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It is home to the corporate headquarters of United Illuminating. The town center, a census-designated place (CDP), has a population of 7,857 as of the 2010 census. Monroe was incorporated in 1806 and named after James Monroe, fifth President of the United States. The community was originally known as "Sandy Hill", but changed its name to Monroe when it became an incorporated municipality in 1806. It is one of seven Connecticut municipalities that have been designated Tree City USA for 30 years or more. In 2007, CNN Money ranked Monroe #22 on their list "Best Places To Live".