PERSPECTIVE: Golden Years Require Golden Finances

by Valerie Dugan The so-called Golden Years are upon you, and along with the bittersweet knowledge that you no longer have to commute and toil on a regular schedule, there also are decisions to be made about how and where to retire, and what that means financially.

You have plenty of options regarding your future lifestyle, from simply staying in the home you have occupied during your working years, to hitting the road in a recreational vehicle, or heading straight to a retirement community where you will find a plethora of similar-minded compatriots to share your after-work years.

Deciding what type of retirement best fits your personality and lifestyle is a decision that is best made long before you actually retire. In order to ensure you have the resources to live a certain lifestyle after your working years, you should start planning while you still are in the early stages of your career.

The earlier you start saving for your retirement, the more money you will have to apply to your Golden Years lifestyle. There are numerous options for saving and investing that can give you what you need later on, and it always is wise to conduct research to establish the path that best fits your requirements.

When it comes to your living situation, there are several types of retirement communities which have their own styles, their own environments and their own costs. For instance, age-restricted communities are specifically geared toward persons aged 55 and older. Similarly, age-targeted communities are for those aged 55 and up, but younger people are also allowed to live there.

Continuing care retirement homes differ in the degree of medical care and services they offer. This option offers long-term agreements providing for housing, services and nursing care, all typically in one location.

There are many amenities available depending on the type of community the individual retiree prefers, and the more amenities that are offered, the more they cost. In addition to medical care, retirement communities can offer options ranging from active sports, such as golf courses, tennis courts and hiking trails, to organized social activities.

With so many options available, there are a number of financial considerations that should be kept in mind. Some retirement communities require that housing be purchased, while some offer the option of renting as well. Some require a “buy-in” with at least a portion returned if you should move out after a certain number of years.

This is a major decision for most retirees and should be carefully considered before signing a contract. If you envision extended travel in your future, and the possibility of being away for months at a time, it may make more sense to have the added flexibility associated with renting.

Before making a decision that could impact you for decades, you may want to consult a professional to ensure that your financial future can match your dreams with cold hard dollars. Future decisions to sell also should take into account the restricted market that accompanies a restricted community.

As you age, you may decide to make more use of the amenities offered by your retirement community than you required in earlier years. These can include meals, transportation, lawn care, housekeeping, emergency monitoring and security. Regardless of what level of involvement you decide you need, remember that everything you add also adds to your costs.

We also should consider that retirement communities have rules governing the daily activities of residents, and we should fully acquaint ourselves with them and how they will affect us personally before we sign a contract. If you own a pet or like to grill outside, you may be surprised to find that you are significantly restricted in those activities in some communities, and fines and penalties can be involved if the rules are violated.

And we should especially remember that making the best decisions on retirement involves not just our current physical condition, but how we will have aged a decade or more from now. Look to the future before signing something permanent in the present.

Retirement communities may sound similar, but that doesn't mean they are the same. Take the time to exercise due diligence in making decisions to ensure that you truly can live happily ever after.

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Valerie B. Dugan, CFP, is a Senior Vice President and Financial Advisor with the Global Wealth Management Division of Morgan Stanley in Hartford. For more information, she can be reached at 860-275-0779.

The information contained in this article is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. The strategies and/or investments referenced may not be suitable for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.  Investing involves risks and there is always the potential of losing money when you invest. The views expressed herein are those of the author and may not necessarily reflect the views of Morgan Stanley Wealth Management, or its affiliates. Morgan Stanley Smith Barney, LLC, member SIPC.

CT Companies Praxair and Xerox Are Named to Top 100 Corporate Citizens

Two Connecticut-based companies have been named among America’s Best Corporate Citizens.  Danbury-based Praxair and Xerox, with headquarters in Norwalk, both reached The Just 100, published by Forbes magazine. Praxair, Inc., which ranked at #31 on the Just 100, is an industrial gas supplier in North and South America, with 26,000 employees in more than 50 countries.  It designs, engineers, manufactures and operates facilities that produce and distribute industrial gases. The North America segment operates production facilities in the U.S., Canada, and Mexico. The Europe segment has production facilities primarily in Italy, Spain, Germany, the Benelux region, Scandinavia, and Russia which include approximately 60 cryogenic air separation plants. The company was founded in 1907.

