Hometown Names Go Beyond Hometown for Connecticut Banks

What’s in a name?  In the banking industry in Connecticut, quite often it is the name one of the state’s towns.  Although there are more than two dozen out-of-state banks dotting our landscape, nearly an equal number of locally-based institutions have not only adopted the name of their hometown, they’re keeping that name even as the venture into neighboring communities – and well beyond.

Does Farmington Bank have the same cache in South Windsor?  Or Newington?  Does Rockville Bank sound as inviting in West Hartford as in Vernon?  Essex Savings Bank in Madison?  Jewett City Savings Bank (“your hometown bank”) in Brooklyn?  Simsbury Bank in Bloomfield? Or Savings Bank of Danbury, in Waterbury?

The recent opening  of Rockville Bank’s first west-of-the-river branch in West Hartford (joining 18 east of the Connecticut River), nearly simultaneous with Farmington Bank’s opening in South Windsor and Newington Center, reflects the growing trend of “hometown” banks expanding their footprint beyond the four corners of their town borders – and seeing no need to change the name on the door.

In fact, last year Farmington Bank - now with 20 branches in central Connecticut - was recognized as the #1 small business lender in the state by the Small Business Administration (SBA) of Connecticut.  For SBA's fiscal year 2011-12, Farmington Bank approved 57 loans, totaling $8,628,000.

The town names doing double-duty as bank names:  Fairfield, New Canaan, Groton,Darien, Essex, Farmington, Greenwich, Suffield, Guilford, Jewett City, Litchfield, Milford, Naugatuck, Putnam, Rockville, Salisbury, Danbury, Simsbury, Stafford, Thomaston, Torrington, Wilton and Windsor.

And then there is Connecticut Community Bank, which operates five divisions, using five different names, which each utilize the names of their local communities in Darien, Greenwich, Norwalk, Stamford, and Westport.

Not to mention the regional institutions… from Fairfield County Bank to Northwest Community Bank, Naugatuck Valley Savings and Loan to Bank of Southern Connecticut and Eastern Savings Bank.  There’s also the Quinnipiac Bank & Trust Company – not quite a region, but not quite a town.  (Not connected with the university – neither is Southern or Eastern in the previous group.)

There is also Union Bank with 19 locations in Western Connecticut, which has nothing to do with the town of Union, clear across on the other side of the state.  And some local banks, such as The Community’s Bank with a single location in Bridgeport, or three of the state’s largest, Bridgeport-headquartered People’s United, Waterbury-headquartered Webster, and Middletown-headquartered Liberty Bank, which are very much homegrown but without the name of the their hometown in their moniker.

The list more than two-dozen banks, with a hometown in their name, according to the State Department of Banking:

Bank of Fairfield

Bank of New Canaan

Chelsea Groton Bank

Chelsea Groton Bank

Darien Rowayton Bank

Essex Savings Bank

Farmington Bank

First Bank of Greenwich

First National Bank of Suffield

Guilford Savings Bank

Jewett City Savings Bank

Litchfield Bancorp

Milford Bank

Naugatuck Savings Bank

Newtown Savings Bank

Putnam Bank

Rockville Bank

Salisbury Bank and Trust Company

Savings Bank of Danbury

Simsbury Bank & Trust Company

Stafford Savings Bank

Thomaston Savings Bank

Torrington Savings Bank

Wilton Bank

Windsor Federal Savings and Loan Association

Data Emerges on $20.4 Million Raised by Charities After Sandy Hook Shootings

Connecticut Attorney General George Jepsen and State Consumer Protection Commissioner William M. Rubenstein have made public information collected from dozens of charities related to the shooting deaths at Sandy Hook Elementary School in Newtown.  The data collected thus far indicates that 43 charities have collected nearly $20.4 million and have distributed nearly $2.9 million.

Among their charitable purposes, as reported by the organizations, are:  to provide direct financial support or other assistance to the 26 families who lost loved ones; to create scholarships and an endowment to support Newtown’s children and youth; to purchase memorial trees; pay for  construction of a physical memorial to those lost; and to recognize, support and inspire acts of kindness.

