- 6,892 more businesses
- 73,416 more employees
- 21.4% increase in total wages
- $8,892 in additional annual wages per employee
- 15.2% increase in wages per employee
Since 2009, the number of businesses in Connecticut has grown by 6.4% (3.1% less than the national average of 9.5%). Employment in Connecticut has grown by 5.4% (9.1% less than the national average of 14.4%). Wages have grown by 15.2% since the end of the Great Recession. This wage growth is 7.3% less than the national average of 22.5%.
The average weekly wage in Connecticut of $1,294 is 21.6% above the national average of $1,064. The gap between the national average has lessened from 29.4% a narrowing of 7.8% since the end of the recession.
The Other services sector has the most businesses in the state of Connecticut. Since the end of the recession, the number of businesses has grown from 13,675 to 16,529, a gain of 20.9%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||8,502||7,578||12.2%|
|Finance and insurance||7,189||7,231||-0.6%|
|Real estate and rental||3,590||3,665||-2.0%|
|Transport and warehousing||1,987||1,933||2.8%|
|Arts and entertainment||1,836||1,686||8.9%|
|Agriculture and forestry||386||372||3.8%|
|Mining and oil extraction||47||57||-17.5%|
Business growth has not been good across all 19 sectors in Connecticut since the end of the recession. Retail trade (-2.1%), Construction (-11.7%), Manufacturing (-11.3%), Utilities (-11.6%) have all declined since 2009. The 7 sectors that had declines in the number of businesses combined for a collective loss of 2,228 businesses. The Educational services and Company management sectors had robust growth expanding by 25.7% and 62.7% respectively. These sectors have the 14th and 16th most businesses of the 19 sectors.
The Healthcare sector employs the most workers in the state of Connecticut. The number of jobs has increased 10.0% since the end of the recession from 243,211 to 267,555. The table below illustrates the change in employment in each sector:
|Accommodation and food services||128,234||110,098||16.5%|
|Finance and insurance||106,192||118,362||-10.3%|
|Transport and warehousing||46,008||39,189||17.4%|
|Arts and entertainment||28,280||23,545||20.1%|
|Real estate and rental||19,859||19,195||3.5%|
|Agriculture and forestry||4,767||4,630||3.0%|
|Mining and oil extraction||538||628||-14.3%|
Six of the 19 sectors have suffered job losses since the end of the recession with Manufacturing (-7.2%) and Finance and insurance (-10.3%) losing the most. The sectors with the most employment growth are Accommodation and food services (+16.5%), Waste services (+18.5%) and Arts and entertainment (+20.1%).
The sector with the highest wages is the Finance and insurance sector at $3,245. Prior to the recession, the sector’s average weekly wage was $2,515. This is an increase of $730 per week or 29.0%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$3,245||$2,515||29.0%|
|Mining and oil extraction||$1,476||$1,245||18.6%|
|Real estate and rental||$1,275||$996||28.0%|
|Transport and warehousing||$911||$863||5.6%|
|Agriculture and forestry||$690||$554||24.5%|
|Arts and entertainment||$550||$509||8.1%|
|Accommodation and food services||$420||$347||21.0%|
Wages in Connecticut have grown significantly less than the national average since the end of the recession. While no sector experienced no wage growth several sectors with a lot of employees had fairly slow growth like Healthcare which grew by 10.5% and Retail trade which grew 9.7%. As mentioned above, the Finance and insurance sector had good wage growth, but the Information sector experienced the strongest wage growth, increasing by 44.7% to $1,983 per week.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Private households which has grown 41.3%. The top industry that has contracted the most is Residential building construction which has contracted by 16.7% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Wholesale trade agents and brokers||5,428||5,612||-3.3%|
|Computer systems design and related services||3,640||2,838||28.3%|
|Offices of physicians||2,593||2,630||-1.4%|
|Offices of lawyers||2,282||2,488||-8.3%|
|Management consulting services||2,119||1,752||20.9%|
|Hair, nail, and skin care services||1,992||1,747||14.0%|
|Residential building construction||1,918||2,303||-16.7%|
|Insurance agencies and brokerages||1,761||1,476||19.3%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Temporary help services which has grown 38.0%. The industry that has lost the most employees is Direct life and health insurance carriers which has contracted by 21.0% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||55,197||57,753||-4.4%|
|Supermarkets and other grocery stores||36,548||34,843||4.9%|
|Nursing care facilities, skilled nursing||35,054||38,532||-9.0%|
|Offices of physicians||34,453||30,881||11.6%|
|Management of companies and enterprises||32,393||27,612||17.3%|
|Direct life and health insurance carriers||30,573||38,724||-21.0%|
|Colleges and universities||30,013||26,594||12.9%|
|Aerospace product and parts manufacturing||29,215||31,278||-6.6%|
|Temporary help services||27,505||19,934||38.0%|
|Computer systems design and related services||25,369||20,660||22.8%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Sales financing which has grown 38.3%. The average weekly wage in the Commodity contracts brokerage industry has grown by 31.9% since the recession. This is the industry with the lowest change in wages amonth the top industries in Connecticut . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Commodity contracts brokerage||$7,426||$10,900||-31.9%|
|Commodity contracts dealing||$5,910||$4,555||29.7%|
|Investment banking and securities dealing||$5,550||$6,192||-10.4%|
|All other financial investment activities||$4,120||$3,307||24.6%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 20 to 49 employees. The number of businesses with this number of employees has grown from 7,443 to 8,435, which is an increase of 13.3%.
The worst percentage change in the number of businesses has been in businesses with 1,000 or more employees. The number of businesses with this number of employees has slipped from 69 to 65, which is a decrease of 5.8%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||72,858||67,067||8.6%|
|More Than 1,000 Employees||65||69||-5.8%|
The biggest percentage change in the number of employees has been in businesses with fewer than 5 employees. The number of employees in companies this size has grown from 98,231 to 112,206, which is an increase of 14.2%.
The worst percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees with this number of employees has declined from 165,398 to 159,957, which is a decrease of 3.3%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||112,206||98,231||14.2%|
|More Than 1,000 Employees||159,957||165,398||-3.3%|
The biggest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $1,905 to $2,845, which is an increase of 49.3%.
The worst percentage change in the average weekly wage has been in businesses with 250 to 499 employees. The average weekly wage in companies this size has declined from $1,609 to $1,537, which is a decrease of 4.5%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$1,234||$1,023||20.6%|
|More Than 1,000 Employees||$2,362||$1,918||23.1%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.