Articles published recently have claimed Bridgeport is the highest taxed, or one of the highest taxed, cities in the country, disputed by Mayor Bill Finch. Now a Wall Street Journal MarketWatch report says Bridgeport Metro (that also includes Fairfield County’s gold coast) is among the Top Business Growth Cities here examining metro areas in 2012. The full list is here.
From MarketWatch:
When a prospective business owner decides where to set up shop, or a promising young graduate considers the best place find a job, they ask themselves the same key question as any savvy investor picking stocks: Where’s the most upside?
It’s also the basic question MarketWatch addresses in new rankings of the 10 cities in 2012 that saw business prosper the most. Using a variety of economic data to evaluate business conditions in the nation’s 100 largest metro areas, the survey not only ranks the top and bottom locations, it illuminates the business climate, what powers growth and how well companies are increasing sales, profits and stock prices.
The results of “Top Cities for Business Growth in 2012” demonstrate that geography has no impact on a region’s economic prosperity, and that a healthy business environment can be created just about anywhere–and in relatively short order.
MarketWatch report is here.
Methodology is here.
By Russ Britt, MarketWatch
Wikipedia
Bridgeport, Conn.
8. Bridgeport, Conn. — 1,587 points: Some urban economists raise their eyebrows at the placement of this region on the list since they feel it’s largely an extension of the New York City area.
“It does stand out, compared with places like Austin and Houston,” said Rachel Franklin, professor of population studies at Brown University.
But like San Jose, it’s broken out separately by the Census Bureau and gets its own treatment here. By itself, the Bridgeport region is the 56th largest metro area in the U.S.
Numbers show that, indeed, Bridgeport’s economy isn’t growing at the pace of others on this list. Yet it has a few things going for it. It did place in the top quarter in GDP improvement and was second in payroll growth.
One thing working for this cluster of communities in southern Connecticut is a high concentration of companies — the monolithic industrial conglomerate General Electric Co. GE +0.13% chief among them. It also tied with San Francisco for the highest ratio of overall college degrees. Roughly 17.5% of all residents have a bachelor’s and one in 10 have a graduate degree.
That talent pool is key for companies like XPO Logistics XPO +0.16% in Greenwich, one of several communities that is part of the Bridgeport region. XPO acts as a broker, lining up trucking companies for shippers to transport their goods throughout the country. The company had $175 million in revenue in 2011 and expects $500 million for 2013, said Brad Jacobs, chief executive officer.
Much of that growth will be in far-flung satellite operations that are located outside the region for logistical needs. Jacobs says he likes the suburban environment for himself and his executive staff, and adds that being near New York also has advantages.
“New York is where the money is,” he said, adding that if he were in a rural location, “There wouldn’t be as much talent to mine.”
Doesn’t the Bridgeport Metropolitan Statistical Area/Labor Market Area include Norwalk and Stamford? Although Bridgeport is the headline I think the ranking is based on the cluster of cities that includes our two ‘sister’ cities to the west. Whatever–Bridgeport should take the honor and market the hell out of it.
It does include Stamford, Norwalk and Greenwich. Bridgeport’s involvement in this study is incidental to the FACT Bridgeport is a morass of an underlying perception of corruption, high taxes, poor to mediocre businesses, high crime and inept city management.
Bob, tell us how you really feel!
For all our woes here in the Park City, it is certainly nice to read something positive. And last night’s drag event at the Bijou looked amazing. Wish I had known about it! What I thought were gorgeous gals bedecked in the road turns out were the performers! Saw them on the way to the BeeHive grand opening, which was also hopping. Downtown is certainly looking lovely with all of its new signage. Are we on the brink to a better Bridgeport? Great to have some GOOD news to start the weekend!
Balls Said The Queen …
Lennie, some studies use a measurement of the Bridgeport Metro area and others use City of Bridgeport data alone. Perhaps neither is accurate.
Maybe they should use the potential. What other city has prime waterfront land available with nothing but promises built on it?
