Connecticut is a sovereign state of the United States of America. Connecticut became the 5th state in 1788 and has its own constitution. The State is governed by a constitutional form of government, which divides the powers of the State among three distinct branches: legislative, executive and judicial departments. As a sovereign state, Connecticut has the power to raise revenues, borrow money and pay its expenditures.
The State has a constitutional balanced budget requirement and statutory spending cap, as well as other provisions establishing sound fiscal management and accountability for the State’s general fund finances.
State Treasurer Shawn T. Wooden began his term in 2019 and is responsible for
- Receiving and disbursing all monies belonging to the State.
- Investing and administering certain State trust funds including all State Retirement Funds and the Short-Term Investment Fund.
- Managing the State’s debt portfolio.
- The State is highly urbanized and has an extensive network of expressways and major arterial highways that provide easy access to local and regional markets.
- Connecticut has extensive transportation and utility services to support its economy.
Connecticut is home to some of the country’s leading companies, including the following members of the 2017 Fortune 500;
- Emcor Group
- Hartford Financial Services
- Stanley Black & Decker
- United Technologies
The historical presence of the insurance industry in the State, and especially in its capital city of Hartford, has caused it to be referred to as the “insurance capital of the world.”
The State prides itself on its highly diversified manufacturing industry with the construction of transportation equipment (primarily aircraft engines and submarines) being the dominant industry. The State is also the leading producer of military and civilian helicopters. Other manufacturing includes fabricated metal, computer and electronics and machinery.
Connecticut is also the headquarters of two of the largest gaming enterprises in the United States, Foxwoods Resort Casino and Mohegan Sun Casino.In 2016, Gross State Product was $259.9 billion, 1.7% higher than the prior year
- Finance, insurance, and real estate are Connecticut’s largest sectors accounting for 27.5% of total output.
- Exports of transportation equipment, electronics, machinery and other manufacturing products registered at $14.4 billion in 2016, accounting for 5.5% of Gross State Product.
- Defense contract awards to Connecticut-based firms were 5% of Gross State Product for FY 2016.
- Coast Guard Academy
- Connecticut College
- Fairfield University
- Hartford Seminary
- Quinnipiac University
- Sacred Heart University
- The Connecticut State University System
- Trinity College
- University of Connecticut
- University of Hartford
- University of New Haven
- Wesleyan University
- Yale University
- In 2016, per capita income levels were 112.9% and 140.4% of the per capita incomes of New England and the United States, respectively.
- Per capita personal income in 2016 was $69,085, the highest of any state in the nation.
- High concentration of workers in the non-manufacturing sector – finance, insurance, real estate and educational services
- Major corporate headquarters located within the State
- Relatively high paying manufacturing jobs