New Haven is growing as an economic center in southern Connecticut, with growth in key industries like education, healthcare, and bioscience. The city saw a 2% increase in employment from 2011 to 2012, double the state average. New Haven's population also grew faster than any other Connecticut city between 2000 and 2010. Major institutions like Yale University support over 50,000 jobs and have a $1.5 billion economic impact. Redevelopment projects and new construction are adding over 2,000 new housing units and retail space to the city.
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. 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.
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. 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. 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. 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. 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. 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)
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. 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.
Hinweis der Redaktion
Yale SOM
Spring 2011 - Winter 2013
Cost: $230,000,000
Yale Residential Colleges
2013 - 2015
Cost: $600,000,000
SCSU Buley Library Renovations
Winter 2013 - Summer 2014
Cost: $31,000,000
SCSU Academic Science Building
Winter 2013 - Summer 2014
Cost: $49,000,000
SCSU Parking Garage
Fall 2011 – Fall 2012
Cost: $16,000,000
Yale SOM
Spring 2011 - Winter 2013
Cost: $230,000,000
Yale Residential Colleges
2013 - 2015
Cost: $600,000,000
SCSU Buley Library Renovations
Winter 2013 - Summer 2014
Cost: $31,000,000
SCSU Academic Science Building
Winter 2013 - Summer 2014
Cost: $49,000,000
SCSU Parking Garage
Fall 2011 – Fall 2012
Cost: $16,000,000
Yale SOM
Spring 2011 - Winter 2013
Cost: $230,000,000
Yale Residential Colleges
2013 - 2015
Cost: $600,000,000
SCSU Buley Library Renovations
Winter 2013 - Summer 2014
Cost: $31,000,000
SCSU Academic Science Building
Winter 2013 - Summer 2014
Cost: $49,000,000
SCSU Parking Garage
Fall 2011 – Fall 2012
Cost: $16,000,000
Yale SOM
Spring 2011 - Winter 2013
Cost: $230,000,000
Yale Residential Colleges
2013 - 2015
Cost: $600,000,000
SCSU Buley Library Renovations
Winter 2013 - Summer 2014
Cost: $31,000,000
SCSU Academic Science Building
Winter 2013 - Summer 2014
Cost: $49,000,000
SCSU Parking Garage
Fall 2011 – Fall 2012
Cost: $16,000,000
Yale SOM
Spring 2011 - Winter 2013
Cost: $230,000,000
Yale Residential Colleges
2013 - 2015
Cost: $600,000,000
SCSU Buley Library Renovations
Winter 2013 - Summer 2014
Cost: $31,000,000
SCSU Academic Science Building
Winter 2013 - Summer 2014
Cost: $49,000,000
SCSU Parking Garage
Fall 2011 – Fall 2012
Cost: $16,000,000
Yale SOM
Spring 2011 - Winter 2013
Cost: $230,000,000
Yale Residential Colleges
2013 - 2015
Cost: $600,000,000
SCSU Buley Library Renovations
Winter 2013 - Summer 2014
Cost: $31,000,000
SCSU Academic Science Building
Winter 2013 - Summer 2014
Cost: $49,000,000
SCSU Parking Garage
Fall 2011 – Fall 2012
Cost: $16,000,000
Building on the catalyzing development at 100 College Street, the remaining available land provides potential to almost double the size of the medical district in the next 10 years:
7,000-9,300 net new permanent jobs,
Up to $1 B potential additional annual economic output,
Annual income tax revenue up to $25 million, sales tax to $51 million
Additional build out possible throughout remainder of district.