Report has news for region

Southeastern Connecticut features prominently in the 2012 Connecticut Economic Review, from a picture of a Groton-built submarine on its cover to several of our employers, the casinos among them, ranked as this state's largest.

The annual review is produced by Connecticut Light & Power and Yankee Gas Services, subsidiaries of Northeast Utilities, and it provides an important benchmark for the state of our state. In many of the overall rankings we're competitive with the rest of the nation - if not stronger.

Connecticut is ranked first in per-capita income, second in terms of financial and insurance-related employment, second in research and development - an important employer here in southeastern Connecticut - and third nationally in terms of advanced degrees.

For a state with a population of about 3.5 million and a work force of about 1.6 million, we have a significant per-capita income of almost $55,000 and our gross state product on a per-capita is almost $60,000. The gross state product per manufacturing worker is much higher, at $278,654 - an indication of this state's skilled, and productive, work force.

Connecticut was once a manufacturing powerhouse, but like many other states, its manufacturers and manufacturing work force declined over the years. Goods-producing jobs still make up about 10 percent of our overall employment base, and locally that percentage is a bit higher. It's important to maintain, or grow, that manufacturing base because we need to continue to make, and innovate, products in this country. Manufacturing-driven work also typically offers higher wages than service-related jobs.

Rodney Powell, the president of Yankee Gas, and James Muntz, the president of Connecticut Light & Power, say incentives for business are improving, from workforce training to more streamlined permitting processes. "This is the 16th consecutive year we've published the review, and this latest edition provides more positive economic news for the state," says Muntz. Of course, utility companies want to present the best face when it comes to their state's economy and economic development, since they provide the power to existing, and new and expanding firms. (For printed copies, call (860) 665-4712 or view the booklet at www.cl-p.com/Business/EconomicDevelopment/Economic_Review.)

This economic review does paint an encouraging picture of Connecticut, despite some structural economic challenges, including high energy, tax and health care costs.

The review says Connecticut is second only to Delaware in the percentage of jobs in finance and insurance. And in the much-touted biomedical field, Connecticut's stature remains strong with 800 biomedical firms located within our borders. Among this state's largest biomedical companies is Pfizer Inc., which despite its continued downsizing, remains an important employer in eastern Connecticut. Other big biomedical employers in the state include Boehringer Ingelheim in Ridgefield and Bristol-Myers Squibb in Wallingford. In addition, the Malloy administration's new Jackson Laboratories initiative at the University of Connecticut's health care complex in Farmington is part of a major strategic thrust toward expanded employment and prospects for biomedical research.

Connecticut's also home to 175 aerospace companies, including United Technologies Corp., parent of the East Hartford-based Pratt & Whitney and the Stratford-based Sikorsky. And Connecticut ranks second among the top 10 states for industry research and development per $100,000 in sales. Massachusetts, which has become an important R&D hub (for Pfizer, among others), grabs top ranking. Massachusetts also ranks first for the number of scientists and engineers per 100,000 employees. Connecticut is fifth in the 2012 ranking.

The 2012 economic index doesn't reflect this state's prior year rankings, and Connecticut has fallen in some categories over the years. But in the sciences we're still among the top-ranking states - let's hope those rankings don't fall. Our exports remain strong, one of the bright spots during the economic downturn, and we have health care facilities and educational institutions that are among the best in this country.

And, says this year's index, Connecticut still holds top rankings for those with advanced degrees or bachelor degrees, for per-capita government spending on education, for average teachers' salaries and for lower high school dropout rates.

Anthony Cronin is The Day's business editor.