorado (for the seventh year running), neighboring Massachusetts, and Utah.
In Connecticut, “High-paying jobs within the state have led to low numbers of working poor and a low poverty rate,” says the CFED report. It characterizes the state as “a hotbed for innovation, with large amounts of R&D, SBIR grants, royalties and licenses, patents and university spinouts this year generated by a large concentration of scientists and engineers both in school and in the workforce.”
In the Performance category, Connecticut held onto its A grade this year, ranking seventh nationally. The grade was due to the state's strength in the sub-categories of “Earnings & Job Quality” (the state ranks first nationally in annual average salary) and “Resource Efficiency.” CFED ranked Connecticut 50th, however, in long-term employment growth.
Just five years ago Connecticut earned an F from CFED in Business Vitality. Its B this year was driven by a high mark in the sub-category of “Competitiveness of Existing Businesses.” However, we ranked only 32nd in “Entrepreneurial Energy” dragged down by a last-in-the-nation ranking in new business job growth.
After a two-year absence, the state returns as an A student in Development Capacity. Connecticut is at the top of the class in “Human Resources, in part due to a first-place rank in math and reading proficiency as well as high marks for teacher salaries (fifth in the nation) and college attainment (fourth). The state earned just a D in “Amenity Resources & Natural Capital,” with the CFED report citing Connecticut next-to-last ranking for air quality.
“States must make critical investments in innovation and in people to sustain and improve their competitiveness and business vitality,” says William Schweke, senior program director for CFED. “Economic success increasingly relies on human capital, sustainability and entrepreneurship. States making strong investments in education and research are creating high-quality jobs, and these states are faring the best economically.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