You need to read the methodology. This is a regional statistic. What are the statistics for the City of Bridgeport’s zip codes? They may show very different results.
Some people can’t believe Bridgeport is an under-the-radar hotbed of economic activity. Yes, 06605 is a weak spot except for the ever-rotating restaurants and bars on Fairfield Avenue but 06607, 06608 and 06604 have strong new business formation statistics. This is significant because these zip codes tend to be self-financed whereas new businesses in Stamford, Greenwich or Norwalk are frequently funded with out-of-state dollars.
Local Eyes,
I assume your post is a joke. If not, provide the authoritative sources that back up your assertions. Thanks.
A little arrogant, isn’t it, Dave?
Dave Walker:
Your assumptions are incorrect. My claims are based on publicly available sources.
Local Eyes,
And your sources are? Do they include dollar volume and employee data? That data is what matters most. Please provide them. Thanks.
My sources represent empirical data compiled by state and Federal agencies, then republished in over-the-counter magazines or web sites. Some of it is purchased by subscription.
Dollar volume and employee data hardly matter to me as they misrepresent what happens at the margin, where true economic activity is of vital concern. I question your methodologies, sir.
In a world where data is easily obtained, it’s opinions that matter most.
Local Eyes,
Your answer tells me I should not pay attention to what you said in the prior post. If you don’t care about revenues and employees you don’t know much about business and economics. Thanks anyway.
Once again, aren’t you being a wee bit rude to Local Eyes, Dave? Show some manners.
www .courant.com/news/opinion/hc-op-walker-bridgeport–is-worse-than-stockton-20130517,0,5576034.story
Jennifer Buchanan, thanks for repeating that Op-Ed. It reinforces my claim opinions trump facts.
Dave Walker, you use the wrong metrics while measuring growth and assassinating my character.
Local Eyes,
You misunderstood my comments. Opinions are not worth much unless they are based on facts and professional, objective, non-partisan and non-ideological analysis. That is what the Hartford Courant Op-Ed is. You stated your opinion on a study done by someone, not me, but did not provide your facts. You also said employment numbers and revenue levels weren’t important for the related subject. With all due respect, that’s ridiculous.
Here’s how I define ridiculous: When it comes to measuring fiscal deficits, Dave Walker is the best–he has no peers. He’s the OO7 of debt. But when it comes to measuring growth, his methods deploy the wrong metrics, IMHO.
Local Eyes,
Thanks for the compliment regarding my expertise on government finances and debt. For your information, a number of organizations think I have some expertise on economic issues too (e.g., FORTUNE, Bloomberg, CNBC, Reuters, Harvard). For example, just last week I spoke at HBS on the economy, competitiveness and government finance issues and I will be headed back to Harvard this Friday for another speaking engagement. I also had a recent related Op-Ed in FORTUNE and am a regular contributor to the Reuters wire service. By the way, how do you know how I measure growth? I haven’t stated such. I responded to your comment employment levels and revenue figures don’t matter. I said and believe they do and it’s ridiculous to say they don’t matter. No respected economist, nor would the government, say they don’t matter. Don’t forget, I’ve run organizations with large numbers of economists on staff. Candidly, I have no idea what expertise and credentials you have because you don’t use your own name. I personally don’t think it’s appropriate for people to express strong opinions or to challenge others anonymously. As you probably know, to be published in major publications, you have to disclose who you are and the facts are independently verified. Such was the case in connection with the Hartford Courant Op-Ed you reference. I’ve got to go now, it’s time for Mass. All the best, Dave.
Lennie, your blog is a great way for people to express their opinion. Some of the comments are funny, mostly sarcastic. Some people, including Dave Walker and me, tend to be more serious in our views as we feel the need for well-managed government.
In my opinion, if someone expresses their input as fact, they should cite the specific source. I, again, suggest you require OIB posters use their name, not an anonymous handle.
What if the poster is a well-informed city employee who fears retribution?
Lennie,
People who attack others should be required to use their real name.
*** NOT ANYMORE! ***