At #54 is Xerox, which provides business process and document management solutions. It provides document technology, services, software and supplies for graphic communication and office printing environments of any size. Xerox, founded in 1906, operates through three segments: Services, Document Technology, and Other. The Services segment is comprised of business process outsourcing and document outsourcing. The Business process outsourcing provides multi-industry offerings such as customer care, transaction processing, finance and accounting, and human resources, as well as industry focused offerings in areas such as healthcare, transportation, financial services, retail and telecommunications.

“The most admired companies understand their responsibilities are twofold – deliver a premium return on assets and make a positive impact on society,” Xerox CEO Jeff Jacobson wrote in the company’s Global Citizenship Report. “The way we see it, we have a responsibility that goes beyond our primary, economic role to helping the people living in our communities to grow and thrive.”

The top 10 were Intel, Texas Instruments, NVIDIA, Microsoft, IBM, Accenture, Cisco Systems, Alphabet, Salesforce.com, and Symantec.

According to a survey of 72,000 Americans, being a “just” company means producing quality goods, treating customers well, minimizing environmental impact, supporting the communities businesses operate in, committing to ethical (and diverse) leadership, and above all, treating workers well, Forbes explained.

With these seven metrics in mind, Forbes — in partnership with Just Capital —analyzed nearly 1,000 of the nation’s largest publicly-traded companies to determine which have the best and most just business behavior.  The result is the Just 100 rankings, which will be featured in the December 26, 2017 issue of Forbes magazine.

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WRCH, WYBC, WEBE, WCTY Are Top-Rated Stations in CT's Local Radio Markets

The top-ranked radio stations in the Hartford-New Britain market area in November were WRCH-FM, WTIC-FM, and WHCN-FM (River 105.9), according to the latest Nielson Audiosurvey information. Grouped in a flat-footed tie for fourth are three stations:  WKSS-FM, WWYZ-FM and WZMX-FM. Public radio station WNPR-FM is next in the ratings, followed by WTIC-AM, the only AM station to break into the top ten.  The Hartford area is the 52^nd largest radio market in the U.S., with a population of 1,081,300.  It is the largest radio market in Connecticut.

Twenty years ago, in 1997, the ratings were also led by WRCH (Lite 100.5), but the runner-up that year was WTIC-AM.  The two stations jockeyed for the ratings lead for the next few years, with WTIC-AM taking a short-lived lead in 2001.  By 2015, WTIC-AM had fallen to eighth, as the dominance of FM stations grew. 

In the New Haven market, the top ranked station in the most recent ratings is WYBC-FM, Yale University’s Urban Adult Contemporary station, followed by WPLR-FM, WKCI-FM, and WEZN-FM.  WYBC has led the ratings race in the nation’s #121 ranked radio market for the past two years.  The population of the New Haven market is 430,300, according to the most recent ratings.

Greater Bridgeport is the #124 ranked market, with a population of 421,100, and its top-rated station is WEBE-FM, playing an adult contemporary format.  Next in the rations are WEZN-FM, WPLR-FM and WICC-AM.

In the Stamford-Norwalk radio market, the dominance of New York based stations is apparent, after Bridgeport’s WEBE-FM, which tops the local ratings.  The two top runners-up are WCBS-AM, New York City’s all-news station, and WHTZ-FM (Z100), with a contemporary hits format.  WEZN-FM, New York sports station WFAN and Urban Adult Contemporary WBLS-FM rank next.  Stamford-Norwalk is the 148^th ranked market in the Nielsen Audio reports, with a population of 323,400.

The New London market ratings are led by country station WCTY-FM, followed by WQGN-FM (Q105), WNLC-FM and WKNL-FM.  The market, ranked #178, has a population of 238,300.

According to the second-quarter 2017 Nielsen Total Audience Report, Americans spend 87 percent of their AM/FM radio listening tuning into their three favorite stations (based on the amount of time spent with each). Perhaps even more interesting is that 58 percent of all listening goes to just one station, the listener's favorite station.

