Connecticut Business Opportunities
A Quick Glance at Connecticut
Connecticut, whose nickname is The Constitution State, first obtained its statehood in 1788. With a population of 3,596,080 people, Connecticut is the twenty-ninth most populated state in the United States.
If you are considering starting your new business in Connecticut, you might want to look into one of Connecticut's top three most populous cities - Bridgeport, New Haven or Hartford (which is also the state's capital).
Top Industry
The largest industry in the state of Connecticut is insurance carriers and related activities.
- The gross domestic product (GDP), of this industry, is roughly $15.8 billion and accounts for 6.1% of Connecticut's GDP.
- Insurance carriers and related activities also employs 3% of Connecticut's private workforce.
Small Businesses
In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.
- There are 732,750 small businesses, in the state, of Connecticut.
- Small businesses in Connecticut, make up 38% of the state's private workforce.
State and Local Taxes
Listed below are the state and local taxes, for the state of Connecticut, and how they rank against other states in the U.S.
| State Tax Rate | Avg. Local Tax Rate | Combined Rate | Combined Rank* | Max Local Tax Rate |
|---|---|---|---|---|
| 6.35% | 0% | 6.35% | 32 | n/a |
| *Combined Rank is rank from highest to lowest tax percentage | ||||
California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.
Additional Information
If you need additional information about how to start a business in Connecticut, their official state page might be a good place to start. If you are looking to own your own established franchise in Connecticut, we have collected a comprehensive list of companies that are actively looking to expand in Connecticut, for you to explore.
References
- By Ragesoss - Own work, GFDL
- Census.gov
- Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
- Largest Industry in Each State from 24/7 Wall St.
- Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
- State and Local Sales Tax Rates in 2017 from the Tax Foundation
