There’s a sense of economic momentum building in Connecticut; three large companies, all headquartered in New York, announced recently that they will move to the state. This means 450 new jobs for Connecticut.
Philip Morris International (PMI) is a publicly traded company with a legacy of selling tobacco products. It’s currently reinventing itself, however, by selling smoke-free products. PMI will move its central office from New York City to a yet-to-be-determined site in southern Fairfield County. Total new jobs for CT: 200.
iCapital Network, which describes itself as a financial platform centered on alternative investing, plans to open a branch this fall in Greenwich. Total new jobs for CT: 200.
The company said it is actively recruiting workers for the new site as it looks to fill technology, finance, client service, legal, and compliance positions. According to state officials, the Department of Economic and Community Development will support the expansion with “earn-as-you-grow” incentives, providing grants as job targets are reached.
ITT Inc., a manufacturing and technology company, will relocate its corporate headquarters to Stamford. As with iCapital, to support the move, the state Department of Economic and Community Development plans to provide ITT with grants of nearly $2 million, contingent upon the company creating and retaining up to 57 new full-time positions in Connecticut.
It’s crucial in this post-pandemic recovery for Connecticut’s economy to grow. These announcements, as Gov. Lamont puts it, are “nothing but a win” for the state.