Nationally, more than two-thirds of listening happens away from the home. According to the report, at least 65 percent of American adults listen to the radio away from the home between 6 a.m. and 7 p.m. during weekdays. And consumption peaks at 75 percent outside of the home during the afternoon drive time, between 3 p.m. and 7 p.m. during the week. 

CT is 5th Healthiest State in USA; MA Ranks 1st, New Data Shows

Connecticut is the fifth healthiest state in the nation, dropping from third a year ago, but remaining in the nation’s top 10, where it has been every year since 1993. Massachusetts, Hawaii, Vermont, Utah and Connecticut rank as the five healthiest states, while West Virginia, Alabama, Arkansas, Louisiana and Mississippi rank the least healthy.

The United Health Foundation ranked America's states based on a variety of health factors, such as rates of infectious diseases, obesity, physical inactivity, smoking and infant mortality, as well as air pollution levels and the availability of health care providers. The survey has been conducted annually for 28 years.

America’s Health Rankings was built upon the World Health Organization definition of health:“Health is a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity.”

The model reflects that determinants of health directly influence health outcomes. A health outcomes category and four categories of health determinants are included in the model: behaviors, community & environment, policy and clinical care.

This is the first time Massachusetts has been named the healthiest state, ending Hawaii's five-year ranking at number one. Connecticut’s highest ranking was second, in both 2006 and 2008.

By category, Connecticut ranked fourth in Behaviors, fourth in Clinical Care, sixth in Policy, tenth in Health Outcomes and 15^th in Community & Environment.  Connecticut had the third lowest levels of infectious disease, fourth lowest prevalence of smoking and ninth lowest levels of obesity.

The Bay State won the honor in part due to having the lowest percentage of uninsured residents at just 2.7% of the population, plus a low prevalence of obesity and a high number of mental health providers.  Rhode Island moved from 14^th to 11^th; New York from 13^th to 10^th. 

This latest report shows that the nation's health overall is getting worse.  The nation's premature death rate -- the number of years of potential life lost before age 75 -- increased 3% since 2015.  That increase is driven in part by drug deaths, which increased 7% during that time, and cardiovascular deaths, which went up 2%.  Overall, the United States ranks 27th in terms of life expectancy in a comparison of 35 countries, according to the report. Long-term challenges remain — including infant mortality and low birthweight. Cardiovascular deaths and drug deaths also increased.

Connecticut’s strengths, according to the report, include the state’s low prevalence of smoking, low violent crime rate and low percentage of uninsured people.  The state’s greatest challenges include a high drug death rate, high levels of air pollution and a large disparity in health status by educational attainment.

The report also identified the following highlights:

• In the past year, primary care physicians increased 6%, from 197.8 to 209.4 per 100,000 population
• In the past two years, children in poverty increased 33%, from 12.3% to 16.3% of children
• In the past five years, cancer deaths decreased 3% ,from 179.0 to 173.7 deaths per 100,000 population
• In the past three years, drug deaths increased 67%, from 11.0 to 18.4 deaths per 100,000 population
• In the past five years, the percentage uninsured decreased 44%, from 9.9% to 5.5% of the population

Health and Safety Among Top Concerns in Choosing Childcare, Survey Finds

When choosing a childcare or preschool, many parents try to gather information to make their decision. Yet only 54 percent of parents were very confident that they could tell if a childcare option would be safe and healthy for their child, according to a new national survey.  Beyond that challenge, 2 out of 3 parents said it’s hard to find childcare options with the characteristics they want. In selecting a childcare or preschool, parents consider a variety of health, safety, educational, or practical factors. Overall, 62 percent of parents agreed that it’s hard to find childcare options with the characteristics they want. The C.S. Mott Children’s Hospital National Poll on Children’s Health asked about these factors in a national sample of parents of children age 1-5 years who attend childcare or preschool.

