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“We now have such a strong industry base of so many

different things: advanced manufacturing, biomed,

pharmaceutical, retail, and a lot of small businesses.”

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Danbury, Connecticut is an economic powerhouse. The city boasts the state’s lowest unemployment rate, the highest number of jobs created and retained, and makes among the largest contributions to the state’s retail sales tax revenue.

We have a pro-business approach to everything we do. We strongly believe

in the marketplace,” said Mayor Mark Boughton. “I like to think of it as the city going out and hugging our customers (businesses).”

The pro-business city also holds a coveted AAA financial rating and low taxes. “We offer aggressive tax incen-tives, as aggressive as the state allows,” says Bruce Tuomala, Danbury’s Director of Economic Development.

Danbury enjoys a healthy mix of retail, manufacturing, and professional services

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“The reason that business is pouring into Danbury is because

the community offers the complete package.”

as well. This diversity did not happen by accident; once the global headquarters of the hat making industry, the city realized that it needed to bring in new types of business when its foundational industry began to fizzle out in the mid-twen-tieth century. “They developed a plan through the Danbury Industrial Corporation to diversify industry here, which is why we now have such a strong industry base of so many differ-ent things: advanced manufacturing, biomed, pharmaceutical, retail, and a lot of small businesses that produce various tech-nology solutions,” Mr. Tuomala explains. “It is all the result of a long term philosophy.”

According to Greater Danbury Chamber of Commerce Presi-dent Stephen Bull, Danbury thrives where other communities languish. “Several unique attributes contribute to this success: our excellent location, access to highways and mass transporta-tion, and our pool of highly skilled employees.”

It certainly helps that Danbury is just 70 miles from New York City. “Our proximity to New York is very important. Our geo-graphic location is one of the primary reasons why we attract companies.” Indeed, the majority of the city’s incoming busi-nesses come from New York City, Westchester County, and the lower Fairfield County areas. “And the reason for that is that our

lease rates are lower than theirs,” Mr. Tuomala explains. “So the cost of doing business is lower in Danbury as a result.”

This low cost of business does not provide enough incentive on its own, however. “That in itself typically wouldn’t be enough,” Mr. Tuomala points out. “There are a lot of places in the region that are lower [in cost] than New York City.” The reason that business is pouring into Danbury is because the community offers the complete package. “Danbury has everything,” Mr. Tuomala sum-marizes. In addition to lower rents, “we have a major hospital, an airport, a corporate center, a dome sports arena, an ice arena, the largest man-made lake in New England, one of the most suc-cessful malls in the country, a historic downtown, miles of hiking trails and parks, two semipro sports teams, two colleges, and two golf courses, one of which is a Top 100 U.S. public course. You can do almost anything you would ever want to do right here in Danbury. It’s a really nice place to be.”

The 1.3 million square foot Matrix Corporate Center (former Union Carbide headquarters) is ready to receive the wave of incoming corporations. “We think that it is the largest standalone commercial office building in New England,” Mr.

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Tuomala shares. New York City-based NewOak Capital recently announced that it is expanding into the building – and creating at least 100 new financial services jobs for Danbury. Macromark and the Eastern College Athletic Confer-ence (ECAC) have also recently moved into Matrix, joining current tenants that include Praxair, General Motors and the non-profit Guideposts Magazine. Lee Farm Corporate Park also provides an ideal location for incoming business-es. “Some significant companies were attracted into that space, including GE Capital and new tenant Lenovo, which is very important for us,” Mr. Tuomala remarks. Other notable Danbury com-panies include Barden and UTC Aero-space (Hubble Telescope).

Ongoing prosperity requires more than just attracting companies, of course. These corporations must stay for the long haul. “Retention of companies and jobs is the most important priority that

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we have in the City of Danbury,” Mr. Tuomala insists. “We want to make sure that the businesses that are here stay here and grow.”

