UTC’s move shows us where the opportunities are to grow

Here is a lesson that resonates with students: Every threat creates new opportunities, and every opportunity has hidden threats.

The planned move of United Technologies’ headquarters to Massachusetts has been portrayed as a threat to Connecticut’s economy. But, as a manufacturing executive wrote in last Sunday’s Courant, the move does not spell doom for the state’s manufacturing sector — and we can end up stronger if we recognize new opportunities and invest in them.

Although the UTC announcement is disappointing, the location of a company’s headquarters is neither a referendum on the merits of a state nor a preview of where the majority of jobs will be located. Factors unique to each company define headquarters selection, and UTC CEO Greg Hayes has said the relocation signifies a compromise with Raytheon, not a rejection of Connecticut. Thousands of UTC employees will remain here, making the most of living here and contributing to our economy.

So let us focus on opportunities instead. Connecticut’s existing strengths provide a great foundation for a healthy future.

First: The most important resource for any company is access to an educated workforce. Connecticut has that in abundance — we are one of the most educated states in America. We can extend our advantage by continuing to make major investments in education, especially in the science, technology, engineering and math (STEM) fields that are so coveted by many of Connecticut’s employers.

Recent state investment in UConn has already made a major impact. This past year, UConn produced 3,774 new STEM graduates, a 26 percent increase from 2013. Nearly half of UConn students are enrolled in a STEM field, and this growth is expected to continue.

Second: Connecticut and the private sector are investing in our cities. This is a good sign; vibrant cities are key to attracting workers and generating economic success. We need to accelerate this.

It is heartening to see the speed at which new apartments and planned mixed-use developments are taking shape in Connecticut’s cities. Empty-nesters and recent college graduates have both shown an appetite to live and work in our cities, with their easy access to employers, restaurants, bars, arts, cultural attractions and educational institutions. The investment UConn made in our expanding presence in downtown Hartford has been rewarded with expanding enrollments and signs of vitality among our neighbors downtown.

Third: Investing in transportation can do wonders. Workers and companies like mobility. A commission empaneled by the legislature in 2018 made an excellent recommendation: A high-speed train connecting Boston to Hartford to New York City would greatly help to attract and retain businesses and people in Connecticut.

Our advantage is that Hartford has notable cultural and culinary assets but much less congestion and a significantly lower cost of living than New York and Boston. High-speed train service can be a game-changer in attracting those who are being priced out of those major cities but still have to do business there. Bradley International Airport is also an undervalued asset thanks to its great location and ease-of-use for connecting throughout the country and, increasingly, to Europe. Supporting the airport’s growth and health is vital.

Fourth: Continue to embrace inclusion and diversity. Connecticut is a progressive place, making it easy for people from all walks of life to find welcoming neighbors and colleagues — and a supportive state government. As a matter of corporate culture and workforce development, that progressive mindset is also prized by major companies and helps make Connecticut an attractive place to do business.

Our economy functions best when we focus on how these attributes can shape our future rather than trying to recreate our past. We must not only expect change but initiate it. A pipeline of well-educated employees at the cutting edge of their fields is key to the innovation that fuels companies’ ability to evolve with changing times. Combined with our strengths listed above, Connecticut will continue to be a great place to do business.

We cannot ignore the significant economic challenges facing our state. Many result from underfunded pensions, and our demographic profile causes us to feel the pain sooner than many other states. However, facing this challenge sooner also allows us to find solutions that work uniquely well for Connecticut — building on our strengths and investing in ourselves.

David Souder is the interim dean of the School of Business at the University of Connecticut.