Nearly half of parents reported their child currently attends preschool (48%), while the other half reported their child attends either a childcare center (25%) or in-home childcare (27%) for at least 5 hours per week.  Most parents (88%) felt that childcare centers and in-home childcare providers should have the same health and safety standards.  Parents selected up to 5 factors they would consider most important when choosing a childcare or preschool. The top 5 factors differed by the child’s current setting:

• Preschool: staff background checks (45%), active play every day (40%), doors locked (38%), staff have early childhood training (30%), and safe outdoor play area (30%)
• Childcare center: staff background checks (46%), staff have early childhood training (42%), doors locked (36%), cost (33%), and location/hours (32%)
• Home childcare: healthy foods served (28%), active play every day (28%), books/educational toys (27%), kitchen area cleaned (26%), and staff background checks (24%)

Connecticut’s Office of Early Childhood provides information on its website, including a “Child Care Checklist for Parents,” to assist in choosing a child daycare program. It suggests asking if the program is licensed, ensuring that unannounced visits are permitted, that there is adequate staff and that the program is safe.  The website also includes an “online lookup tool” to determine licensing status for family child care home providers, group child care homes, child care centers, family child care home staff-substitutes and assistants and youth camps.

A report published last month by Connecticut Voices for Children indicated that for more than a decade, Connecticut has made expanding early care and education programs and wrap-around supports a priority. The state has increased funding for early childhood programs for low-income families and communities,"making a real, sustained effort to build a strong infrastructure to support the early childhood system. Increased spending has increased both the availability and the quality of care."  Those efforts, the study found, "have begun to pay off in terms of both access and quality of care." 

The 39-page report indicated that: • Almost four in every five four-year-olds enroll in preschool. As of 2016, nearly 80% of four-year-olds were enrolled in preschool, an increase of six percentage points since 2005. • Disparities in preschool access have narrowed. The gap in preschool experience rates between the large urban districts and the wealthiest suburban districts has narrowed from 40 percent in 2003 to just 26 percent in 2016. • State programs are serving more infants and toddlers. Head Start and Child Day Care Centers have shifted to address more of the state’s need for infant and toddler care. Combined, they serve almost 80% more infants and toddlers in 2016 than in 2005.

The report stressed, however, that as of 2016, center-based infant/toddler care is affordable to only 25 percent of Connecticut families with a young child. Child care for two young children is affordable to only seven percent of such families.  The need for infant/toddler care "continues to vastly outstrip statewide capacity,"  and community wealth "continues to predict both preschool access and later test scores."

In the national poll, parents identified deal-breakers in selecting childcare – characteristics that would eliminate a preschool or childcare from their consideration. Over half said location in a sketchy area or a gun on the premises would be a deal-breaker; others were: non-staff adults on the premises, unvaccinated children allowed to attend, and having a staff person who smoked.

Some factors rated as most important by the Mott Poll parents may be reflected in the policies of the facility. These include whether staff undergo background checks prior to hiring, whether staff have early childhood certification or training, and whether child and staff members must be vaccinated. For many preschools and childcare centers, this type of information can be found on the facility’s website; it may be more difficult to find such information for in-home childcare providers, the poll analysis pointed out.

Economic Impact of Travelers Championship Doubles in Past Six Years, Analysis Finds; 2017 Tournament is PGA Tour’s Best

The Travelers Championship has an annual economic impact on the state of $68.2 million, according to a recent study by Connecticut Economic Resource Center, Inc.(CERC)  – and the recognition of its success is not only local, but national.  The tournament has been selected by the PGA tour as recipient of the prestigious “Tournament of the Year” award for 2017. The Travelers Championship also won awards for “Most Fan-Friendly Event,” “Best Sales” and the inaugural “Players Choice.” CERC first conducted an impact analysis of the tournament in 2011, and completed another impact analysis for the Travelers Championship in 2017.  The results were compared, to look at the changes over time and factors that may have influenced changes in the tournament’s economic effects.

The results: The economic impact had more than doubled between 2011 and 2017, due to two primary factors; a much larger total number of spectators, especially the increased number of individuals from outside the state, and increased spending by the tournament in preparing for and administering the increased number of events that occur during the tournament week.

“The Tournament activities and events, along with all of its associated events throughout the year has grown substantially over the past few years, which has resulted in a large increase in the number of spectators from Connecticut and beyond its borders,” said Alissa DeJonge, Vice President of Research, CERC. “Attendance increased dramatically, which increased spending at the event and among the local businesses.”

