Hartford Business Journal– In 2014, Connecticut agreed to let United Technologies Corp. use up to $400 million in “stranded” research and development tax credits to keep and expand the presence of its Pratt & Whitney subsidiary in East Hartford.
Finance
Connecticut’s Economy Struggles to Recover
Hartford Business Journal – During the first quarter of 2017, Connecticut’s economy, as measured by real output or gross state product (GSP), contracted below where it was in 2004. After seven years of contraction from 2008 to 2014, the economy managed a modest 2 percent gain in 2015, only to retreat to essentially zero growth in 2016 and a sharp decline in early 2017.
Economic Diversity Cushions Danbury Region from Unemployment
Greenwich Time – Since 2002, and throughout the Great Recession, Danbury and nearby towns enjoyed an unemployment rate two to three percentage points lower than the nation, the state and the cluster of cities and towns along the Gold Coast.
Down, But Not Out: Experts See Future for UBS in Stamford
Stamford Advocate – An embattled investment banking giant has downsized significantly in recent years in Connecticut. But a departure does not appear imminent.
A Glimpse at Silicon Valley’s Cryptocurrency Craze: A Melding of Reality, Fantasy and Hype
MarketWatch – The hype that has fueled the skyrocketing prices of bitcoin and other cryptocurrencies was on full display this week in San Francisco, where a conference showcasing young companies seeking to catch the crypto wave before it crests offered a perplexing mix of a fantastical future and likely reality.
Transit System Travails Persist as Economic Worry for Connecticut
Stamford Advocate – A growing number of economists and public officials think Connecticut’s transportation troubles are contributing to the state’s slow economic recovery.
Norwich Public Utilities is Economic Engine for Norwich, Region
The Day – Norwich Public Utilities (NPU) has always done well when evaluated by typical metrics for a utility company. Our rates are often lower and always competitive with investor-owned utilities; exceptional storm response is a point of pride within the organization, and our customer service is available to Norwich residents every minute of every day of the year.
But a recent study by the Connecticut Center for Economic Analysis (CCEA) measuring the economic impact of NPU in Norwich and New London County provides a new way of appreciating the value of NPU. The CCEA is a University Research Center in the School of Business at the University of Connecticut.
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GOP Tax Bill: A Tale of Two Middle Classes
Connecticut Post – President Trump’s advisers argue that if the Republican tax plan is viewed in its entirety, its benefits outweigh the loss of the state-and-local tax (SALT) deduction in states like Connecticut.
Tax the Land, Save the People
San Francisco Magazine – One man’s quixotic—but totally serious—quest to upend the tax system, rebalance wealth, and cure all of our social ills.
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As Layoffs Mount, RBS Holds on in Stamford
Stamford Advocate – The Royal Bank of Scotland’s daisy-wheel logo still stands on top of 600 Washington Blvd. — even after many rounds of cutbacks at the downtown financial hub.
Battered by weak earnings and legal and regulatory pressures, the bank has slashed some 700 jobs in the past three years at its Americas headquarters. In an industry that has undergone seismic changes in the past decade, RBS is unlikely to bring back the lost positions. But the bank says Stamford remains vital to its business, and the firm’s strong ties to the area suggest it will carry on its curtailed Connecticut operations.