 The information was provided in response to a request for information by the Attorney General and Commissioner. The letter and short survey were sent March 28 to 69 charities either registered with the state Department of Consumer Protection, or publically identified as having accepted donations related to Sandy Hook Elementary, where 20 children and six adults were killed on Dec. 14, 2012. The charities were asked to respond by April 12.

 “This request was an initial step to provide information to the public, Newtown community and other charitable organizations trying to meet the needs of those affected by this tragedy,” said Attorney General George Jepsen.

There were 22 organizations that have not responded to the letter of inquiry as of April 15, and Jepsen said his office will be following up with each of them. The collected information is available on the Attorney General’s and Consumer Protection websites as a service to the public, however, the postings should not be considered an endorsement of any charity by the agencies or by the State.

Commissioner Rubenstein said, “We see this as a good first step toward providing transparency to the activities of the various funds, and guiding future donors who may wish to make a contribution.”  Among those outlining their fundraising and spending are the United Way of Western Connecticut, Sandy Hook Promise Foundation, Newtown Pride and the University of Connecticut Foundation.

 The charities were asked about their organization, services and funds, including the dollar amount of any donations and pledges to date; and the purposes for which money was being collected.  “Our offices may reach out in the future to all the charities to determine how the donations were expended and the steps taken to prevent fraud or misuse of funds,” Rubenstein said.

 Links are available to view:

 Survey results     Survey Questions       List of charities

 In addition, the Attorney General and Commissioner also asked charities and members of the public to refer names of other organizations collecting donations for Sandy Hook-related purposes.

 The Attorney General’s Office website also notes that Connecticut law requires groups that “ask in our state for anything of value to benefit a charitable purpose or charitable organization to register, or claim an exemption from registration, with the Public Charities Unit” of the office.   Companies that are paid to solicit on behalf of charities, usually by telephone, are also required to register.  The website explains that “registration is mandatory and does not imply that the state endorses any particular organization or paid soliciting company.”

The Public Charities Unit receives annual financial reports for registered charities.  According to the website, “Information on how the charity spends its money may help you decide whether you wish to support the organization with your donations.   If you have been solicited by telephone, we will also tell you how much of your donation goes to the charity and how much will stay with the paid solicitor.”

Regardless of the charity’s location, if the group intends to ask in Connecticut for anything of value to benefit a charitable purpose or other charitable organization, it must register to solicit (or claim an exemption from registration) by filing a form with the Public Charities Unit.

Connecticut Ranks #3 in Ultra-High Net Worth Individuals Per Capita

Connecticut has the third highest percentage of ultra-high net worth individuals per capita, according to an analysis developed by the cable business network CNBC.

The network’s website noted, on America’s tax filing deadline day, that “one of the enduring legacies of the Occupy Wall Street movement” from a year ago is the term "One Percent," referring to the percentage of top wage earners in the United States - those who make an annual income of $343,000 or more. But even more selective at the top is the subset of the population known as "ultra-high net worth," or UHNW.

UHNW individuals are defined by David Friedman, president of the global wealth intelligence firm Wealth-X, as individuals with a net worth of at least $30 million, after accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other assets.  The firm estimates that 59,805 such individuals live in the United States.

Using figures provided by Wealth-X, population data from the U.S. Census Bureau and the insights offered by Friedman, CNBC.com developed the list of the 10 states with the most UHNW individuals on a per capita basis.   Connecticut ranked third, between Montana and New York.

The network reported that “In Connecticut, the primary driver of wealth is the financial services sector, with most of the rich individuals in the state having made their money in this business.”  UHNW individuals living in Connecticut, according to CNBC, include Vornado Realty Trust CEO Michael D. Fascitelli, whose net worth is approximately $700 million; and Raymond T. Dalio of Bridgewater Associates, who lives in Westport and has a net worth of approximately $10 billion.

A surprising number one:  Wyoming.  An example, and an explanation by CNBC:  Christy Walton, the widow of John T. Walton, heir to the Wal-Mart empire. According to Wealth-X, her net worth is $25.7 billion. Wyoming is an example of the type of state that the very wealthy are finding an ideal tax haven. "This is a strategy in a lot of states," Friedman told CNBC. "A fusion of natural assets, in terms of what the state has to offer from a tourist perspective, combined with a low tax regime. It has the ability to offer executives a place of rest, and to get away from everything."