With record attendance, sales and fan engagement, the 2017 Travelers Championship raised the bar across the board through a strategic approach that focused on providing a first-class experience for fans, players, sponsors, volunteers and charity, officials pointed out. This marks the first time that the Travelers Championship has been recognized as “Tournament of the Year.”

The Travelers Championship, which donates 100 percent of its net proceeds to charity, announced last month that the 2017 tournament generated $1.72 million for more than 165 local charities, including The Hole in the Wall Gang Camp, the primary beneficiary of this summer’s tournament. With approximately 4,000 volunteers worked over 80,000 hours.

It is the largest core amount raised in the history of the tournament, officials pointed out. The record-setting 2017 total brings the total money generated to $14.7 million since Travelers became title sponsor in 2007. More than 750 charities have received funds from the tournament over that time.

“We’re proud of the partnerships we’ve built with local organizations that need help,” said Travelers Championship Tournament Director Nathan Grube. “Handing out these checks to so many worthy charities is the highlight of our year. We won’t forget the week we had at TPC River Highlands, with Jordan Spieth winning in such dramatic fashion and the celebration that ensued. But knowing that more than $1.7 million is being given to such a wide spectrum of nonprofits this year reminds us why we do this. It inspires us.”

As the “Most Fan-Friendly Event,” the tournament provided options for fans of all ages, including affordable access, more than 18 food and beverage locations, fan and kid zones and public on-site concerts. The tournament increased fan engagement by 441 percent through creative video and dynamic content, and following Spieth’s thrilling hole-out to win, the tournament handle trended on Twitter for nearly four hours and the video reached YouTube’s front page within 24 hours.

The tournament continued to enhance the player and caddie experience, providing a complimentary charter flight from the preceding event, healthy food options and a variety of special features including caddie appreciation day, a performance by Kevin Nealon and multiple off-site events. To determine the new “Players Choice” category, TOUR players were asked to vote for one event based on tournament services, hospitality, player and family amenities, community support and attendance.

“We work hard on making sure everyone who attends or participates in our event has a world-class experience, so no detail toward that goal is too small,” said Andy Bessette, Executive Vice President and Chief Administrative Officer of Travelers. “We are proud to associate our brand with the PGA Tour and this event, and are honored by this tremendous recognition. The best part is that any success we have means more money and attention raised for so many local charities that partner with the tournament.”

The 2018 Travelers Championship, will be held June 18-24 at TPC River Highlands in Cromwell.

Andy Bessette, Executive Vice President and Chief Administrative Officer of Travelers; Sarah Ficenec and Bob Santy, CERC; Nathan Grube, Tournament Director at Travelers Championship; and Alissa DeJonge, CERC

PERSPECTIVE: Celebrating the Bland but Influential People of Connecticut

by Christopher Hoffman Being from Connecticut is like being from Canada: nobody cares. The very idea of the place leaves people disoriented. Perhaps no other state in the Union is as colorless. Say Maine, and people think of lobsters and fishermen in long yellow slickers. Say California, and they think of giant redwoods and Hollywood. Say New Jersey, they think of toxic waste and eight-lane turnpikes. Say Connecticut, and people think . . . insurance?

On my last trip overseas, I offered to buy the Australians and Europeans I met a beer if they could tell me exactly where Connecticut is in the United States. In five months of travel, I never had to buy a single can or bottle of beer. Even Americans are confounded by Connecticut.

When you admit to being from Connecticut, people's faces go blank, and you can see them furiously rushing through the files in their minds trying to come up with something to say about the state. Texas (Boy, it's hot down there, huh?), Florida (Ever seen an alligator up close?), or even Iowa (Man, there's nothing out there!) are all easy. But Connecticut? Finally it hits them, the one thing about Connecticut that they know for certain: ''Everybody's rich back there, aren't they.''

In a democratic society like the United States, one does not like to be connected with anything that smacks even vaguely of inherited wealth or privilege. I immediately explain to people that most of that wealth is concentrated in the ''panhandle'' (Texas, Oklahoma, and Idaho all have panhandles. Why not Connecticut?), and that the rest of the state is filled with regular-guy, working-class towns. I usually get the feeling that they don't believe me.

