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June 2014
New Haven
A City on the Move
Clockwise from left:
Yale University Art Gallery (one of four major museums)/,
Eliz...
New Haven: economic snapshot…
• New Haven is the social and economic
center of Southern Connecticut and is
among the faste...
…of an existing regional jobs center…
…with dynamic companies…
…and a growing center city...
Best Recovery Bets
“New Haven…boasts a world-renowned university and several important teach...
Economic Driver: Higher Education
There are seven colleges/universities located within 15 miles of Downtown with a total e...
 Global leader in higher education, research and
technology transfer
#3 university in the United States (2014 U.S. News &...
Economic Driver: Advanced Manufacturing & Innovation
• Largest manufacturer in New Haven (600 employees) and company’s
Nor...
Economic Driver: Health Care
• Leading health care center in Southern New England and leading
institution for bio-medical ...
Economic Driver: Arts & Culture
• Over 800,000 people visit New Haven’s world
class museums, art galleries and theaters
– ...
Growing Tomorrow: Hill-to-Downtown
…supports an emerging regional center.
Market Potential:
•600,000 – 1.0 m sf of lab/research space
•20,000 – 40,000 sf of ...
Union Station TOD Project
 Redevelopment of the historic station to introduce more
customer amenities and retail.
 Secon...
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New Haven on the Move

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If you are interested in locating a new business in the northeast, consider New Haven, CT. With 8 colleges and universities in the region and lower cost of living than NYC and Boston, New Haven could be the perfect place to bring your idea to life.

