Key Facts
- Per Capita Real GDP
- $51,911 Rank: 3/50 (2007)
- Population
- 3,501,250 Rank: 29/50 (2008)
- Per Capita Personal Income
- $49,852 Rank: 1/50 (2006)
- Unemployment Rate
- 4.80% Rank: 30/50 (2008)
- Business Tax Climate Index
- Rank: 38/50 (2008)
State Map
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Connecticut: Introduction
Connecticut is located in the northeast region of New England and is one of the original thirteen colonies that seceded from Britain. It is known as the Constitution State, in commemoration of Connecticut’s adoption of the Fundamental Orders (colonial constitution) in 1639. Later, a plan introduced by delegates from Connecticut established the current form of the United States Congress, which includes an upper and lower house.
Connecticut has historically been an industrial state with textiles, silverware, sewing machines, and clocks among its manufactures. It was also known for its military manufactures such as firearms and ammunitions, which were first produced during the American Revolution. The continuing importance of the defense industry to Connecticut was solidified in 1954 with the launching of the world’s first nuclear-powered submarine. Military products such as jet engines, helicopters, ammunition, and submarines continue to be produced today. In addition, electronics, computer equipment, and office machines are important civilian products.
Connecticut has the highest per capita income and median household income in the country. This is largely a result of the vibrant financial sector, which is the largest contributor of revenue to Connecticut’s economy. Much of the financial sector’s success is due to a cluster of insurance companies located in Hartford, as well as an influx of hedge funds following a 1991 tax reform that made Connecticut more competitive than any other state. The headquarters for these funds reside in the Gold Coast region which is located in the southwest corner of the state.
