About Connecticut
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 Erick A. Russell began his term in 2023 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.
Connecticut is strategically located in New England between the financial centers of Boston and New York.- 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 2023 Fortune 500;
- Amphenol
- Booking Holdings
- Charter Communications
- Cigna
- Emcor Group
- GXO Logistics
- Hartford Financial Services
- Otis Worldwide Corporation
- Philip Morris International
- Stanley Black & Decker
- Synchrony Financial
- United Rentals
- W.R. Berkley
- XPO Logistics
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 2022, Gross State Product was $319.3 billion.Â- Finance, insurance, and real estate are one of Connecticut’s largest sectors accounting for 26.6% of total output.
- Exports of transportation equipment, electronics, machinery and other manufacturing products registered at $15.3 billion in 2022, accounting for 4.8% of Gross State Product.
- Defense contract awards to Connecticut-based firms were 6.0% of Gross State Product for FY 2022.
- 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 2022, Connecticut ranked 7th in the nation with 41.9% of the state population over the age of 25 holding a bachelor’s degree or higher.
Connecticut is one of the wealthiest states in the nation with the highest per capita income- In 2022, per capita income levels were 106% and 127.3% of the per capita incomes of New England and the United States, respectively.
- Per capita personal income in 2022 was $83,313, the second highest of any state in the nation.
- High concentration of workers in the non-manufacturing sector – finance, insurance, real estate and educational services.
- Relatively high paying, skilled manufacturing jobs.
Connecticut’s level of personal income is not concentrated in a single county, but widely distributed throughout the state
- If they were states, four of the state’s eight counties would each rank within the top ten of all states in the nation for state per capita personal income for calendar year 2022.