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People who are interested in moving their business to Hartford, CT, or establishing one here may need to take a closer look at the city’s data and statistics to determine whether it is the right fit for your Digital Marketing or any other company. A good understanding of the local business climate can help new businesses make better decisions to find the most Business Friendly Neighborhoods that’ll positively impact their economic growth.
Hartford has a population of about 123, 088 people, according to 2019 population data. The population declined from the number recorded from the previous year and showed the same trend during the 2020 census, which recorded 121,054 people in the area. Based on the city’s economy, it was estimated to have a poverty rate of 28.1% in 2019, a significant 6.53% decrease from the previous year.
In Hartford, 2019 data pegged the median household income at $36,278, the median property value at $165,300, and the employed population at 51,951. New businesses trying to establish an outlet or a branch in this area will enjoy the influx of labor, especially as the median age is pegged at 32.1 years.
Depending on their target audience, business owners should know that Hartford has five major large ethnic groups, with African Americans or Blacks accounting for about 35.5% of the population. Other major ethnic groups in the population include Hispanics claiming 20.9% of the population, Whites (Hispanic) claiming 16.4%, White (non-Hispanic) claiming 14.8% of the population, and Two+ (Hispanic) claiming 4.3% of the population.
The ethnic group data brings the total black population to about 35.5%, while Hispanics of all colors hold a higher share of the population with 44.3%. While Hartford’s median household income is pegged at $36,278, Census Tract 5021 is reported to be the place with the highest median income in the city, with residents earning an average of $82,355. The second and third highest average income areas are Census Tract 5247 and Census Tract 5245.02 with $75,110 and $57,778 as respective median values.
Hartford’s largest industries are the Health Care and Social Assistance sectors with 11,418 people employed, the Retail Trade industry with an estimated 6,632 people employed, and Transportation and Warehousing with an estimated 4,200 employees. Professional, Scientific and Technical Services is regarded as the highest paying industry in the city with an estimated average salary of $66,088 followed by Public Administration with $52,261, and $50,903 from the Finance & Insurance industries.
In Hartford, the most common jobs held by residents in the area are determined by the number of employees in each sector. 2019 data revealed as many as 6,503 people were employed as Office and Administrative Support staff, 4,687 people employed in the Sales and Related roles, and 4,374 people in the healthcare support positions. The data also showed a high population of residents working in the Healthcare support industry with more than 2.57 times more employees in the sector compared to other places.
Hartford, CT is home to diverse industries, however, residents seem to be more focused on some industries than others. For example, Educational, health, and social services account for 22.1 percent of the workers’ population with 9,352 estimated employees in the sector compared to Agriculture, Forestry, Fishing and Hunting, and mining with 227 (0.5%) of the workforce population.
The workforce represented across industries in Hartford is as follows:
The above data can help new businesses make decisions regarding the thriving industries in the area and what to expect in terms of competition when they become established in Hartford.
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