Fortunately, Danbury enjoys an excellent retention rate. In fact, several of the city’s major employers have recently recommitted to the city. Belimo Aircontrols recently completed a new $40 million, 200,000 square foot headquarters project and plans to double its 250 member workforce. “Belimo was committed to the city of Danbury and decided to make the investment,” Mr. Tuomala says. “That is huge for us because when a company makes a decision to build, they are going to be here for a long, long time.

Pitney Bowes is expanding, and bringing another 100 to 200 jobs to its Global Tech-nology Center in Danbury. Boehringer-Ingelheim also recently recommitted to Danbury – and kept 900 jobs in the city – by signing an eight year renewal of its lease at Matrix Corporate Center. “That was a $90 million dollar real estate transaction. We think it was the largest in the region last year.” In addition, Cartus is investing $15 million into a headquarters expansion and will be staying in Danbury for at least the next 15 years, which will keep approximately 1,500 jobs within the community. Ethan Allen has recently renovated the elegant hotel at its corporate headquarters location. In related news, Danbury’s MannKind Corporation announced in June that the U.S. Food & Drug Administration (FDA) has finally approved AFREZZA®, a rapid-acting inhaled insulin that the company developed. “They are ramping up to manufacture and introduce that product to market,” Mr. Bull says. “That could result in hundreds of new manufacturing jobs in the (high paying) pharmaceutical industry.”

With so much business success throughout the city, it should come as no surprise that Danbury is bursting with development projects and construction activity. “In the last three years, we have had upwards of $750 million of construction projects in the city,” says Mr. Tuomala. This list includes a $200 million expansion by the Western Connecticut Health Network (Danbury Hospital), a new $97 million Western Connecticut State Visual and Performing Arts Center, a $34 million Army Reserve training facility, and a $12.5 million hospice and office facility, which will be only one of two resident hospices in Connecticut.

“Retention of companies and jobs is the most important priority that we have in the City of

Danbury.”

Credit: Greater Danbury Chamber of Commerce

Credit: Greater Danbury Chamber of Commerce

Credit: Greater Danbury Chamber of Commerce

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There is a particular focus on developing and revitalizing Dan-bury’s CityCenter, the downtown business district. The revitaliza-tion’s cornerstone project is an $80 million 375-unit market-rate apartment complex being built by national developer Greystar. “That is an incredibly important investment in the city of Danbury,” Mayor Boughton points out. Construction is expected to start this month and last two years. Upon completion, the project will bring several hundred new residents to CityCenter and spur additional economic development investment in the area.

In addition, the City of Danbury recently invested half a million dollars into the Danbury Innovation Center. Connected to Dan-bury’s downtown public library, the space is now home to an internet café, the Western Connecticut SCORE office and, most significantly, the Danbury Hackerspace.

The latter is a shared workspace designed to foster innova-tion, entrepreneurship, and collaboration. Equipped with 3D printers, prototyping tools, a mockup studio, and a common work area, participants can share and explore a variety of opportunities, from computer programming and digital art to woodworking and manufacturing. And, with SCORE offices housed within the same building, volunteers from this orga-nization of retired business executives will also be on hand to mentor Hackerspace’s aspiring entrepreneurs.

A $50 monthly membership fee will grant members 24/7 access to Danbury Hackerspace, although it will be open to the public on Tuesday nights and during open houses. The city leases the space to the non-profit for just $1 a year, and a $250,000 state grant will help offset startup costs.

“That is a significant investment the city has made,” Mr. Tuomala says of the workspace. It is also a sign of Danbury’s ongoing commitment to its business community. “Despite that fact that we are hugely suc-cessful in a lot of areas, we are still making investments in the future in a very progressive way,” he points out. “We have high hopes for the Danbury Hackerspace and the Innovation Center in general.”

The Danbury Hackerspace is just the latest addition to the city’s list of positive attributes – all of which combine to attract new business to the community. “It is a big picture,” Mr. Tuomala insists. “We are highly diverse with strong results in a lot of different areas. There is not one thing that drives us; it is a multitude of things. And that I think is what makes us interesting and compelling and successful.”

“Danbury is bursting with development projects and

construction activity.”

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