While Connecticut's unemployment rate is showing steady decline -- from 6.9 percent in April 2014 to 6.4 percent in September 2014, according to the Bureau of Labor Statistics (BLS.gov), there are a number of key industries in Connecticut that are showing a promising increase.
Top Connecticut industries and employers
According to the Connecticut Department of Economic and Community Development, some of the key industries in Connecticut include the following:
- Advanced manufacturing: The advanced manufacturing industry in Connecticut accounted for $24.1 billion of the state's economy and exported over 16 billion goods that were delivered around the world by the end of 2012. This year, there are 163,400 people around the state working for 4,500 manufacturing companies. Some of the largest organizations in this economic sector are General Electric, Pratt & Whitney, Oxford Performance Materials, Microboard Processing Inc. and Lex Products Corporation.
- Bioscience: Thanks in part to the research and development taking place at Connecticut universities, the state has attracted a large amount of scientists and engineers to help move the bioscience field forward. As a result, there are 800 bioscience companies in Connecticut that account for 50,000 of the state's jobs. Bristol-Myers Squibb, Jackson Laboratory, Achillion Pharmaceuticals and Alexion Pharmaceuticals are among the largest bioscience companies in the state.
- Insurance and financial services: As the home of the first insurance company in the country, Connecticut has earned the reputation as the insurance capital of the world. In addition, the state also has the highest amount of actuaries per capita in the country. There are nearly 200,000 workers in the insurance and financial services industry in Connecticut, and they are employed by companies such as Aetna Inc., The Hartford, The Travelers Companies and UnitedHealthcare.
- New media: With digital technology growing, Connecticut is seeing a rise in the amount of jobs in this industry. In fact, there are around 700 digital media companies in the state, and employment projections show that there will be a 22 percent increase in jobs in this sector by 2020. Some of the biggest employers in this sector include ESPN, Blue Sky Studios, World Wrestling Entertainment Inc. and NBC Sports Group.
The BLS reports the following number of employees in five key industries representing some of the above sectors, as of September 2014:
Connecticut salary and wages
The following data helps illustrate the number and variety of jobs available, job growth and the mean annual salaries of some of Connecticut's vocational, trade and technical professions.
|Career||Total Employment||Annual Median Wage|
|Film and Video Editors||320|
|Medical and Clinical Laboratory Technicians||1730||46880|
|Welders, Cutters, Solderers, and Brazers||2100||41740|
|Computer User Support Specialists||7160||54730|
In order to prepare for Connecticut's fast-changing workforce, job seekers may wish to explore vocation, trade or technical schools. These schools are designed to teach students what they need to know to embark on a career in a variety of fields including health care, technology, skilled trades and more.
Advanced Manufacturing, Connecticut Department of Economic and Community Development, Accessed October 25, 2014, http://www.ctforbusiness.com/ind/manufacturing
Bioscience, Connecticut Department of Economic and Community Development, Accessed October 25, 2014, http://www.ctforbusiness.com/ind/bioscience
Connecticut, U.S. Census Bureau: State and County QuickFacts, Accessed October 25, 2014, http://quickfacts.census.gov/qfd/states/09000.html
Connecticut, Bureau of Labor Statistics, Economy at a Glance, Bureau of Labor Statistics, http://www.bls.gov/eag/eag.ct.htm
Connecticut, Bureau of Labor Statistics, May 2013 State Occupational Employment and Wage Estimates, http://www.bls.gov/oes/current/oes_ct.htm
Connecticut's Industries and Occupations, Connecticut Department of Labor, Accessed October 25, 2014, http://www.ctdol.state.ct.us/lmi/misc/forecast2014.pdf
Insurance and Financial Services, Connecticut Department of Economic and Community Development, Accessed October 25, 2014, http://www.ctforbusiness.com/ind/financial
May 2013 State Occupational Employment and Wage Estimates Connecticut, Bureau of Labor Statistics, Occupational Employment and Wages, April 1, 2014, http://www.bls.gov/oes/current/oes_ct.htm
New Media, Connecticut Department of Economic and Community Development, Accessed October 25, 2014, http://www.ctforbusiness.com/ind/media
Connecticut, Projections Central, http://projectionscentral.com/Projections/LongTerm