The top 10 states with ultra-high net worth individuals, per capita:

10. Vermont

Number of residents per UHNW individual: 4,635 UHNW population: 135     Total population: 625,741

9. Illinois

Number of residents per UHNW individual: 4,615 UHNW population: 2,780     Total population: 12,830,632

8. Wisconsin

Number of residents per UHNW individual: 4,391 UHNW population: 1,295     Total population: 5,686,986

7. Texas

Number of residents per UHNW individual: 4,269 UHNW population: 5,890     Total population: 25,145,561

6. Rhode Island

Number of residents per UHNW individual: 4,048 UHNW population: 260     Total population: 1,052,567

5. California

Number of residents per UHNW individual: 3,401 UHNW population: 10,955     Total population: 37,253,956

4. Montana

Number of residents per UHNW individual: 2,910 UHNW population: 340     Total population: 989,415

3. Connecticut

Number of residents per UHNW individual: 2,657 UHNW population: 1,345     Total population: 3,574,097

2. New York

Number of residents per UHNW individual: 2,255 UHNW population: 8,595     Total population: 19,378,102

1. Wyoming

Number of residents per UHNW individual: 1,911 UHNW population: 295     Total population: 563,626

Waterbury, Hartford, Simsbury Achieve National “Main Street” Recognition

Connecticut Main Street Center (CMSC) has announced that three Connecticut Main Street designated organizations have been accredited as 2013 National Main Street Programs for meeting organizational performance standards set by the National Trust Main Street Center.  Simsbury Main Street Partnership, Upper Albany Main Street (Hartford) and Main Street Waterbury have been recognized for outstanding accomplishments toward the goal of revitalizing their historic main street districts following the Main Street methodology.  The announcement was made during the 2013 National Main Streets Conference in New Orleans.

"We congratulate this year's accredited National Main Street Programs for meeting our established performance standards," said Valecia Crisafulli, Acting Director of the National Trust Main Street Center. "Rebuilding a district's economic health and maintaining that success requires broad-based community involvement and support, in addition to establishing a solid organization with sound management that is committed to long-term success."

National Main Street Program Accreditation is a partnership between Connecticut Main Street Center and the National Trust Main Street Center to establish standards of performance for local Main Street programs. These standards set the benchmarks for measuring an individual Main Street program's application of the Main Street Four-Point Approach to commercial district revitalization, which includes Organization, Promotion, Design and Economic Restructuring.

Evaluation criteria determine the communities that are building comprehensive and sustainable revitalization efforts and include standards such as development and commitment to mission, fostering strong public-private partnerships, securing a stable operating budget, tracking economic progress, and preserving and bringing back to life historic buildings. These standards provide benchmarks and guidelines on how Main Street organizations should be functioning and serve as incentives for improvement.

Connecticut Main Street Center (CMSC) is a statewide nonprofit that inspires great Connecticut downtowns, Main Street by Main Street. Its mission is to be the champion and leading resource for vibrant and sustainable Main Streets as foundations for healthy communities.   Since the Connecticut Main Street program began in 1995, designated Main Street programs have generated over $1 billion in public and private reinvestment in their downtowns. Over the same time, 425 net new businesses have opened and 2,538 net new jobs have been created.

Connecticut's 2013 National Main Street Programs

Simsbury Main Street Partnership, designated in 1995, describes its focus as "forward-thinking economic development within the context of historic preservation, so that Simsbury's assets and legacy can be passed on to future generations." Designated a Preserve America Community by the White House in 2006, the Partnership works to integrate Simsbury Center's shopping, civic and entertainment activities into community heritage tourism opportunities. Through its partnership with the Town and the Hartford Symphony Orchestra, Simsbury Main Street Partnership has linked downtown restaurants and merchants to visitors to the Talcott Mountain Music Festival by establishing an outdoor vendor program where concert-goers can purchase food and drink and retail items. Simsbury was named by the National Trust for Historic Preservation as one of the 2010 Dozen Distinctive Destinations. More about Simsbury Main Street Partnership can be found at www.shopsimsbury.com

