amazon logo RGBPRESS RELEASE: Governor Dannel Malloy

Company’s Investments Will Bring Jobs, Economic Activity, and Tax Revenue to the Town, Region, and State

(HARTFORD, CT) – Governor Dannel P. Malloy today announced that Amazon – the largest internet-based retailer in the world – has decided to expand its presence in Connecticut with the creation of a new state-of-the-art, 855,000 square-foot fulfillment center in North Haven. The company plans to spend $255 million on the project, where it will create 1,800 jobs at the new facility.

The company, which recently opened a fulfillment center in Windsor and a sorting center in Wallingford, currently employs approximately 2,000 people in Connecticut. With the addition of the North Haven facility, that number will increase to approximately 3,800 Connecticut-based employees.

“This is a significant win for our state’s taxpayers and our economy,” Governor Malloy said. “Amazon’s $255 million investment to expand operations in Connecticut is proof positive that when we work with companies and bring our collective ingenuity to bear, we deliver on creating jobs for the hardworking residents of our state. With plans to nearly double their Connecticut workforce – growing another 1,800 jobs on top of the 2,000 employees they currently have in the state – Amazon’s decision to open third facility here is a testament to the high quality and productivity of our workforce.”

“Amazon has established a significant footprint in Connecticut – very good news for our workforce and our economy,” Lt. Governor Nancy Wyman said. “I congratulate Governor Malloy, DECD Commissioner Smith and the partners that helped bring Amazon to Connecticut and expand its presence to North Haven.”

Amazon’s North Haven fulfillment center will be located at 415 Washington Avenue – the 168-acre property formerly utilized by Pratt & Whitney that has been vacant for over 15 years.

“Five years after announcing our first fulfillment center in Connecticut, we’re excited to open a new, state-of-the-art fulfillment center in North Haven, creating more than 1,500 full-time jobs that offer wages 30 percent higher than traditional retail roles and include comprehensive benefits on day one, bonuses and stock awards,” Akash Chauhan, Amazon’s vice president of North America operations, said. “We’ve found an abundance of talent in Connecticut’s workforce, and we are so happy to have this opportunity to expand in the state to serve customers.”

The Department of Economic and Community Development (DECD) is supporting the project through its First Five Plus program. The company will be eligible to earn up to $15 million in Urban and Industrial Sites Reinvestment tax credits if certain job creation and capital investment milestones are reached. An additional $5 million in credits may be available if the company surpasses initial job targets. The company may also be eligible for a sales and use tax exemption of up to $5 million on equipment and construction materials. Local approvals – to be voted on tonight – will provide additional incentives to help bring the project to fruition.

“Today’s announcement is great news for North Haven and Connecticut,” DECD Commissioner Catherine Smith said. “The property, once humming with thousands of workers from Pratt & Whitney, was sold more than 15 years ago and has remained idle and vacant ever since. This is a significant development that will bring jobs, economic activity, and tax revenue for the town, region, and the entire state.”

“Amazon’s decision to invest 1,800 new, good-paying, jobs in North Haven is a victory for the greater New Haven area,” Senate President Pro Tempore Martin M. Looney (D-New Haven) said. “Connecticut’s partnership with Amazon has already yielded thousands of jobs and I want to thank Governor Malloy, his administration and local officials for their work in making this agreement possible.”

“This is exciting news for the State of Connecticut and Town of North Haven,” Senate Republican President Pro Tempore Len Fasano (R-North Haven) said. “I thank the Governor’s administration and town officials for working in collaboration with all parties including state lawmakers and community members to show Amazon the remarkable potential of our town to be a new hub for business growth. After seeing this piece of property remain vacant for so many years, this new development is a major accomplishment. I welcome the new jobs and opportunities and I look forward to continuing to work with Amazon as a new local partner to bring new development, growth and vitality to our entire region.”

“I am so excited that Amazon has chosen to operate out of a new fulfillment center located in North Haven,” State Representative Dave Yaccarino (R-North Haven) said. “This new addition will foster job and tax growth for the residents of North Haven. I trust that Amazon will be a good civic neighbor.”

