New Haven has a diverse economy. The primary elements of the economy include Yale University, healthcare, financial services, retail trade and professional services. Over half of the economy is based on services, especially healthcare, education and financial. New Haven also has a growing bio-technology industry, due primarily to Yale Medical School, pharmaceutical companies and local healthcare. Yale University and Yale Medical School also attract high-technology companies and research and development organizations. Yale University is the city's largest employer.
About 9% of the economy is based on manufacturing. Numerous types of goods are produced in the New Haven area, such as computer software, clocks, watches, tools, airplane parts and cutlery. In addition, New Haven is the state's largest wholesale distribution center.
New Haven's major employment sectors are shown below in descending order:
- Education and health services
- Trade, transportation and utilities
- Professional and business services
- Leisure and hospitality
The city offers several business incentive programs that provide information and loans to the Bioscience, Aerospace and Information Technology industries. The Urban Jobs and Enterprise Zone Program offers income tax credits and property tax abatements for manufacturing companies as well as other types of assistance. The city of New Haven along with the state of Connecticut and numerous organizations offer programs that assist employers and workers in recruitment, placement and referral. Apprenticeships, manufacturing job placement and on-the-job training are also provided.
The major employers in New Haven are:
- Yale University
- Yale New Haven Hospital
- Hospital of St Raphael
- Southern New England Telephone Company
- Southern Connecticut State University
- The United Illuminating Company
- New Haven Register
- ASSA-ABLOY Sargent
- Knights of Columbus
- Pritchard Industries
- New Haven Register
- Gateway Community Technical College
Noteworthy data regarding New Haven: Regarding the population over the age of 25, about 27% have a bachelor's degree or better. The cost of living index in 2008 was 143.8 which is very high when compared to the country's average of 100. In 2007 the estimated median household income was $39,000.
Business organizations offering assistance to New Haven companies include:
The New Haven Register offers current information regarding the business endeavors in New Haven.