Upper Albany Main Street is "an economic development engine in Hartford working to improve the environment for small businesses, promote entrepreneurship, and establish Albany Avenue as a vibrant Afro-Caribbean neighborhood destination of choice." Designated by Connecticut Main Street Center in 2001, Upper Albany Main Street continues to position the organization to meet the socio-economic challenges of the neighborhood by addressing leadership development, and engaging residents in the entrepreneurial initiatives on the Avenue. Through its partnerships with the University of Hartford, the City of Hartford and the Metro Hartford Alliance, the Main Street program has developed the award-winning Micro-Business Incubator program, and a Public Safety initiative which has resulted in the Avenue being named a Weed & Seed Community by the U.S. Department of Justice. More about Upper Albany Main Street can be found at www.upperalbany.com

Main Street Waterbury, designated a Connecticut Main Street Community in 2003, has been guided by a commitment to building community consensus around the need to bring downtown back to life through a culture of collaboration. Forming a unique partnership with the City, the Waterbury Regional Chamber of Commerce and the Waterbury Development Corporation, Main Street Waterbury has been successful in bringing people back to downtown through its special events, community forums, and by focusing on a strategy of "Waterbury at Night"; recruiting restaurants and creating a downtown environment which encourages and complements activity around the existing entertainment destinations in downtown. Downtown Waterbury has seen the rehabilitation of a number of downtown's historic vacant and under-utilized mixed-use buildings, providing market-rate residential development on upper floors. More information about Main Street Waterbury can be found at www.mainstreetwaterbury.com

CMSC is supported by Founding Sponsors, the Connecticut Department of Economic & Community Development (DECD) and The Connecticut Light and Power Company, and by Growth Sponsors, The United Illuminating Company and the Connecticut State Historic Preservation Office. For more information, visit www.ctmainstreet.org

Students Want Financial Education Before High School Graduation

While more than 3 of 4 teens (76%) believe the best time to learn about money management is before graduating high school, less than 3 in 10 (29%) reported programs currently in place, according to a national survey of teens.  Those statistics stand out  in the latest Junior Achievement USA^® (JA) and The Allstate Foundation 2013 Teens and Personal Finance Poll. The gap between students who want financial education and those who receive it  is precisely the gap that JA volunteers seek to fill - which explains why more volunteers are needed.  JA is a partnership of educators and volunteers from business and the community. The survey also found that 25 percent of teens think they will be age 25-27 before becoming financially independent from their parents, up from 12 percent in 2011. Concurrently, parents are also expecting their children to be in their mid-20s by the time they are financially independent, as the economy, availability of jobs and societal norms now indicate a longer dependence on parents.

More than one-third (34%) of teens said are somewhat or extremely unsure about their ability to invest money.  Even as credit cards are aggressively marketed to teens, 20 percent remain somewhat or extremely unsure about their ability to use credit cards. And of the 33% of teens who say they do not use a budget, 42% are "not interested" and more than one-quarter (26%) think "budgets are for adults."

JA provides volunteers with everything they need to be successful in the classroom, including comprehensive classroom materials, step-by-step lesson plans and training, a choice of grade (K-12) and a school location close to home or work and a connection to an individual teacher to coordinate times during the school day for as few as five lessons, each lasting approximately 45 minutes.   Providing children with positive adult role models, who illustrate ways to build self-confidence, develop skills and find avenues of success in our economic system, is a hallmark of Junior Achievement.

”JA delivers specific, effective programs in the classroom that respond to the knowledge gap,” said Louis J. Golden, President of JA of Southwest New England.  “Far too many teens lack a fundamental understanding of how to manage their money.  The poll reminds us that students recognize that.  JA provides young people the knowledge, tools and inspiration to understand our economy and their own finances, and make their way in the world.”

Last year, more than 2,500 volunteers - business professionals, parents, retirees, and college students – offered JA programs to more than 34,500 students in schools throughout Hartford, Litchfield, New Haven, Windham, Tolland, New London and Middlesex counties.  There are ongoing programs at the elementary, middle school and high school level, as well as afterschool programs.