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New Haven on the Move

  1. 1. June 2014 New Haven A City on the Move Clockwise from left: Yale University Art Gallery (one of four major museums)/, Elizabeth Felicella; Shopping in Downtown, Michael Marsland/Yale University; Research at the Yale University School of Medicine; The Connecticut Open(60,000 visitors).
  2. 2. New Haven: economic snapshot… • New Haven is the social and economic center of Southern Connecticut and is among the fastest growing cities in New England in terms of both population and economic significance. • Economic drivers in education, the life sciences, advanced manufacturing, health care, IT and service industries are supporting job growth. • With 2% growth in 2011 alone, New Haven’s employment base grew at twice the state average. • Top 5 “hottest” residential rental market in the country. • Approximately 60% of the region’s available jobs are in New Haven. • Economic growth has led to over 1,500 new housing units and another 900 units planned or permitted for construction in the center city.
  3. 3. …of an existing regional jobs center…
  4. 4. …with dynamic companies…
  5. 5. …and a growing center city... Best Recovery Bets “New Haven…boasts a world-renowned university and several important teaching hospitals. There are also lots of secure, well-paying jobs...That has helped the economy maintain fairly even keel.” ( CNN Money, February 7, 2011) Apartment Vacancy Rate the Lowest in the Nation “U.S. apartment vacancies dropped to a 10-year low in the fourth quarter, allowing rent increases that are likely to continue this year, Reis Inc. said…New Haven, Connecticut, home to Yale University, had the nation’s lowest vacancy rate, followed by New York; Minneapolis; Portland, Oregon; and San Jose, California”. (Bloomberg, Jan 5, 2012). Central Business District Renaissance “Drawn by lower rents and access to the university's resources, Yale graduates and other entrepreneurs are choosing for the first time in decades to launch their businesses in New Haven instead of traveling to Boston or New York City.” (WSJ, March 4, 2011) Highest Population Growth in Connecticut “New Haven's population grew faster this decade than any other city in Connecticut… Between 2000 and 2010, the city added 6,153 new residents, bringing its population up to 129,779 (Yale Daily News, March 3, 2011). New Haven is well positioned as the educational and cultural center of Southern Connecticut. The city is growing as a northeast center of knowledge-based industries, growing our economy and our global presence.
  6. 6. Economic Driver: Higher Education There are seven colleges/universities located within 15 miles of Downtown with a total enrollment of 50,756 students, 24,000 employees and a total economic impact of over $1.5 billion.  Gateway College opened a new $200 million Downtown campus in 2012.  Southern Connecticut University continues to implement a $230 million capital improvement program through 2015.  Enrollment at the University of New Haven is up 29% since 2005 (42% out of state and 60% international).  Enrollment at Quinnipiac University is up 300% since 1987 (79% out of state).  Quinnipiac is national recognized for its forward-thinking capital investments, including $300 million York Hill campus (2007) and new School of Medicine (2013).  Many schools are upgrading their athletic programs: Yale/QU (Frozen Four, 2013); QU (joined the MAAC, 2013).
  7. 7.  Global leader in higher education, research and technology transfer #3 university in the United States (2014 U.S. News & World Reports) #15 in NIH research grants 2,395 international scholars (96 countries represented) 2,180 international students (119 countries represented) (2013-2014 Yale University Fact Sheet)  Growing employment and student base traveling to and from New Haven 13,463 employees 5,405 undergraduates 6,501 graduate students  Yale is investing for the future – $558.9 million in research spending in 2013 alone – $2 billion ongoing capital improvement program – 15% planned expansion in undergraduate enrollment (800 student expansion). – New School of Management opened in 2014 There are 168,987 living alumni of Yale University living in the United States and across the world. Yale University
  8. 8. Economic Driver: Advanced Manufacturing & Innovation • Largest manufacturer in New Haven (600 employees) and company’s North American headquarters (9,400 total employees in division). • Fraternal benefit society based in New Haven (725 employees) with has more than $19.8 billion in assets under management and ranks among the Fortune 1000 list of America’s largest companies. Insurance in force has doubled to $90 billion since 2000. • Leading provider of financial services to 1,600 colleges nationwide. Originally a Yale start-up, the company now has 225 employees in New Haven (650 total) based in $50 million new headquarters building. • One of the region’s largest employers also relocated Covidien Surgical Devices (400 additional employees) to New Haven in 2010. The new division annual provides training on its new equipment to 900 physicians. • Originally a Yale start-up, the company is returning to New Haven with 300 jobs (and adding 300 new jobs) at a 425,000 s.f. building now under construction in the medical district. The $100+ million investment is the first project at Downtown Crossing, one of the nation’s largest highway removal and redevelopment projects. The Coliseum site is the second project.
  9. 9. Economic Driver: Health Care • Leading health care center in Southern New England and leading institution for bio-medical research, healthcare and education. • 4th largest hospital in the country with 1,541 beds, 11,436 employees, 4,880 medical staff, 80,503 inpatient discharges & 1,100,534 outpatient encounters. • Nationally ranked in 10 of 16 adult specialties and 7 of 10 pediatric specialties by US News & World Report (2014), pediatric diabetes and endocrinology (3), adult diabetes and endocrinology (6); and top 20 nationally in psychiatry (11), gynecology (14), adult and pediatric gastroenterology and GI surgery (18). • New Smilow Cancer Hospital opened in 2009. Smilow is a $467 million investment and one of 41 National Cancer Institute Comprehensive Facilities in the United States.
  10. 10. Economic Driver: Arts & Culture • Over 800,000 people visit New Haven’s world class museums, art galleries and theaters – Peabody Museum of Natural History – New Haven Museum – Knights of Columbus Museum – Shubert Theater – Long Wharf Theatre – Yale Repertory Theatre • Yale British Art Gallery – Largest collection of British art outside of the United Kingdom. – Designated the 15th greatest art gallery in the world by The Times of London (2013) • Yale Art Gallery – Recent $135 million renovation (2012) described by the New York Times as "the bone structure…of a world-class encyclopedic museum.“ • The Connecticut Open – Part of the US Open women’s tennis series, attracting 50,000 – 60,000 visitors and 5 of the top 10 players. (2013) • International Festival of Arts and Ideas – Two-week summer program, with 170 events, 130,000 attendees and an economic impact of $34.3 million. (2013)
  11. 11. Growing Tomorrow: Hill-to-Downtown
  12. 12. …supports an emerging regional center. Market Potential: •600,000 – 1.0 m sf of lab/research space •20,000 – 40,000 sf of conventional retail •758 to 918 rental apartments and lofts •302 to 382 condominiums
  13. 13. Union Station TOD Project  Redevelopment of the historic station to introduce more customer amenities and retail.  Second parking structure (700-800 spaces) to accommodate forecast ridership.  Land reserved for future mixed-use development.

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