Signed into law in 2011, the First Five program supports large-scale economic development projects to encourage job creation, new capital investment, and business expansion or relocation. The 15 participating companies have created about 3,800 jobs, well above the minimum 200 jobs per company required to be created under the program. The companies are investing almost $1.4 billion within Connecticut – more than four times the amount of state financial assistance, providing the state with a strong return on its investment.

Started in 1994 as an online bookstore, Amazon diversified first into digital media and later into a wide range of consumer products. The company has grown to be the largest cloud computing company and internet-based retailer in the world.

Alexion logo colorBy Mitchell Young

New Haven: Worry warts that reacted to Alexion Pharmaceuticals, Inc.’s [Nasdaq: ALXN] announcement that it was trimming its world wide work force by 5% will be surprised by the company’s  first-quarter 2017 financial results

Revenues rose 24.1% year over year to $870 million, exceeding analysts expectations of $821 million.  There was a small benefit from an accounting change, but reveneus increased by 20% organically.

Shares of Alexion were up more than 5% at the end of trading, in response to the better-than expected results.

The news comes at a good time for the stock as drugs competitive to its flag ship product Soliris started getting some headlines with clinical trial announcements. Soliris sales however continued to rise as the company has found new disease treatments for the drug. The best news for investors is that the company’s big acquisition bets [more than $10 billion total] are starting to show up in sales.

Connecticut TechIndicators

 

Fifty State Tech Reports Present Connecticut Data

CONNTACT.com Compiled Comparisons With Our State Neighbors Below

The state of Connecticut and many of its companies and institutions have spent the last two decades trying to build out the technology infrastructure of companies and jobs.

A new annual study of tech employment in all fifty states presents a detailed look at employment in the state’s technology industry and within non-tech companies as well.

The report’s data is compiled and reported by CompTIA, based in Downers Grove, IL. CompTia is a member based non-profit organization and bills itself as “the world's leading tech association, is a thought leader and an action leader.” Among the services of the association are standards development, communities of professionals, industry advocacy and IT certification programs.

jobsBy: Keith M. Phaneuf ctmirror.com

Connecticut’s unemployment rate ticked upward from 4.4 percent to 4.5 percent in January, despite the gain of 5,700 jobs, the state Department of Labor reported Friday.

The number of unemployed in Connecticut rose by 3,000 in January as more people returned to the labor force seeking work. The unemployment rate calculation only considers those either employed or actively seeking employment.

The January rate still remains 1 percentage point lower than the jobless rate from January 2016.

uber stamford
Matt Powers Uber's Connecticut GM


STAMFORD: Ride sharing service Uber opened what it calls a “Greenlight Hub” in Stamford in early February.

According to the company a Greenlight Hub, is a “resource center,” and  will serve as a “central help facility for Uber’s driver-partners.”

“Drivers are our customers, and this new Greenlight Hub is designed to put their needs front and center,” said Matt Powers, General Manager for Uber in Connecticut. “We’re also excited to set down roots here in Stamford, as part of our broader commitment to Connecticut.”

Uber currently operates approximately 75 Greenlight Hubs throughout the United States, along with around 200 facilities where they provide additional in-person support to driver-partners. The Stamford building is projected to see more than 600 people per month.

 

bms buildingWALLINGFORD: Bristol-Myers Squibb Company has changed direction and will no longer relocate 500 employees to a new location in Connecticut. BMS announced previously its intention to close its 1 million square feet Wallingford research center and to relocate the 500 

employees elsewhere in Connecticut.

The change in plans is part of a wider move to consolidate operations in Hopewell, New Jersey and Seattle, Washington.

BMS will distribute those jobs across other facilities and is adding to its Lawrenceville, New Jersey campus and expand its Devens, Massachusetts facility. None of the jobs will remain in Connecticut.

jobsHARTFORD: The national economy may be getting better and there is a President Elect promise to make things great but here in the Nutmeg state job losses continue to be racked up.

Connecticut Business & Industry Association’s [CBIA] chief economist Peter Gioia said “The numbers speak for themselves,” Connecticut has lost 14,900 jobs since June.

It’s the fourth consecutive month of job losses, 7,200 jobs were lost in October and in September 6,600.

Goia, had some good news “construction and mining, manufacturing, and financial services — all core industries here in Connecticut — added jobs. But there’s nothing you can sugarcoat when we’re down to only 3,000 jobs year over year added in the state.”