2007 Mfg.
Economic Outlook
Peter Gioia, from the
Connecticut Business & Industry Association spoke
about the economy and the manufacturing outlook at the
January 9th CTMA Membership meeting.
"Connecticut manufacturing
companies are growing, expanding and realizing profits
despite formidable challenges, said
Gioia."
Mr. Gioia went on to say,
"The industry continues to be a place of economic
opportunity, and manufacturers are pursuing new product
development, using new technologies, investing in
equipment and machinery and training workers to remain
competitive. Seventy eight percent of
manufacturers believe they will turn a profit this year,
in last year's survey only 66% said they expected
profitability and 68% actually achieved
profitablility.
About a third of CT
manufacturers are considering expanding their businesses
within the next 12 months. Important factors
influencing those decisions include the overall cost of
doing business in Connecticut, the cost of health-care
benefits, labor costs, a skilled workforce and state
regulations.
Manufacturers use a great
amount of energy in their production processes and most
manufacturing executives continue to be very
involved in energy conservation efforts.
Lastly, finding qualified
workers to fill jobs is a huge issue for manufacturers
in Connecticut. Workforce challenges will grow as
current employees age and baby boomers begin to
retire.
In order to create strong
economic growth that will benefit all of Connecticut,
the State government and the manufacturing community
must work together to foster an environment that creates
strong economic growth that will ultimately benefit all
of Connecticut."
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