Gov. Dannel P. Malloy announced today that the state plans to invest in a major expansion project by FactSet Research Systems in Norwalk. The State Bond Commission is expected to approve funding for the FactSet expansion project at its meeting Friday.
The key to getting the economy back on track is helping companies like FactSet grow and hire new workers. FactSet is a global company that stays true to its roots here in Norwalk. This is an investment that will come back to the state tenfold in the amount of jobs it creates and the boost it will no doubt give the economy here.
“By changing how the state partners with business, reducing bureaucracy, and speeding up how we invest and support Connecticut companies, we are setting the stage for an economic revival,” said Gov. Malloy. “Our unemployment rate, once 9.2 percent, continues a steady decline and is now lower than the national average. But we need to do more to ensure that our economic recovery continues."
The state Department of Economic and Community Development will provide a $2 million loan to support FactSet’s expansion, a project that will create 200 jobs. The loan is forgivable if the company reaches its job creation milestones, which include adding 200 new jobs over the next five years. FactSet will be able to retain 641 existing jobs.
“FactSet is a leading business citizen in Norwalk which has provided increasingly important contributions to the economy of our region,” said Norwalk Mayor Richard Moccia. “Today’s announcement is particularly welcome in that it furthers the reputation of FactSet, the State and the City of Norwalk as good places for well educated high tech workers. I want to thank Governor Malloy and members of the Norwalk delegation to the State Legislature for their hard work in accomplishing this partnership.”
“It is great to see a result such as this – $2 million in state funding to help a worthy Norwalk employer – coming a relatively short time after Governor Malloy’s jobs tour of the state,” said state Rep. Bruce Morris (D-Norwalk). “I’m encouraged by the governor’s continued commitment to increasing jobs in lower Fairfield County and the state of Connecticut as a whole.”
FactSet is a financial data and software company that provides analysts, portfolio managers and other investment professionals with access to financial data. The company has developed its own software and provides critical research services to those in the money management industry.