Economic Development

Corporate and Industrial Development

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Corporate and Industrial Development

Our team works with commercial services firms, industrial companies, real estate professionals and retailers on projects that retain and create jobs while also spurring investment in the city. We help businesses with identifying sources of private and public funding, gaining access to available tax credits and incentives, and navigating the permitting and approval process. We also offer site selection assistance to ensure that Hartford is considered for expansion, recruitment and retention opportunities. 

The Economic Development Group works with industrial companies, commercial service firms and chain retailers to retain and create new jobs and spur investment in the city by identifying and delivering resources from a wide variety of service providers, including banks, State of Connecticut development agencies, electric and gas utilities and various workforce development agencies. Site selection assistance is provided to businesses and their real estate representatives to ensure that Hartford is considered for expansion and recruitment opportunities.

For more information on economic development opportunities and initiatives in Hartford, contact Wayne Benjamin.

Hartford: The Right Location

Hartford is a two-hour drive to Boston and New York

Hartford has access to 100 million customers within an 8-hour drive

Headquarters to 4 Fortune 500 companies, including 2 of Connecticut's 3 Fortune 100 companies

Hartford has an educated, productive workforce

Connecticut students rank # 1 in the nation in standardized testing in math, writing and reading

Connecticut leads the nation in high school completion rates

Hartford: Connected

Hartford is the 12th most wired US city and ranks in the top 60 for cyber cities with high bandwidth

Bradley International Airport is one of the fastest growing and most user friendly airports in the nation

Bradley International serves as the distribution hub for UPS and is the regional center for Federal Express and the U.S. Postal Service.

Bradley International Airport has a Foreign Trade zone and its cargo security ranks in the top 5 nationally.

Hartford Profile
Population: City of Hartford
124,512

Population: Hartford County
879,835

Square Miles: City of Hartford
18.5

Square Miles: Metro Hartford
796

Knowledge Corridor (Metro Hartford, Metro Springfield, MA)
1.6 Million

Population: State of Connecticut
3.2 Million

Square Miles: State of Connecticut
4,865

Distance To Major Cities
Boston
109 Miles

New York
125 Miles

Providence
98 Miles

For more information view US Census Bureau

Financial Resources

Project Managers work with businesses and developers to address funding gaps in eligible projects through various local, state and federal government programs, for examples: Examples of such programs are:

Municipal Programs

Tax Fixing Agreements: The City may provide property tax relief to eligible developmental projects, under Conn. Gen. Stat. § 12-65b and 12-65h,

Tax Increment Financing (TIF): TIFS may be used to support large-scale economic development projects, whereby the proceeds of City issued revenue bonds are used to fund a project. A portion of the incremental tax revenue resulting from the completed project is then used to service the debt.

For more information on the City's TIF Policy, click here.

State Programs

Enterprise Zone/ Targeted Investment Community (TIC): As a designated TIC, manufacturers that relocate to Hartford or expand in the city are eligible for a 5-year, 80% property tax abatement and a 25-50% corporate tax credit.

For more information regarding eligibility and benefits, click here

Urban Reinvestment Credit (URI): A tax credit for investments in eligible urban reinvestment projects through the Department of Economic and Community Development (DECD). Dollar for dollar credits on up to 100% of the investment up to a maximum of $100 million may be awarded. If approved, credits may be claimed over a 10-year period. For more information see Conn. Gen. Stat. § 32-9t.

Sales and Use Tax Exemption: Sales and use tax relief on the purchase of tangible personal property for qualifying retention and expansion projects or projects that significantly contribute to a targeted industry cluster. The minimum investment in eligible property must equal $5 million and a total award must not exceed $10,000 per new job created and $2,000 for each retained position.

For more information, click here. DECD Tax Incentives

For a complete listing of State tax credits and business incentives, click here. www.youbelonginConnecticut.com

Federal Programs

SBIR: The U.S. Small Business Administration (SBA) administers a federal grant aimed at promoting and sustaining small business development innovations and solutions for various federal agencies, such as defense, energy and health.

For more information, click here www.ctsbir.com

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Economic Development

250 Constitution Plaza
4th Floor
Hartford, CT 06103
Tel:(860)757-9070
Fax:(860)722-6074
Office Hours: 8:00am - 5:00pm

HARTFORD CITY HALL ADDRESS: 550 Main Street, Hartford, CT 06103 PHONE: (860)757-9311 HOURS: 8AM - 5PM