The state’s labor shortage is having a major impact on Connecticut manufacturers with 87% of the state’s producers saying they are having difficulty finding and retaining workers. That’s according to the 2022 Connecticut Manufacturing Report released Thursday morning at the 2022 Connecticut Manufacturing Summit in Wallingford by the Connecticut Business & Industry Association, and affiliates […]
The state’s labor shortage is having a major impact on Connecticut manufacturers with 87% of the state’s producers saying they are having difficulty finding and retaining workers.
That’s according to the 2022 Connecticut Manufacturing Report released Thursday morning at the 2022 Connecticut Manufacturing Summit in Wallingford by the Connecticut Business & Industry Association, and affiliates CONNSTEP and Ready CT.
The findings come after Connecticut employers at the end of August reported having 114,000 job openings, according to the U.S. Bureau of Labor Statistics. About 11,000 of those job openings were in manufacturing, said CBIA president and CEO Chris DiPentima.
Inflation and ongoing supply chain disruptions are also causing manufacturers headaches, according to the the CBIA survey, which got responses from 218 manufacturers across Connecticut between July 6 through Aug. 8.
Ninety-three percent of manufacturers reported being impacted by supply chain disruptions. The report also showed that just 21% expect the state’s economy to grow next year.
Other key survey findings include:
- 87% of manufacturers report difficulty finding and/or retaining employees and 44% say the lack of skilled applicants is the greatest obstacle to growth
- Over a third (35%) report that the state’s high cost of living was the top concern for employees and their families
- Just over two-thirds (68%) of manufacturers reported profits in 2021, up from 64% in 2020
- 69% expect a profitable 2022, with just 6% forecasting losses
- Only 21% see Connecticut’s economy growing in the next year and just 19% expect U.S. GDP growth
- 91% of manufacturing leaders say the cost of doing business in Connecticut is increasing, while 53% say the state’s business climate is declining
- 93% of manufacturers were impacted by supply chain disruptions
- 22% of manufacturers are making their greatest investment in employee retention
- 42% expect their workforce to grow in the next six months, down two points from last year
- 47% forecast sales growth in 2022, down six percentage point from last year
