August 29, 2012

Half of CT manufacturers see more revenue

Victor Hidalgo works at Middletown metal fabricator Pegasus Manufacturing.

More than half of Connecticut's manufacturers expected to see an increase in gross revenues in the next year, which will correlate to more hiring and raises for workers, according to the 2012 Survey of Connecticut Manufacturers.

Sen. Richard Blumenthal (D-CT) and Congressman Chris Murphy (D-CT) commissioned the study for the last two years, using its finding to help them with policy decisions in Washington, D.C.

The survey questioned 191 of Connecticut's nearly 5,000 manufacturers. The resulted showed 52 percent expect an increase in gross revenues, 56 percent plan to hire more workers and 58 percent expect to increase wages.

The survey also found 77 percent were confident in the financial future of their companies, 70 percent face competition from foreign sources, and 45 percent say outsourcing has hurt their business.

In the announcement releasing the survey on Wednesday morning, Blumenthal and Murphy said the results validate some of their policies plans already, such as the "Buy American" movement that limits government contracts to American companies.


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