What exactly are the people of Connecticut really like? They are solid, calculating, sober and, above all, practical. Extremes are very much frowned upon in the Nutmeg State. Nothing about us, after all, is extreme. The land is pretty, but nothing to knock your socks off. The winters are cold, but not too cold. The summers are hot, but not too hot. We have no floods, no earthquakes, no tornados, no truly dangerous snakes; only the occasional hurricane.

Most of all, though, Nutmeggers are tinkers, inventors and suppliers. We do not make history. We provide other people with whatever they need to make history. During the Revolution, Connecticut provided the Continental Army with so much material that George Washington nicknamed the state the Provisions State.

Charles Goodyear vulcanized rubber for the first time in Shelton in 1939, thereby making the future industrial use of rubber possible. Samuel Colt invented the Colt Peacemaker, gun that won the West, in Hartford. Igor Sikorsky, one of the fathers of the modern helicopter, set up his plant in Stratford.

By far the most famous of the Yankee inventors is Eli Whitney. Whitney put the first assembly line into production making muskets in Hamden in 1798. He also invented the cotton gin, thereby extending the life of slavery another 60 years. Nobody's perfect.

Politically, Connecticut Yankees are not leaders. But that does not necessarily mean that they are followers. Men burning with righteous passion from New York, Pennsylvania and Virginia wrote the Constitution, but it was the delegation from Connecticut that saved it.

The convention was deadlocked over how the individual states would be represented in the legislative branch of the Federal Government. The big states wanted representation based on population while the small states wanted each state to have an equal number of representatives regardless of size. The dispute threatened to break up the convention.

In stepped Roger Sherman and the Connecticut delegation. Level-headed, sober and practical, they proposed a compromise that would create a bicameral legislature in which each state would have two members regardless of size in one house and representation would be based on population in the other. The idea became known as the Connecticut Compromise. It carried the day and saved the Constitutional Convention.

This type of thinking continues to dominate Connecticut politics and government. Connecticut is often cited as one of the ''bellwether'' states of the union, but this is a little deceiving. True, Connecticut is decidedly more liberal than most other states, but it actually practices a very conservative form of liberalism.

We believe in trying new things, but only if they have worked somewhere else first. We would never be ones to experiment wildly because that would not be prudent, and we are above all prudent. We let other states (especially Massachusetts) start things. We watch, and, if it works and we like it, we try it. Right now, I am certain that our political leaders have a critical eye turned toward the state-wide health insurance plan being tried in Massachusetts. If it proves successful, I am sure that we will become ''one of the first in the nation'' to adopt a similar plan.

Many writers have lived in Connecticut, but only one has been a Connecticut Yankee to the core: Wallace Stevens. Stevens moved to Hartford in 1916 after taking a job with an insurance company. From that time until his death, he lived an odd double life, rising to become vice president of the company while composing some of the finest verse of his generation. His poetry was somber and sedate, much like his life, and much like the state in which he lived. He was a far cry from his well-known contemporary, the mighty Hemingway (an Illinois boy) who traveled the world, regularly shed and took on wives, shot big game in Africa and fished for huge marlin off the Florida Keys.

Actually, the two men did meet once under unusual circumstances. While Stevens was vacationing in Key West in 1936 (and far from the level-headed influence of Connecticut), he appeared at Hemingway's house wanting to fight. Stevens was a portly, graying, 56-year-old man at the time. Hemingway was 20 years younger and near the height of his pugilistic powers.

''Papa'' decked Stevens in the first round. Stevens went back to Hartford and continued to produce poetry to ever-increasing acclaim right up to his death at the age of 75. Hemingway drank away his health and his talent, and then blew his brains out with a shotgun when he was 61. Was Stevens a wimp? Maybe. But then again, look at how he ended up (happy, healthy, creative virtually to the end) compared with the macho-man Hemingway (physically and mentally ill, unable to write). Maybe it isn't so bad being a wimp after all.

Still, I cannot help but wonder what kind of a man Hemingway would have been if he had been born in Wethersfield instead of Oak Park. Perhaps Connecticut's calming influence would also have caused him to go into the insurance business. In that case, he might have called his first book ''The Premium Also Rises.''

