Hartford Business Journal

6 Hartford Business Journal • June 17, 2019 • www.HartfordBusiness.com Reporter's Notebook Gregory Seay | gseay@HartfordBusiness.com Real Estate, Economic Development/Construction, Banking & Finance and Manufacturing MANUFACTURING Manufacturing 'czar,' career inclusion among producers' Capitol wins C onnecticut manufacturers came away from the recently ended legislative ses- sion with mixed results. But they did notch two wins, including one that will make it easier for them to recruit young talent and the appointment of a cabinet-level ombudsman for their sector. Lawmakers yielded to state produc- ers' long outcry and created the post of manufacturing "czar,'' who will provide a credible, influential perspec- tive for manufacturers who often feel overlooked and underappreciated for their employment and other financial contributions to the state's economy. An attachment to a state budget bill lawmakers adopted calls initially for a two-year appointment of a manu- facturing director within the state Department of Economic and Commu- nity Development (DECD), who would be paid $150,000 annually. Gov. Ned Lamont's announcement of the post was met with glee at the New Haven Manufacturers Association (NHMA) annual meeting June 6. NHMA Executive Director Jamison Scott, previously a Woodbridge manu- facturing executive, said producers have pressed for some time to have a voice among Connecticut leadership. "Connecticut now leads the nation in recog- nizing the importance of manufacturing,'' Scott said via email. He said Connecticut's move has greater significance, given that some members of Congress have recently introduced similar leg- islation to establish a cabinet-level U.S. secretary of manufacturing. New Haven lobbyist Melissa Biggs, a partner in DePino, Nunez & Biggs who represents the state's three top manufacturing member-organizations — NHMA, the Smaller Manufacturers Association of Connecticut Inc., and the Connecticut Manufactur- ing Collaborative — said Connecticut's production czar will interact with and communicate across the state's various agency "silos'' to ensure all are on the same economic page. The other passed measure mandates, Biggs said, that Connecticut guidance counselors, when advising and tracking high-school pupils who attend two- and four-year colleges or trade schools, now must also counsel them about careers in policing, firefighting, military duty, and manufacturing. While state manufacturers count those as key "victories,'' they also came up short in several measures among more than three dozen that were either passed, shot down, or failed to come up for a vote. So, was the overall session a win or loss for manufacturers? "I would say it was both," said Eric Brown, vice president for manufacturing policy and outreach at the Connecticut Business & Industry Association, who also helps administer the Connecticut Manufacturing Collaborative. "It depends on how broad a net you want to cast.'' One failure was to extend an appren- ticeship tax credit to small manufacturers operating as partnerships, limited liability partnerships and sole proprietorships. The credit, which is currently only available to C-corporations, allows companies to claim as a credit against their Connecticut income-tax returns a portion of their companies' investments in apprenticeship training. "It's expensive to have an apprenticeship," Biggs said. Among measures that passed that state manu- facturers opposed was the paid family medical leave program, and a phased-in hike of the state's minimum wage to $15 an hour by 2023. There is a planned special session on tolls, which some manufacturers have opposed, while the larger business community has been divided on the issue. DEAL WATCH Trumpf leases 141,000 sq. ft. in Newington German machine-tool maker Trumpf Inc., which has extensive operations in Farmington, leased 141,000 square feet of industrial space in Newington. Landlord Vernel Company L.P., of Redding, leased space in the 183,000-square-foot edifice built in 1960 at 81-85 Alumni Road, Hartford broker Colliers International said. Trumpf makes and sells machine tools and laser cutters. Last year, Trumpf expanded its Farmington presence by adding 18,000 square feet to its training center, which now occupies a total of 40,000 square feet. H&H's $362K Farmington buy Farmington's H&H Refrigeration, a supplier of commercial refrigerators, has purchased for $362,000 a free-standing building on New Britain Avenue that will serve as its new home. Andre and Maria Romano sold H&H the 3,520-square- foot building on 0.55 acres at 1814 New Britain Ave., a few blocks from its longtime home at 1451 New Britain Ave., said Rocky Hill broker Pearce Real Estate Commercial. H&H has been in business since 1954. BANKING & FINANCE CT banks' 1Q profits up 15% The state's 38 federally insured banks continued to show strong earnings growth during the first quarter, reporting a combined $326 million in profits, according to new Federal Deposit Insurance Corp. data. Overall, only two out of the state's 38 banks lost money in the first quarter, while the industry showed steady loan and asset growth. % 1Q 2019 1Q 2018 Increase Net income $326M $283M 15% Total assets $114.6B B111.1B 3% Total loans and leases $84B $81,5B 3% Total deposits $90.4B $86.2B 5% Return on assets 1.14 1.02 12% Noncurrent loans and leases to assets 0.69 0.69 0% Source: Federal Deposit Insurance Corp. 81-85 Alumni Road, Newington. PHOTO | LOOPNET.COM PHOTO | CONTRIBUTED 1814 New Britain Ave., Farmington. Melissa Biggs, Partner, DePino, Nunez & Biggs Eric Brown, Vice President for Manufacturing Policy and Outreach, CBIA PHOTO | HBJ FILE New Haven Manufacturers Association Executive Director Jamison Scott said the state's creation of a manufacturing czar is a big support for the industry.

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