A guide to help you understand the ins and outs of business in Connecticut
Connecticut is a state located on the Northeast coast of the US in the New England region. Connecticut’s capital is Hartford and its largest city is Bridgeport. Connecticut is the third smallest state in land mass but has the 29thlargest population at an estimated 3.57 million people. Connecticut is well-known for its location being in very close proximity to New York City, with many residents of Connecticut commuting there on a daily basis. The state’s GDP in 2019 was $287,822,000,000.
The state’s top industries are manufacturing, bioscience and healthcare, aerospace and defense, film, TV and digital media, financial services, insurance, green energy, and technology. There are over 500 bioscience companies in the state, employing more than 17,000 people. This small state has more than 4,400 manufacturing companies that produce over $15 billion in goods per year, which is 92% of Connecticut’s exports.
In 2019, Connecticut imported $1,267,153 from Qatar. Its top imports are: special classification provisions, nuclear reactors, boilers, and machinery. In 2019, Connecticut exported $46,734,058 to Qatar with its top exports being: special classification provisions, nuclear reactors, boilers, machinery, electric machinery, and sound/TV equipment.
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Connecticut’s corporate income tax rate is a flat 7.5%. Connecticut has four free trade zones, with locations in Bridgeport, Hartford, New Haven, and New London. Even though Connecticut is one of the smallest states in the US, it still wants business to come to the state. The state of Connecticut offers 59 incentives to businesses operating within the state, the seventh most incentives in the country.