Gov. Dannel P. Malloy proposed plans Wednesday to create a $25 million advanced manufacturing fund to help companies modernize, grow, train employees and develop new technologies.
Manufacturers such as Boeing, Airbus and United Technologies Corp. are expected to aggressively increase production schedules, Malloy said, and the state’s aerospace supply chain needs to prepared to nearly double its capacity.
“Although Connecticut”™s manufacturers are among the best at what they do, a major ramp-up in production activity could pose a challenge for our smaller producers,” Malloy said in a written statement. “Now is the right time for the state to make this investment to build-up our core industrial capability and ensure we remain competitive in the global marketplace.”
The fund would start with an initial $25 million investment and would be used to attract new companies to the state, he said. Malloy will propose the legislation during the upcoming session, which begins Feb. 5.
Manufacturing represents 10.5 percent of the gross state product, exceeding $24 billion in revenue, according to Malloy’s administration. Nearly 10 percent of the state’s population is employed in the industry, which pays almost 30 percent higher than the average annual wage of all other industries in the state.
“This fund is the answer,” Malloy said. “It is a long-term commitment that will usher in a new era of innovation and economic growth; one that promises to bring skilled manufacturing jobs back to the state and solidify our place as a world-wide leader in advanced manufacturing for generations to come.”
