HARTFORD, Conn. (AP) - Connecticut's economic development agency said Thursday that investments by the state's quasi-public venture capital firm in high-technology businesses has helped boost the state's economy, even in two downturns.
The Department of Economic and Community Development said Connecticut Innovations Inc. created an average of 1,610 jobs a year from 1995 through 2008. That included the recessions of 2001 and the current downturn that began in December 2007.
In addition, state economists say venture capital investments generated net state revenue of $209 million, which includes taxes paid by businesses and individuals and accounts for increased spending for state services.
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Author: STEPHEN SINGER
