Economy of Stamford, Connecticut

The economy of Stamford, Connecticut is unusual for having a cluster of corporate headquarters (many of which moved from New York City in the 1980s both to lower their tax bill and to be closer to the homes of their top executives).

In 2017, the city had four Fortune 500 Companies, nine Fortune 1000 Companies, as well as numerous divisions of large corporations. This gives Stamford the largest financial district in New York Metro outside New York City itself and one of the largest concentrations of corporations in the nation.^[1]

Royal Bank of Scotland announced in October 2005 that it would consolidate its North American headquarters in downtown Stamford and build the largest trading floor in North America (the current largest trading floor is in the UBS building across the street from where the new building is under construction). In addition, many specialized hedge funds, asset managers and trading houses are localized in and around the city.

Large and distinctive companies

• AmeriCares Foundation- Global Headquarters located at 88 Hamilton Ave, it is a nonprofit organization that focuses on disaster relief and world health issues. Forbes ranked it #17 on the 2016 100 Largest U.S. Charities list, and had revenues of over $740 million in 2015, with 98% of that going to charitable uses. The President & CEO is Michael Nyenhuis. ^[2]
• Cenveo (CVO)- Global Headquarters located at 200 First Stamford Pl, is a world leader in commercial printing, custom packaging, envelopes, and labels. It was ranked #989 on the 2016 Fortune 1000 list with over $1.9 billion in annual revenue and 7,300 employees worldwide.^[3] It was also ranked the 6^th largest printing company in North America by Printing Impressions magazine in 2016.^[4] The CEO is Robert Burton.
• Charter Communications (CHTR)- Headquartered at 400 Atlantic St, Charter became the second largest cable communications company in the United States after its acquisitions of Time Warner Cable and Bright House Networks in 2016^[5]. It was ranked #96 on the 2017 Fortune 500 list, jumping nearly 200 positions from its 2016 ranking of #292. Charter is currently Stamford’s largest earning company with annual revenue of over $29 billion, and employs over 91,500 people nationwide.^[6]
• Conair Corporation- “De Facto” Headquarters located at 1 Cummings Point Rd. While the official headquarters are in East Windsor, NJ, owner and CEO Leandro (Lee) Rizzuto and most of the major executives have their offices in the Stamford office, giving it the de facto headquarter title.^[7] In recent years, Conair has expanded its workforce in Stamford to over 500 in 2017, and acquired a second office building in 2014.^[8] Forbes ranked Conair as #204 on their 2016 list of America’s Largest Private Companies with revenue of $2.2 billion and almost 3,500 employees company-wide. ^[9] Some of the brands owned by Conair include Cuisinart, Rusk, and Waring.
• Crane Co. (CR)- headquarters, 100 First Stamford Place; a diversified manufacturer of engineered systems ranging from vending machines to anti-skid brakes for aircraft; in 2017 it was ranked #767 on the Fortune 1000 list, had 11,000 employees, 90 in Connecticut; $2.75 billion in annual revenues^[10]; CEO Eric C. Fast
• Gartner Inc. (IT)- 56 Top Gallant Road; provides research and analysis on the information technology sector; in 2017, it ranked #821 on the Fortune 1000 list, had 8,813 employees companywide; $2.45 billion in annual revenues;^[11] CEO Gene Hall
• General Re- division of Berkshire Hathaway, 695 East Main St.; a holding company for global reinsurance and related operations. It owns General Reinsurance Corporation and is one of the largest reinsurers worldwide; 895 employees in county, 3,200 companywide; $10.5 billion in revenues in 2003; CEO Joseph P. Brandon
• Harman International Industries- World headquarters, 400 Atlantic Street; manufacturer of audio products and electronics, ranked #386 on the 2017 Fortune 500 list^[12], Brands include AKG, Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson. 11,000 employees globally; $3.4 billion in sales for fiscal year ended June 30, 2010. In 2016, Harman was bought by Samsung, but continues to operate it's world headquarters in Stamford.
• Hexcel- World headquarters; develops and makes carbon fibers, industrial fabrics and lightweight, high-performance composite materials, and parts and structures used in commercial aerospace, space and defense, recreation and other industries; in 2017 it had over $2 billion in annual revenues, had over 6,100 employees and ranked #936 on the Fortune 1000 list^[13], CEO David Berges
• Henkel NA- North American Consumer Goods headquarters, expanding to over 500 jobs by 2018, 200 Elm St. Moved from Scottsdale, AZ in 2017.^[14]
• Indeed.com- Worlds largest job search website, expanded to over 1,200 employees in Stamford in 2017^[15]
• NBC Sports- is the sports division of the NBC television network. NBC consolidated its Sports division from two Stamford facilities, Philadelphia and 30 Rock offices to a new "green" facility. Administration, digital content, and television production for the NBC Sports Group including NBCSN many of its regional sports networks take place in the facility. NBC Sports is part of NBCUniversal, which generates $21 Billion dollars in revenue.
• Nestlé Waters North America - North American headquarters; a bottled water company
• Odyssey Re Holdings Corp. (ORH)- a global property-casualty reinsurance company, 80-percent-owned by Fairfax Financial Holdings Ltd. of Toronto; 600 employees, 300 of them in Connecticut; $2.6 billion in annual revenues; CEO Andrew A. Barnard
• Pitney Bowes Inc. (PBI)- World headquarters, 3001 Summer St. the world's largest maker of postal meters and mailing equipment and provides mailing and delivery software and services to companies; in 2017 it has over $3.4 billion in annual revenues, had over 14,200 employees and ranked #663 on the Fortune 1000 list; CEO Martin B. Lautenbach.^[16]
• Purdue Pharma, a drug maker most famous for OxyContin.
• Point72 Asset Management, world headquarters, a hedge fund run by Steven A. Cohen
• Silgan Holdings Inc. (SLGN)- World headquarters, 4 Landmark Square; a supplier of consumer goods packaging products with a 50 percent share of the U.S. metal food container market; in 2017 it had 9,100 employees, annual revenues of $3.6 billion, and ranked #629 on the Fortune 1000 list; Co-CEOs Anthony J. "Tony" Allott and D. Greg Horrigan
• Star Gas Partners L.P. (SGU)- headquarters, 9 W Broad St.; distributor of home heating oil, propane and other fuels in the Midwest and eastern U.S.; mostly owned by shareholders; 2,700 employees companywide; revenues of $1.2 billion; CEO Irik P. Sevin
• Statoil ASA- U.S. Marketing and Trading Headquarters, 120 Long Ridge Rd.; Statoil ASA is Norway's largest oil and gas company.
• Synchrony Financial- World headquarters; retail financial firm; ranked #185 on the 2017 Fortune 500 list^[17], 15,000 employees worldwide in 2016.^[18]
• Thomson Reuters- former operational headquarters of The Thomson Corporation; the company has retained a significant presence in Stamford since the April 2008 merger with Reuters.