“Classroom volunteers make economic concepts relevant, fuel the entrepreneurial spirit, and challenge the students to excel,” Golden said.  “They help provide the financial knowledge before college that students are seeking.”

To learn more about the JA volunteer program, contact 860-525-4510 or visit www.jaconn.net for details.

Movie Ticket Sales Up in 2012; Industry Cites Value vs. Sports, Theme Parks

Despite an increasing number of alternative forms of entertainment as technology continues to advance, the motion picture industry reminds us that movie theaters continue to draw more people than all theme parks and major U.S. sports combined. Noting that the average cinema ticket price increased by 3 cents in 2012, less than the 2% increase in inflation, the industry uses the comparisons to highlight the dollar value they provide to families nationwide.  Comparisons to other forms of entertainment, including video games and internet programming, was not included in the industry’s “Theatrical Market Statistics 2012” report.

A movie “still provides the most affordable entertainment option,” costing under $40 dollars for a family of four, according to the Motion Picture Association of America, as compared with $107.92 to attend a major league baseball game, $199.00 to attend one of the nation’s leading theme parks, $203.96 to go to an NBA game, $244.04 at an NHL arena, and $313.52 to attend an NFL game.

More than two-thirds of the population in the U.S. and Canada (age 2+) went to the cinema at least once in 2012, and the “typical moviegoer” bought six tickets during the year, a slight increase from the previous year.  A total of 1.4 billion tickets were sold during the year.

Among the nation’s 12 most populous states, 74 percent of the population of Illinois saw a movie in 2012, the highest share in any of those states.  Data pertaining to Connecticut was not released. Cinema ticket sales continue to be driven by frequent moviegoers –those who go to the movies once a month or more. Frequent moviegoers represent 13% of the population but purchased 57% of all tickets sold in 2012.

“I am happy to report that in 2012, both global and domestic box office were up and so were domestic admissions,” said former Connecticut Senator Chris Dodd, Chairman and CEO of the MPAA. “It’s a powerful reminder of just how much movies matter – not just to our culture, but also to our economy. Our industry supports 2.1 million jobs in the United States and more than 120,000 of those jobs are in movie theaters.”

The  top movies of 2012, by attendance:  The Avengers, The Dark Knight Rises, The Hunger Games, Skyfall and Twilight Saga: Breaking Dawn Part 2.

Amtrak ridership breaks all-time records, local corridor sees increase

Amtrak ridership increased in the first six months of fiscal year 2013, with ridership in March setting a record as the single best month ever in Amtrak’s history.  Ridership grew 0.9 percent from October 2012 to March compared to the prior year, despite disruptions from weather, including Superstorm Sandy.  Amtrak said 26 of 45 routes had rider increases during the period and monthly records were set in October, December and January. Ridership on the New Haven – Springfield shuttle grew from 33,196 in March 2012 to 36,962 in March 2013, an increase of 11.3 percent.  Ridership from October 2012 through March 2013 grew by 5.2 percent from the same period a year earlier.  The Acela Express ridership dropped off slightly amid the record-breaking numbers, likely due to service interruptions due to Superstorm Sandy, down 2.5 percent last month compared with a year ago.

The numbers are encouraging as plans continue to move forward for dramatic improvements and expansions of service on the 62-mile New Haven-Hartford-Springfield (NHHS) corridor in the coming years.  Amtrak is continuing the installation of underground signal and communication cables, required to upgrade signal and communication systems for the NHHS rail corridor.

Work this month is scheduled in Newington, Hartford and Windsor.  The NHHS rail service project will connect communities, generate sustainable economic growth, help build energy independence, and provide links to travel corridors and markets beyond the region, officials say.

The new NHHS rail service will operate at speeds of up to 110 mph, cutting travel time between Springfield and New Haven to just 78 minutes. When the new service is launched in 2016, travelers at New Haven, Wallingford, Meriden, Berlin, Hartford, Windsor, Windsor Locks, and Springfield will board trains hourly during the peak morning and evening rush hours and every 90 minutes during off-peak periods. When all the planned improvements are completed, trains will operate every 30 minutes during peak periods. The full program also includes future, new train stations at North Haven, Newington, West Hartford, and Enfield.

