Economy/Cost of Living
Industry
Snapshot | Education
Recreation &
Entertainment | Transportation | Geography
& Climate
History | Suggested Reading
List
Over 3.5 million people call Connecticut their home, ranking it the 29th most populous of the United States. While today's economy relies mostly on service-based industries, the Nutmeg state also provides an agriculture base known for nursery stock, eggs, dairy products, and cattle. Tourism brings in approximately $4 billion per year. Connecticut has enjoyed a long history as a center for the insurance industry. The Constitution State's diverse industry base consists of transportation equipment, machinery, electric equipment, fabricated metal products, chemical products, scientific instruments, as well as the impressive biotechnology and life sciences sector. Connecticut ranks 5th in the United States in concentration of total healthcare employment. Approximately 31.4 percent of Connecticut residents possess a bachelor's degree or higher.
In 2004, the per capita personal income (PCPI) of Connecticut was just over $45,318, ranking 2nd highest in the United States, at 137 percent of the national average. The 1994-2004 average annual growth rate of PCPI was 4.3 percent, close to the average annual growth rate of 4.1 percent for the nation. Connecticut has a home ownership rate of 70.5 percent and an annual unemployment rate of 4.9 percent. The Constitution State's median family income for 2005 was $81,891, with a cost of living ranking above the national average. Connecticut's lease rates remain lower than other biotech hubs such as Boston or San Francisco, and yet the state's close proximity to New York City makes it a viable suburb of the metropolis. Connecticut's top bracket of personal income tax is 5 percent; the state levies a sales tax of 6 percent. A flat rate of 7.5 percent applies to all corporate tax in Connecticut.
Connecticut offers a high quality of life, providing superior transportation connection to other major hubs in the Northeastern corridor, excellent education at all levels, continued innovations in research, and yet it retains its history in tranquil farmland and vintage fishing villages.
Related Resources:
|