UBS Investment Bank's offices in Stamford, Connecticut. When the building opened it featured the largest trading floor ever built

• UBS- Former U.S. headquarters at 677 Washington Blvd, UBS Wealth Management now shares space in the RBS North American headquarters across the street at 600 Washington Blvd. The UBS trading floor in Stamford, Connecticut holds the Guinness World Record as the largest securities trading floor in the world. The 103,000-square-foot (9,600 m²) operation has 40-foot (12 m) arched ceiling freeing it of columns or walls. The size of two football fields, roughly 227 wide by 410 feet (120 m) long.^[19]
• United Rentals- World headquarters; largest equipment rental company in North America; over 13,600 employees in 2017, ranked #452 on the 2017 Fortune 500 list.^[20]
• Vineyard Vines- The company designs and sells ties, polo shirts, flip-flops and other products. It has a store on Martha's Vineyard and (in partnership with others) has opened stores in Greenwich, and Nantucket. In 2005 the company made the Inc. magazine "Inc. 500" list of fastest growing companies, placing at No. 202 with revenue growth of 547 over three years (2002 to 2004). In 2006, the company again made the list, this time at No. 217 with 569.4 percent growth in revenues over three years (from 2003 to 2005). Its 2005 revenues came to 23.8 million (up from 13.2 the year before) and 85 employees (up from 45 the year before), according to Inc. The company was founded in 1998.
• World Wrestling Entertainment- 1241 E. Main St.; headquarters of the company.
• Xerox Corp.- 800 Long Ridge Road; a Fortune 500 company that makes and sells color and black-and-white printers, multifunction systems, photo copiers, digital production printing presses, and related consulting services and supplies. This location served as the corporate headquarters for 30 years, before the move to nearby Norwalk in October, 2007.^[21]
• XL Reinsurance Americas- U.S. headquarters; reinsurance company

