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HARTFORD, Conn. (Hartford Business Journal) — The state’s manufacturers need more help from government to survive the economic shocks of the COVID-19 pandemic, according to a new report by business groups.
The 2020 Connecticut Manufacturing Report, compiled by the Connecticut Business & Industry Association (CBIA) and affiliates CONNSTEP and ReadyCT, outlined the state of the industry, trends and outlook for the next year.
The pandemic cut a swath through Connecticut’s manufacturing industry, with more than half (56%) of the state’s manufacturers forced to lay off, furlough, or reduce employee hours, according to a July survey of mostly smaller companies.
Fewer than half of the firms surveyed (46%) said they expected to return a profit in 2020, down 30 percentage points from 2019. And only 18% of respondents said their businesses were growing, while 82% said they were either contracting or holding steady. Only 10% expect the Connecticut economy to grow next year, although 32% predicted national economic growth
“It’s time to support policies that will help manufacturers — particularly small manufacturers — manage the high cost of navigating COVID-19 restrictions, create and retain jobs and lead the state’s economic recovery and growth for the benefit of all,” said CBIA President and CEO Chris DePentima.
Of the manufacturers surveyed, 85% said they had applied for a federal PPP loan, with 97% of those applications successful. More than half said they expected job levels to remain stable over the next six months, with 20% forecasting growth and 23% a decline
Despite the pandemic impacts, manufacturers statewide are still concerned about the growing shortage of skilled workers.
“While it will take some time to regain the jobs lost to the pandemic and the subsequent recession, the age of the Connecticut manufacturing workforce will continue to drive high levels of retirement and thus the need for new entrants,” said Colin Cooper, Connecticut’s chief manufacturing officer.
The report was released at CBIA’s Made in Connecticut: Manufacturing Summit, an annual conference that is being held this year remotely over Zoom.
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