Survey: Manufacturers confident

More than half of Connecticut manufacturers surveyed said they plan to hire in the coming year, according to a poll of nearly 200 companies undertaken by the offices of U.S. Sen. Richard Blumenthal and U.S. Rep. Chris Murphy.

About three in four companies indicated they are confident in their financial future, a sentiment seemingly at odds with many over the past several years that have voiced worries about Connecticut’s high costs of doing business and the resulting impact on profit margins.

By far the biggest concern for companies is the cost of health care insurance, with 78 percent saying they are very concerned; followed by taxes and regulation.

“This survey shows that Connecticut manufacturers are confident, can-do job creators ”“ most planning to hire new workers and raise pay ”“ but still struggling to find people with the right skills to fill positions,” Blumenthal said, in a prepared statement. “The survey reinforces the need for tax reform like the Bring Jobs Home Act that will enable manufacturers to grow jobs and re-shore them from abroad.”

Co-sponsored by Blumenthal and Murphy, the Bring Jobs Home Act would award a 20 percent tax credit on expenses for companies that move jobs back to the United States from abroad. With U.S. Rep. Rosa DeLauro, Blumenthal has also introduced the Manufacturing Reinvestment Account Act, which would allow such manufacturers to make tax deductible cash payments into an MRA savings account for future investments.

More than 70 percent of respondents say they face competition from foreign sources and 45 percent say outsourcing has hurt their business.