Connecticut businesses are increasingly making their living selling goods and services overseas. A survey by the Connecticut Business and Industry Association says the number of companies in the state exporting has grown from 53 percent to 79 percent in the last eight years.
And those goods are going further: for the first time, western Europe has exceeded Canada and Mexico as a trade destination.
But exporters do say they’re seeing the effects of a global slowdown, with just under half saying they’ve seen international orders fall recently. Connecticut ranks 27th among all states for exporting.
Tesla Bill Advances
A bill that would allow the electric car company Tesla to sell directly to the public in Connecticut has passed the state House. It’s controversial, because all other makes of car must be sold through dealers, and they’ve lobbied hard against the measure.
The legislation would allow Tesla to establish up to three stores in the state. It now goes to the senate for a vote.
New Britain Company Inks Pratt Deal
Pratt and Whitney has struck a deal with a New Britain company to buy bearings for its PurePower geared turbofan engines. Polamer Precision says the seven-year contract with the East Hartford-based company could be worth $144 million.
Pratt projects it will double production of the engine in the next five years.