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A somewhat lengthier version of this opinion piece was published in The New York Times nearly three decades ago, on September 4, 1988. How much about Connecticut has changed?  

Christopher Hoffman has gone on to a career as a news reporter, communications director and writer in Connecticut, working for the State Attorney General and New Haven Public Schools, and writing for the Hartford Courant, New Haven Register, Connecticut Magazine, Yale Medicine Magazine and the Columbia Journalism Review.  He is currently a freelance reporter and writer, and can be contacted at christophercarlhoffman@gmail.com. Abridged and published here with permission of the author.

State Branding Drives Tourism, Economic Development Goals

As Connecticut suffers through budget deficits, cuts in spending and services, and high-profile departures of leading businesses, states nearby are advancing economic development branding and marketing strategies to retain and attract business, according to a new report by the state legislature’s Office of Legislative Research. “As competition among states increases, economic development organizations (EDOs) continue to develop plans and campaigns to brand and market their states as great places to live, work, visit, and do business,” the report observes. “However, the effectiveness of such campaigns is mixed, often reflecting the authenticity of the message and the extent to which it reaches targeted audiences.”

Effective branding efforts can drive business recruitment and development efforts and change perceptions of a state, the report noted. It provides examples of marketing efforts in several states, including Florida, Louisiana, Maryland, New York, North Dakota, Rhode Island, Vermont, and Wisconsin.

The report, issued last week, describes branding as the message an organization is trying to convey, and marketing as the tools and tactics used to deliver that message.

According to the 17-page report, Tennessee’s “Mastered in Tennessee” branding effort is cited by several industry groups as an example of effective state branding. The campaign highlights Tennessee’s unique competitive advantages and demonstrates why it is a great place to live and work.

Michigan provides an example of how tourism branding can also serve economic development goals. The campaign, “Pure Michigan,” was designed to create an emotional brand that resonated with families and drew attention to the state’s vast, unspoiled beauty. It is widely regarded as successful among marketing and tourism professionals, with Forbes naming it the sixth-most successful tourism campaign of all time.

Greater Rhode Island Economic Development Partnership recently launched a campaign to market Rhode Island as a hub of entrepreneurship and challenge negative perceptions of the state. Greater Rhode Island developed a new website, which saw a 122% increase in web traffic, 68% increase in engagement on the site, and a 288% increase in the time users spend on the site.

Many in Connecticut are familiar with New York’s “Start Up NY” campaign, which aired many commercials in Connecticut markets, the report indicated. The campaign marketed a host of economic development incentives available to businesses that relocate to or expand in New York.

Vermont recently launched a digital ambassador campaign as part of its three-year marketing plan launched in 2016. According to the plan, the campaign uses business and community leaders, entrepreneurs, and other Vermont-loving influencers to share business announcements, national media placements, and other information that reflects well on Vermont as a great place to live, work, start and grow a business, and raise a family.

The report did not include a review or analysis of Connecticut’s branding efforts.  In 2012, Connecticut launched a two-year, $27 million marketing campaign to promote tourism and brand the state as “still revolutionary.” The state spent $500,000 on its new logo and other creative materials, with most of the remainder of the two-year budget going to the placement of ads on television, radio, billboards and social media, according to published reports. It also created a new website, ctvisit.com.

Two years later, the state announced plans to spend $3.4 million to promote Connecticut tourism ahead of the summer travel season within the state and to audiences in New York, Rhode Island and western Massachusetts.  And last year, the state’s tourism website was re-launched with a new look for the first time in a decade.

A study prepared for the state, “The Economic Impact of Travel in Connecticut,” released in March, 2017, found that the state’s tourism industry generated $14.7 billion in total business sales in 2015, a 4.6 percent increase over 2013. During the same period, tourism employment grew 2 percent, supplying 82,688 jobs in 2015, the fifth straight year it generated more jobs than the year before, according to the study.

The state’s recently adopted two-year budget includes $6.4 million for statewide tourism marketing in 2017-18 and $4.1 million for 2018-19, according to published reports.  The slogan “Still Revolutionary” remains in place.

