25 Biggest Connecticut Companies and Stocks

Ty Haqqi
11 min read

In This Article:

In this article, we will be taking a look at the 25 biggest Connecticut companies and stocks. To skip our detailed analysis, you can go directly to see the 5 biggest Connecticut companies and stocks.

Despite a population of just 3.7 million people, if all U.S. states were countries, Connecticut would be the 67th largest country in the world, bigger than Finland, Czech Republic, Portugal and New Zealand, with a 2021 GDP of nearly $300 billion.

Connecticut has been a manufacturing state since the colonization era, with its factories providing stiff competition to those in England. Through the decades, the state has given the world many new inventions including steamboats, lollipops, corkscrews and vulcanized rubber among others. This is why you will also see manufacturing companies among the 25 biggest Connecticut companies and stocks. Meanwhile, insurance companies are also a huge contributor to the state's economy with Connecticut being known as an insurance state for close to 200 years now. Agriculture may not have the same influence it did in previous centuries, but it is also still an important contributor to the economy of the state.

25 biggest Connecticut companies and stocks

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Even though Connecticut had the highest per capita personal income of any state in 2013, it also had the second-largest disparity in income between the top 1% and the bottom 99%, which showed a high level of inequality and standard of living for people in the state. Currently, Connecticut's unemployment rate is 4.2%, with only 11 states recording worse unemployment rates. This is still a significant improvement from November 2021 when the unemployment rate was 5.2% while the pre-pandemic unemployment rate was 3.4% in February 2020. Even though the unemployment rate is relatively high, the state has seen ten consecutive months of job growths but still trails the national average.

Like most states in the U.S., Connecticut provides significant support to businesses in the state to encourage more companies to incorporate or initiate in the state and possibly even join the 25 biggest Connecticut companies and stocks. These incentives include providing grant-in-arrears equal to the value of 25% of withholding taxes from net new employees for eligible companies which have at least 25 employees. Specific eligible employers can receive a grant of up to 50% and these grants are available for up to 9 years. The state also operates tax credit programs which provide nonrefundable corporate income tax credits to eligible companies who invest at least $5 million in facilities in eligible areas. Meanwhile, several tax exemptions can also be availed based on specific situations including sales and use tax exemption, real and personal property tax exemption, and data center tax exemptions. In addition, businesses located in an enterprise zone could be eligible for "an abatement on real and business personal property taxes of up to 80% for 5 years and a 10-year, 25% tax credit on the portion of the Connecticut corporation business tax that is directly attributable to the company relocation, expansion or renovation project. The credit may increase to 50% based on the number of new jobs created."

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