Danbury: Economy

Danbury: Economy

Major Industries and Commercial Activity

Danbury's local economy is diverse, with services, manufacturing, retail, and trade as the leading components. Major non-manufacturing sectors are services; wholesale and retail trade; and finance, insurance, and real estate. Retail trade is an integral contributor to the local economy, centered on the 1.3-million-square-foot Danbury Fair Mall. The central downtown business district continues to prosper under the guidance of CityCenter Danbury, an organization designed for the revitalization of the area. Within the district, industries such as banking, law, government, and insurance employ about 5,500 workers.

Items and goods produced: surgical instruments and supplies, electronic and railroad testing equipment, silverware, aluminum foil, aircraft parts, rubber tile, air conditioning equipment, steam generators, plastics, glue, textiles, and ball and roller bearings

Incentive Programs—New and Existing Companies

Local programs

Site selection, technology, and local development assistance is available through the Greater Danbury Chamber of Commerce, which functions as the designated Small Business Development Center (SBDC) for Danbury, serving start-up and small businesses. SBDCs offer technical and management assistance, counseling, education, training programs, and loan packaging. The Housatonic Valley Economic Development Partnership (HVEDP) assists new business owners by providing information, forms, and training. Since 2000, Danbury has administered a program that provides personal property tax relief for local businesses, their computer equipment, and peripherals. The city also offers deferral of assessments on improvements to real property for up to seven years, free sewer and water use for one year, as well as a tax abatement program that affords relief of up to $1,250 of real property tax per quarter for properties that are cleared of environmental contamination. The Greater Danbury Chapter of SCORE (Service Corps of Retired Executives), supported by the Small Business Association (SBA) assists small businesses by giving free advice on writing business plans and obtaining financing.

State programs

The Connecticut Development Authority works to expand Connecticut's business base by providing loans and revenue bond financing for manufacturing, research and development, and other facilities. Among its many services are: partnering with private-sector organizations to guarantee or participate in loans for businesses that may be unable to meet credit underwriting standards; providing access to lower-cost fixed asset financing through Small Business Administration 504 Debentures and tax-exempt Industrial Revenue Bonds; offering financial incentives to companies that enhance the skills of their employees; and encouraging investment in the state's urban commercial infrastructure.

Connecticut Innovations (CI) provides capital and grants to assist in the development and marketing of new products and processes. Established in 1989 it has fed more than $133 million into high-technology companies within the state since 1995. Initially funded by state bonds, it now operates on investment profits.

Job training programs

Employment training grants, both on- and off-site, and on-the-job training assistance is available through the Connecticut Department of Labor. Community and technical colleges across the state offer job and specialized skill training. Several organizations in the immediate region help prepare a well-trained workforce by providing on-site training. Municipal libraries in the region provide free Internet training to businesses while the Housatonic Valley Economic Development Partnership (HVEDP) offers free resources and referrals. Partnering with the state's Department of Labor (DOL), the Danbury Connecticut Works program extends services such as workshops, career counseling, and employment referrals.

Development Projects

In 2001 the construction of the Danbury Ice Arena sparked much activity such as a new minor league hockey team, local hockey leagues, and public skating. The city's largest employer, Danbury Hospital, is scheduled in 2006 to open an outpatient diagnostic building occupying about 60,000 square feet. Western Connecticut State University has several projects either in process or recently completed, highlighted by the $5.2 million athletic complex on more than 18,000 square feet of land (built in 2004), the $48 million high-tech science building on about 122,000 square feet (finished in 2005), and a performance arts center slated for development in 2007 on 140,000 square feet.

On the industry side, Boehringer-Ingelheim Pharmaceuticals, Inc. (BIPI) announced in December 2004 their $500-million expansion with an anticipated job growth of 500 to 700 positions.

Economic Development Information: Greater Danbury Chamber of Commerce, 39 West St., Danbury, CT 06810; telephone (203)743-5565; fax (203)794-1439; email info@danburychamber.com. Housatonic Valley Economic Development Partnership, Old Town Hall, Rte. 25, Brookfield, CT 05804; telephone (203)775-6256; fax (203)740-9167; email hvedp@wcsu.ctstateu.edu

Commercial Shipping

Danbury is located on major highways I-84 and U.S. Route 7. Metro-North, connecting the city with the New Haven line at East Norwalk, provides rail freight service. Freight movement from the region throughout the east coast is excellent. One-day service by motor freight is possible from the populous Portland, Maine to Washington, D.C. markets.

Labor Force

Danbury's workers are skilled and versatile, and area students demonstrate a high level of computer literacy. Its citizens are highly educated with about 27 percent having a bachelor's degree or higher.

The following is a summary of data regarding the Danbury area labor force, 2004 annual averages.

Size of nonagricultural labor force: 68,600

Number of workers employed in . . .

trade, transportation, and utilities: 15,800

information: 12,100

professional and business services: 69,600

wholesale and retail trade: 8,300

leisure and hospitality: 5,200

government: 7,800

Average hourly earnings of production workers employed in manufacturing: $16.04

Unemployment rate: 3.7% (April 2005)

Largest employers	Number of employees
Danbury Hospital	3,000
Cendant Mobility	2,200
Union Carbide	1,500
Boehringer-Ingelheim	950
Western Connecticut State University	848
Danbury Public Schools	678
G.E. Capital	not reported
Scholastic Library Publishing	not reported

Cost of Living

The following is a summary of data regarding several key cost of living factors for the Danbury metropolitan area.

2004 ACCRA Cost of Living Index: Not reported

2004 ACCRA Average House Price: Not reported

State income tax rate: graduated 3% to 5% on adjusted gross income

State sales tax rate: 6% (some items are exempt)

Local income tax rate: None

Local sales tax rate: None

Property tax rate: 24.86 mills per $1,000 of actual value (2004–2005)

Economic Information: Greater Danbury Chamber of Commerce, 39 West St., Danbury, CT 06810; telephone (203)743-5565; fax (203)794-1439; email info@danburychamber.com. State of Connecticut, Department of Economic & Community Development, 505 Hudson St., Hartford, CT 06106-7107; telephone (860)270-8000; email DECD@po.state.ct.us