The business year in review

CONGRESS SIDESTEPS FISCAL CLIFF

The U.S. House of Representatives rallied Jan. 1 to pass a deal preventing tax hikes for most Americans and postponing temporarily billions of dollars in cuts that were to take effect.

When the dust settled, 98 percent of Americans - individuals earning less than $400,000 annually and couples earning less than $450,000 - were spared from what would have been the largest tax hikes in U.S. history.

In March, however, the Congress was unable to avoid the $1.2 trillion in automatic spending cuts that went into effect, known as the sequester. About $42.7 billion in defense spending cuts put hundreds of Connecticut residents employed by defense contractors out of work.

Offering his apologies, U.S. Sen. Christopher Murphy visited the state's largest defense manufacturers in late March, including Sikorsky's Stratford headquarters. The company later laid off 200 employees in June due to the cuts, rising costs and economic uncertainty.

STATE PASSES STRICTER GUN LAWS

Connecticut lawmakers approved bipartisan gun legislation April 4, calling for new restrictions on guns and ammunition magazines, new school security measures and additional mental health provisions.

The bill included universal background checks on firearm sales, expanded bans on assault weapons and the sale of large-capacity magazines and the creation of a dangerous-weapon offender registry, among other provisions.

In June, gun maker PTR Industries Inc. officially announced plans to relocate to South Carolina to seek a more "gun friendly" headquarters.

STEELPOINTE HARBOR PROJECT TAKES OFF

Construction began May 13 on Steelpointe Harbor, a 64-acre, mixed-use development project on Bridgeport's waterfront. The future home to Bass Pro Shops and about two-dozen restaurants and other retailers, the project is estimated to bring in hundreds of millions of dollars in private capital.

"It will be a dramatic improvement for Bridgeport," Mayor Bill Finch said. "It's going to generate millions of trips to the city we don't currently have, revitalize the waterfront and change our skyline."

More than 20 years ago, city officials designated the site as a waterfront development project and have since spent more than $50 million preparing and cleaning the land.

The site is across the harbor from downtown Bridgeport along Stratford Avenue.

METRO-NORTH TRAIN DERAILS OUTSIDE BRIDGEPORT

On May 17, two Metro-North trains carrying a total of roughly 500 passengers collided in Fairfield after one derailed near a loose rail joint.

Six weeks before, inspectors had allegedly discovered broken joint bars at the location and repaired them. But two days before the derailment, inspectors had seen the bars were cracked and are said to have labeled it a low-priority repair.

About 51 people were injured in the crash.

$1.5B UCONN EXPANSION APPROVED

Legislators gave final approval June 5 to the Next Generation Connecticut initiative, which calls on the state to invest $1.5 billion in the University of Connecticut over the next 10 years through the issuance of bonds.

The initiative focuses on the expansion of the university's science, technology, engineering and math (STEM) programs, and includes the construction of new science labs, equipment, classrooms and student housing.

The university plans to revolutionize its STEM infrastructure at the Storrs campus, relocate its Greater Hartford campus to the city's downtown and to expand its digital media and business programs at the Stamford campus.

With the investment, student enrollment is expected to increase by a third and more than 4,000 permanent jobs will be created. It's also expected to spur more than $500 million in business activity.

MAKER MOVEMENT ROLLS INTO DANBURY

Ahead of the Danbury Hackerspace's official opening, organizers and city officials spent the summer conducting a citywide marketing campaign to teach residents about hackers and the Maker Movement.

"Hackerspaces aren't just a bunch of nerds sitting around computers," said Mike Kaltschnee, co-founder of the Danbury Hackerspace. "They're artists, engineers, craftsman and programmers."

The Hackerspace, which is a part of the new Danbury Innovation Center, is set to open in late December. Unlike its Stamford counterpart, the Danbury Innovation Center will have more of an emphasis on manufacturing and entrepreneurs who want to physically build things as opposed to digitally building them, organizers say.

$500M DEVELOPMENT FOR STAMFORD TRANSIT CENTER

The wait is over. Months after a decision was expected, the state selected a developer July 11 to pioneer the transformation of the Stamford Transportation Center.

Department of Transportation officials announced the center will be a $500 million mixed-use development, which will replace the original parking garage that abuts the train station.

Stamford Manhattan Development Ventures will lead the project, with plans to build a hotel and mix of residential, retail and office spaces, split among three buildings along the train tracks. Parking to replace the 727-space garage, and 300 additional slots, will be split among the buildings.

BRIDGEWATER HQ IN STAMFORD

Plans continued moving forward this summer on the new $750 millionBridgewater Associates headquarters within Stamford'sHarbor Point development project.

The initiative is primarily a tool for economic growth, but it's also another opportunity to develop the waterfront, developers at Building and Land Technology say.

The 850,000-square-foot building is slated to stand five stories tall and includes a public walkway around the waterfront, which is currently closed to the public. The 14-acre site is currently the site of a working boatyard, which BLT plans to replace with a new marina.

In an agreement with the city, the developer has agreed to spend an additional $5 million on public improvements, which includes the marina, the restoration of the East Creek estuary and upgrades at Kosciusko Park.

HEALTH EXCHANGE UP AND RUNNING

Connecticut's health insurance exchange, Access Health CT launched Oct. 1 amid some technical glitches.

A part of the Affordable Care Act, the exchange is an open marketplace for individuals and businesses to shop for health care plans. Earlier this summer, initial starting premiums for individual policies ranged from $215 to $347 per month, depending on the level of coverage. For employees with less than 50 employees, monthly premiums start from $271 to $435.

To help pay for the premiums, federal subsidies will be offered to individuals earning up to $44,680, or families of four earning as much as $94,200. No one will be denied coverage based on preexisting conditions and in the future, employers with more than 50 employees will be required to offer coverage.

UB BUSINESS SCHOOL RENAMED AND REMADE

A donation by Ernie Trefz will support the remake of the University of Bridgeport's burgeoning business school. In addition to a remodeling of the university's Mandeville Hall, new faculty hires and scholarships will be available to enhance students' education.

The school will be renamed as the Ernest C. Trefz School of Business.

Trefz's family company, Trefz Corp., includes a brother and two sons who together own 44 McDonald's restaurants, the Bridgeport Holiday Inn and investment property. Trefz's support for the university dates back 30 years.

HUGE DIEBACK THREATENS LOBSTERS

The moratorium on lobster harvests in the Long Island Sound that began Sept. 8 ended for Connecticut fishermen Nov 28.

According to a pair of men who have been pulling lobsters from the sound all their lives, why bother?

"It's been a disaster the last four or five years," said Roger Frate, 68. "There's nothing out there." And what is there, he said, "literally stinks" - lobster meat that fish will not eat, even blackfish, which by their nature eat injured lobsters. "If I put a single poisoned lobster into a tank with healthy lobsters, they all get sick; that's how potent this stuff is. The meat is rotten. It's just disgusting."