The majority of Connecticut-based manufacturers are having problems attracting and retaining workers, according to new data released by the CBIA.
The newly published 2022 Connecticut Manufacturing Report found 87% of the state”™s manufacturers acknowledging problems in finding and keeping a stable workforce, with 44% of these companies complaining the lack of skilled applicants was their greatest obstacle to growth. Slightly more than one-third of manufacturers (35%) said the state”™s high cost of living was the top concern for employees and their families.
The report also found 93% of the state”™s manufacturers were impacted by supply chain disruptions, while only 69% expected to close 2022 with a profit. Furthermore, only 21% believed Connecticut”™s economy will grow in 2023 and just 19% expected growth with the national GDP.
Furthermore, 91% of manufacturing leaders said the cost of doing business in Connecticut is increasing, while 53% said the state”™s business climate is declining.
“As of August 2022, there were 114,000 job openings in Connecticut ”“ up 8,000 from the same time last year,” said CBIA President and CEO Chris DiPentima. “If every unemployed person in the state were hired tomorrow, 37,000 positions would remain unfilled. An estimated 11,000 of those job openings are in the manufacturing sector, where manufacturers are struggling to meet record demand for their products.”
DiPentima added that manufacturers are operating in the realm of “unprecedented competition and challenges, including 40-year-high inflation and ongoing supply chain disruptions that must be met addressed. Structural issues like affordability and high taxes that disrupted and derailed Connecticut”™s recovery from the last recession remain real threats today ”“ threats that cannot be ignored.”
Photo courtesy Housatonic Community College
