Hartford punches way above its weight
Fast approaching my third year at the helm of the MetroHartford Alliance, I am disappointed when I see that even some of Connecticut’s most prominent Nutmeggers still do not understand the city that is Hartford. All too often, critics, most of whom have declined to invest their time or energy in moving Hartford forward, choose to focus exclusively on the negative. I sometimes think it must be exhausting for these individuals to actively block out the vibrant facets of our capital city so that they can remain fixated solely on the challenges that Hartford faces.
The MHAworks to attract jobs, capital and talent to the Hartford region by leveraging the industries that make Hartford competitive on a regional, national and global scale. We are well aware of the difficulties Hartford faces. However, we have chosen — along with an impressive group of allies — to use our region’s strengths to build a better future.
It would be difficult to overstate just how significantly Hartford punches above its weight. It hosts vital industries with employers that generate billions of dollars in economic output and hundreds of thousands of high-paying jobs. In fact, according to the Federal Reserve Bank of St.
Louis, the Hartford region’s gross domestic product of $105 billion places us in the country’s Top 40.
Insurance, for example, has been an engine driving Connecticut’s economy for more than two centuries. Despite some puzzling claims that the situation is otherwise, Hartford is still the insurance capital of the world. Nationally, we have the highest insurance employment as a percentage of total employment. We are first in insurance payroll as a percentage of total payroll. And we are No. 1 in insurance gross state product as a percentage of total GSP. This industry alone, led by internationally renowned brands such as Aetna/CVS, The Hartford, Hartford Steam Boiler and Travelers, creates economic activity and skilled jobs that would be the envy of any of Hartford’s peers.
We are fortunate to also be the home of America’s Aerospace Alley. In 2019, our aerospace and defense industries, led by such global giants as Barnes Group, Collins Aerospace, Kaman Corporation, and Pratt and Whitney, contributed more than $13.5 billion of economic output and nearly 38,000 jobs. Other key industries in our region include the health sector, contributing $7.8 billion, and broadcast media (ESPN), contributing $3.4 billion.
Our region is also home to world-renowned manufacturers, such as Otis Elevator and Stanley Black and Decker, leaders in an industry generating $2.3 billion in output. We are also a fast-growing location in the Northeast for logistics and distribution, as evidenced by the continued local expansion of global retail giant Amazon and firms such as Home Depot, FedEx and XPO Logistics.
Moving Hartford forward requires not only a smart, inclusive vision for the future, but also a steadfast dedication to tackling the unique challenges that arise daily in our city. For that reason, Hartford is fortunate to have capable leadership under Mayor Luke Bronin, who, along with hundreds of other public servants, is committed to the worthy goal of advancing and sustaining our capital city.
MHAstaff meets regularly with the professional advisers (site selectors) whom companies use to identify locations for expansion and investment. Site selectors use a range of data to compare communities and, while having a solid reputation for a given industry is always a plus, a site selector’s follow-up question is always “What else?” Hartford’s answer to that question is simple: It is our people.
Our globally leading companies are here because of our residents, the skilled, educated and innovative people who live here. Our region has a storied history in building the products and delivering the services on which the world relies. And our new residents, whether they are coming from Memphis or Mumbai, are making their home in a region that is 34% more affordable than New York City and 21 percent more affordable than Boston. Whether they are launching the latest insurtech startup or designing life-support systems for a mission to Mars, the people of Hartford make this community thrive.
I recently walked by the Corning Fountain in Hartford’s Bushnell Park, on top of which stands a statue of a deer, or “hart,” the symbol of our city. It is a beautiful statue in the heart of our vibrant, dynamic capital city. During normal times, thousands of people pass by this statue as they live, work, learn or explore in Hartford. These people, along with the companies and organizations that call our city home, are aware of but not disheartened by Hartford’s problems. Rather, we have all chosen to be part of the solution. Like every city, Hartford has its challenges, but like the hart, our people are proud, confident and looking toward the future.