Nationally, long-distance routes with ridership growth in the October-to-March period included the New York City to Georgia route, the Palmetto, up 10.5 percent, and the Coast Starlight, which operates between Los Angeles and Seattle, up 10 percent.  Amtrak said ridership was up 9.8 percent on the Illini/Saluki, which operates between Chicago and New Orleans; 8.9 percent on the San Joaquin in California, 8.6 percent on the Piedmont in North Carolina and 8.2 percent on the Wolverine route in Michigan.

Amtrak officials say they expect to end the fiscal year at or above last year’s record of 31.2 million passengers.  The sixth annual National Train Day will be celebrated around the country on May 11.

Amtrak is America’s Railroad®, the nation’s intercity passenger rail service and its high-speed rail operator, with more than 300 daily trains – at speeds up to 150 mph (241 kph) – that connect 46 states, the District of Columbia and three Canadian Provinces. Amtrak operates intercity trains in partnership with 15 states and contracts with 13 commuter rail agencies to provide a variety of services.

Stamford Ranks #7 Among Most Expensive Places to Live in U.S.

Stamford has been ranked as the seventh most expensive place to live in the United States, according to a report by CBS Moneywatch. The Council for Community and Economic Research measured prices of common items in 307 urban areas across the country to create the list, the survey said. The study gave Stamford a cost of living index of 146.1 for 2012, the national average is 100.

The “market prices” that served as the data for the survey included the price of a half-gallon of milk, monthly rent, home prices, a gallon of gas, a haircut, and a bottle of wine.

Three of New York City’s boroughs – Manhattan, Brooklyn and Queens – were also in the top 10.  Stamford was just ahead of Washington, D.C.  Boston rounded out the top 10.  A year ago, Stamford ranked #6 in the survey.

The Council for Community and Economic Research, headquartered in Arlington, VA,  promotes excellence in community and economic research by working to improve data availability, enhance data quality, and foster learning about regional economic analytic methods.

The top 10 most expensive places, according to CBS Moneywatch:

1. Manhattan 2. Brooklyn 3. Honolulu 4. San Francisco 5. San Jose 6. Queens 7. Stamford 8. Washington, D.C. 9. Orange County, CA 10. Boston

Women-Owned Firms Propel Economic Growth, CT Ranked #22

Connecticut ranks 22^nd in the “economic clout” of women-owned firms, according to a new study which averages each states’ ranking in the growth of the number, revenue and employment levels of women-owned firms between 1997 and 2013. The number of women-owned businesses in Connecticut increased 35 percent since 1997 and sales at those firms increased by nearly 67 percent,  in an analysis of U.S. Census data by American Express Open.  The review of state-by-state and national data estimates the number of Connecticut businesses owned by women increased to 97,800 this year. Those businesses will have $15.5 billion in sales and employ 92,200 workers in 2013, according to The 2013 State of Women-Owned Businesses Report.   Connecticut firms exceeded the national average in hiring employees (up 17 percent in the state vs. 10 percent nationally) and in sales growth (67 percent vs. 63 percent).

As of 2013, it is estimated that there are over 8.6 million women-owned businesses in the United States, generating over $1.3 trillion in revenues and employing nearly 7.8 million people. The American Express analysis showed Connecticut still lags behind the 59 percent national average in growth among women-owned businesses since 1997.

Driving Growth

Between 1997 and 2013, when the number of businesses in the United States increased by 41%, the number of women-owned firms increased by 59%— a rate 1½ times the national average.

The report noted that in the six years since the beginning of the recession in 2007, private sector job growth in the United States has come from two main sources: large, publicly traded corporations, and privately-owned majority women-owned businesses.

Women of Color

In 1997, there were just under 1 million (929,445) firms owned by women of color, accounting for one in six (17%) women-owned firms. That number has skyrocketed to an estimated 2,677,700 as of 2013, now comprising one in three (31%) women-owned firms.

