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Western Connecticut Comprehensive Economic Development Strategy

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Western Connecticut Comprehensive Economic Development Strategy Western Connecticut Comprehensive Economic Development Strategy December 12, 2013 Western Connecticut Economic Development Alliance Housatonic Valley Council of Elected Officials Greater Danbury Chamber of Commerce Western Connecticut CEDS and Action Agenda Page i Western Connecticut Comprehensive Economic Development Strategy PROJECT TEAM With the assistance of many other individuals and organizations from the Western Connecticut region, the primary project team responsible for the preparation of this Comprehensive Economic Development Strategy (CEDS) and Action Agenda included: Connecticut Economic Resource Center Garnet Consulting Services, Inc. Greater Danbury Chamber of Commerce Housatonic Valley Council of Elected Officials Western Connecticut Economic Development Alliance ACKNOWLEDGEMENTS The Western Connecticut Economic Development Alliance would like to thank the following organizations for financially supporting the development of this Comprehensive Economic Development Strategy (CEDS) and Action Agenda: Commercial Brokers Alliance of Western Connecticut Cramer & Anderson Danbury Fair, Macerich Property Fairfield County Bank Housatonic Valley Council of Elected Officials MannKind Corporation Newtown Savings Bank Reynolds & Rowella Savings Bank of Danbury Union Savings Bank U.S. Economic Development Administration Western Connecticut Health Network Preparation of this CEDS and Action Agenda would not have been possible without the extensive participation of numerous volunteers, partner organizations, and elected leadership from the region’s ten communities throughout the entire CEDS development process. Western Connecticut CEDS and Action Agenda Page ii Western Connecticut Comprehensive Economic Development Strategy Table of Contents Executive Summary ............................................................................................................ 1 Introduction .....................................................................................................................11 Project Management and Public Participation Process ...........................................................17 CEDS Committee Composition and Participation ...............................................................17 Business Survey/Questionnaire .......................................................................................18 Focus Groups ................................................................................................................19 Community and Private Sector Participation .....................................................................20 Data Input from CERC ....................................................................................................20 Postcards from the Future- Vision Statement Exercise .......................................................20 Project Website .............................................................................................................20 Project Solicitation and Prioritization ................................................................................20 Final Decision Making Meetings .......................................................................................20 Summary List of Meetings Devoted to Creation of this CEDS ..............................................21 Regional Analysis ..............................................................................................................23 Data Profile – Introduction .............................................................................................23 Demographic Analysis .......................................................................................................25 Demographic Analysis Key Findings .................................................................................25 Demographic Analysis Details .........................................................................................26 Population .....................................................................................................................26 Median Age ...................................................................................................................28 Age Distributions ...........................................................................................................31 Population by Race ........................................................................................................34 Population by Ethnicity ...................................................................................................36 Migration ......................................................................................................................39 Household Income .........................................................................................................42 Poverty .........................................................................................................................48 Western Connecticut Economic Development Alliance Comprehensive Economic Development Strategy Western Connecticut CEDS and Action Agenda Page iii Educational Attainment ..................................................................................................51 Special Populations ........................................................................................................53 Housing and Real Estate .................................................................................................56 Demographic Summary of Key Findings ...........................................................................59 Fiscal Analysis ...................................................................................................................60 Fiscal Analysis Key Findings ............................................................................................60 Fiscal Analysis Details .....................................................................................................60 Assessed Property Value.................................................................................................60 Total Fund Balance ........................................................................................................64 Revenues from the General Fund ....................................................................................66 Long Term Bonded Debt ................................................................................................68 Distribution of Bond Ratings ...........................................................................................71 Economic Analysis .............................................................................................................72 Economic Analysis Key Findings ......................................................................................72 General Economic Profile ................................................................................................73 Industry Segmentation ......................................................................................................79 Industry Concentrations by Location Quotients .................................................................80 Employment by Industry: Ten Town WCEDA Region .........................................................82 Employment by Industry: Four County WCEDA Commuter Shed ........................................84 Net Employment Growth 2008-2012: Ten Town WCEDA Region ........................................85 Net Employment Growth 2008-2012: Four County WCEDA Commuter Shed ........................86 Net Employment Growth 2012-2016: Ten Town WCEDA Region ........................................88 Net Employment Growth, 2012-2016: Four County WCEDA Commuter Shed .......................89 Occupational Analysis .....................................................................................................90 DECD and WCEDA Region Cluster Analysis .......................................................................96 Self-Employment Data ....................................................................................................97 Economic Analysis Summary of Key Findings ....................................................................98 Occupational Analysis Summary of Key Findings ...............................................................98 Cluster Synergies ..............................................................................................................99 Importance of Clusters ...................................................................................................99 Cluster Synergies Key Findings ........................................................................................99 Industry Segmentation ................................................................................................. 101 Western Connecticut Economic Development Alliance Comprehensive Economic Development Strategy Western Connecticut CEDS and Action Agenda Page iv U.S. Cluster Mapping Project ............................................................................................................ 101 Overview of the Clusters in the Bridgeport-Norwalk-Stamford MSA .................................. 103 Clusters Ranking in Top 15 in Nation ............................................................................. 106 Aerospace Vehicles and Defense Cluster .......................................................................................... 106 Jewelry and Precious Metals Products Subcluster ..........................................................................
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