Top Employers

As of August 1, 2017, the top 10 employers in the city are:

Footnotes

1. ↑ "Fortune 500 Companies 2017: Who Made the List". Fortune. Retrieved 2017-08-02. 
2. ↑ "Americares Foundation on the Forbes The 100 Largest U.S. Charities List". Forbes. Retrieved 2017-08-04. 
3. ↑ "Cenveo". Fortune. Retrieved 2017-08-04. 
4. ↑ Michelson, Mark. "The 2016 Printing Impressions 400". Printing Impressions. Retrieved 2017-08-04. 
5. ↑ Kastrenakes, Jacob (2016-05-18). "Charter officially owns Time Warner Cable, creating the US's second largest cable provider". The Verge. Retrieved 2017-08-04. 
6. ↑ "Charter Communications". Fortune. Retrieved 2017-08-04. 
7. ↑ "Conair expanding in Stamford". StamfordAdvocate. Retrieved 2017-08-04. 
8. ↑ "Conair expanding in Stamford". StamfordAdvocate. Retrieved 2017-08-04. 
9. ↑ "Conair on the Forbes America's Largest Private Companies List". Forbes. Retrieved 2017-08-04. 
10. ↑ "Crane". Fortune. Retrieved 2017-08-02. 
11. ↑ "Gartner". Fortune. Retrieved 2017-08-02. 
12. ↑ "Harman International Industries". Fortune. Retrieved 2017-08-02. 
13. ↑ "Hexcel". Fortune. Retrieved 2017-08-02. 
14. ↑ "Henkel eyes larger footprint for future Stamford offices". StamfordAdvocate. Retrieved 2017-08-02. 
15. ↑ "Indeed announces plans for several hundred new Stamford jobs". StamfordAdvocate. Retrieved 2017-08-02. 
16. ↑ "Pitney Bowes". Fortune. Retrieved 2017-08-02. 
17. ↑ "Synchrony Financial". Fortune. Retrieved 2017-08-02. 
18. ↑ "Document". www.sec.gov. Retrieved 2017-08-02. 
19. ↑ "Largest single trading floor". Guinness World Records. Retrieved 2017-08-02. 
20. ↑ "United Rentals". Fortune. Retrieved 2017-08-02. 
21. ↑ "Factbook". Xerox Corporation. Retrieved 2008-06-20. 
22. ↑ "Stamford Health lays off 20, citing lower revenue". StamfordAdvocate. Retrieved 2017-08-02. 
23. ↑ "Stamford CEO’s compensation tops $10m in 2016". StamfordAdvocate. Retrieved 2017-08-02. 
24. ↑ "Sources: Charter Communications exploring move within Stamford". StamfordAdvocate. Retrieved 2017-08-02. 
25. ↑ "Layoffs continue at RBS’ Stamford offices". StamfordAdvocate. Retrieved 2017-08-02. 
26. ↑ "Indeed deal highlights staying power of state’s corporate subsidies". StamfordAdvocate. Retrieved 2017-08-02. 

External links

• Stamford Chamber of Commerce
• Stamford Downtown Special Services District
• Stamford Town Center
• "Made in Stamford: A History of Stamford as a Manufacturing Center"
• City of Stamford