CT's Mattress Recycle Program Collecting 14,000 Per Month

Connecticut mattress recycling program collected more than 162,000 mattresses and diverted more than 2,300 tons of material from disposal during the 2016-17 fiscal year, according to a recently released report on the state's program. The mattress industry created the Mattress Recycling Council (MRC), a non-profit organization, in 2013 to develop and administer a recycling program, which was dubbed the Bye Bye Mattress Program.  It is  funded through a $9 fee collected from consumers on all mattress and box spring sales in the state.

The program officially began operating on May 1, 2015 in accordance with a new state law. It now averages recycling 14,000 mattresses a month. MRC collects mattresses from 125 communities and 169 public and private entities that dispose of large volumes of discarded mattresses.

On average, 70 percent of a mattress is recycled.  Officials are pushing to increase that percentage to 75 percent.  Program materials suggest that 80 percent of a mattress can be recycled.  In the program’s first two years, a total of 313,661 mattresses were collected for recycling.

Among the leading municipalities, according to the 54-page report:  Hartford - 336 tons, Bridgeport - 197 tons, Manchester - 138 tons, East Hartford - 84 tons, and Southington - 62 tons.

MRC’s education and outreach efforts are designed to inform consumers, mattress retailers, and other stakeholders about the Bye Bye Mattress Program, that the fee is mandated by state law, why the fee is needed, what the fee funds, how to recycle through the Program, and that some parties have obligations.

In addition to Connecticut, MRC operates programs in Rhode Island and California.

Among the many locations across making use of the program is the Naval Submarine Base in New London.  The Base used the program to assist with the recycling and transportation of 692 mattresses from barracks, submarines, and Navy hotel lodging facilities connected to the Base. MRC collected mattresses from the Base in New London three times during the fiscal year.

Despite the program’s achievements to date, one objective is not being met.  Based on MRC’s experience during the past two years, the report points out, it became clear that the healthcare facility goal was “impractical.”

Mattresses discarded by healthcare facilities are not recycled for two primary reasons: biological contamination and mattress residual value, according to the report. In addition, a strong secondary markets exist for specialty hospital mattresses discarded by healthcare facilities. As a result, discarded units are frequently resold domestically or exported, the report explained.

“Therefore, those units are not being landfilled or incinerated in Connecticut and are not available for recycling. Furthermore, healthcare mattresses with breached outer ticking or physical contamination may pose health risks, and are instead disposed of as solid or biological waste due to liability concerns,” the report points out.

https://youtu.be/L9QMPy4VT_Y

Best States for Aging? CT Ranks #18, Study Shows

Connecticut’ senior citizen population ranks 7^th in the nation, but the state places at number 18 in an analysis of the nation’s “best states for aging.” As baby boomers move into their elder years, the nation's population – and Connecticut’s - is aging quickly. By 2050, the older adult population is expected to almost double to more than 87 million from 43 million in 2012, U.S. News points in an article highlighting the analysis, which was developed for the magazine by McKinsey & Company.

The Best States for Aging ranking determines which states are most effectively serving their senior citizens by keeping them healthy, financially secure and involved in their communities. States are scored relative to each other in 12 factors that average into one overall score.

The top 10 states were Colorado, Maine, Hawaii, iowa, South Dakota, Wisconsin, Minnesota, Vermont, New Hampshire and Florida.  Massachusetts ranked #12, and Rhode Island was #21.

Among the categories, Connecticut ranked first in "able-bodies", fourth in life expectancy and primary care, 44^th in cost-of-living and 49^th in cost of care.

Between 2010 and 2030, Connecticut's population of adults age 65 and older will increase by 57 percent, the state’s Legislative Commission on Aging testified in 2016. At least 20% of almost every town's population in Connecticut will be 65 years of age or older by 2025, with some towns exceeding. 40 percent, officials said.  The state has the 3rd longest-lived constituency and is home to more than 1 million baby boomers.

Data sources include: Centers for Disease Control and Prevention, Centers for Medicare and Medicaid, Genworth Cost of Care Survey, Kaiser Family Foundation, Missouri Economic Research and Information Center, U.S. Bureau of Labor Statistics, United Health Foundation.