The number of firms owned by Latinas are estimated at 944,000 as of 2013, according to the analysis. These firms employ 408,100 workers and generate an estimated $65.5 billion in revenue. Latina women own 36% of all Latino-owned firms, employ 20% of the workers employed by Latino-owned firms, and contribute 16% of the revenue generated by Latino-owned businesses. While nationally 11% of women-owned firms are owned by Latinas, they comprise the greatest share of all women-owned firms in New Mexico (29%), Texas (25%), Florida (24%) and California (20%).

Across All Industries

The states with the fastest growth in the number, employment and revenues of women-owned firms are the District of Columbia, North Dakota, Nevada, Wyoming and Georgia. The states with the lowest growth in the number of women-owned firms between 1997 and 2013 are: Alaska (12%), West Virginia (23%), Iowa (23%), Ohio (27%) and Kansas (27%).  Among the nation’s 25 most populous metropolitan areas, the fastest growing for women-owned firms are San Antonio TX, Portland OR, Houston TX, Riverside CA, and Washington DC/MD/VA.

Women-owned firms continue to diversify into all industries. The industries with the highest concentration of women-owned firms are: health care and social assistance (53% of firms in this sector are women-owned, compared to a 29% share overall), educational services (45%), other services (41%), and administrative support and waste management services (44%).

The industries with the lowest concentration of women-owned firms (in industries contributing 2% or more of the business population) are construction (where just 7% of firms are women-owned), transportation and warehousing (11%) and finance and insurance (20%). All other industries are close to the 29% share in all industries—illustrating that women-owned firms are staking a claim in all sectors of the U.S. economy.

Connecticut's overall ranking at #22 falls between Pennsylvania and West Virginia.

Reductions in Financial Aid Would Harm CT Students in Independent Colleges

Leaders of the state’s independent colleges and universities are expressing concern about the impact on their students of proposed plans that would merge the state’s three financial aid programs into one and substantially reduce funding over the next four years. The proposal would restrict both the amount of funds that financial aid directors may award needy Connecticut students and to whom they may award the funds, points out Judith Greiman, president of Connecticut Conference of Independent Colleges.  Because the revamped system would no longer considering the cost of attendance, students at private colleges would be disproportionately impacted.

The plan is part of Gov. Malloy’s budget proposal is now being considered by the legislature.  It consolidates the longstanding financial aid programs into a single Governor’s Scholarship Program.  University of Hartford President Walter Harrison said the plan “will begin, brick by brick, to dismantle the strong array of independent colleges and universities” in Connecticut.

“While we understand the difficult budget issues that continue to impact state services, we must point out that the three primary state-funded financial aid programs, CICS, CAPCS and Capitol Scholars, have been substantially cut in the past two budgets and in the FY 13 rescission,” Greiman told the legislature. “This comes at a time of historically high student need. Cutting need-based grant aid any further will only hurt Connecticut’s students and families.”

The proposal also shifts funding from the two need-based aid programs to a program that determines financial aid based on need and merit.  In addition, for the first time it would reduce the amount of grant funds available to students by using some of the money to pay for state agency administrative costs.

Discussing the students helped by the state grants, Martha Shouldis, President of St. Vincent’s College in Bridgeport, told the legislature’s Higher Education committee that almost one-half of nursing graduates in the state, for example, are educated at private colleges.   She pointed out that students are “not only educated here but have a record of gaining employment here in Connecticut – they are an important part of the state health care labor pool now and in the future.”

CCIC has highlighted the role of the 16 independent institutions on Connecticut.  The schools:

• Enroll 31% of all college students statewide including 45% of four-year minority students.
• Award 44% of all degrees granted in Connecticut in 2010-11, including 44% of all Bachelor’s, 64% of all Master’s and 58.5% of all Doctoral and 57% of all Professional degrees.
• Award 57% of all degrees received by minority students (four-year and above).
• Award 53-72% of four-year and above degrees given in key economic development cluster areas.
• Provided almost $65 million annually in need-based institutional financial aid to Connecticut undergraduates in 2010-11.

The CCIC institutions include Albertus Magnus College, Connecticut College, Fairfield University, Goodwin College, Mitchell College, Quinnipiac University, Rensselaer at Hartford, Sacred Heart University, St. Vincent’s College, Trinity College, University of Bridgeport, University of New Haven, University of Hartford, University of Saint Joseph, Wesleyan University and Yale University.