Issue link: https://nebusinessmedia.uberflip.com/i/1483433
4 HARTFORDBUSINESS.COM | NOVEMBER 7, 2022 More than commercial banking. CONNECTICUT COMMERCIAL BANKING from a bank that can take your business to the next level. Call us at 860-200-2440 or visit washtrust.com/ctbusiness. Member FDIC Julia Anne M. Slom Senior Vice President, Team Leader, Commercial Real Estate Edward O. Handy III Chairman and Chief Executive Officer James M. Hagerty Executive Vice President, Chief Lending Officer Anthony A. Botelho Senior Vice President, Team Leader Kevin M. Hanrahan Vice President, Commercial Real Estate Thomas D. Pizzo Vice President, Market Leader, Commercial Banking Brett W. Eagleson Vice President, Commercial Real Estate Lee J. Fernandez Vice President, Commercial Real Estate CBIA survey: Labor shortage hits 87% of CT manufacturers Connecticut Business & Industry Association President and CEO Chris DiPentima speaks at the business group's Wallingford manufacturing event in October. PHOTO | CONTRIBUTED By Greg Bordonaro gbordonaro@hartfordbusiness.com T he 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 recently released by the Connecti- cut Business & Industry Associ- ation, and affiliates CONNSTEP and ReadyCT. The findings come after Con- necticut 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 vacant positions were in manufacturing, said CBIA President and CEO Chris DiPentima. Inflation and ongoing supply chain disruptions are also causing manufacturers headaches, accord- ing to the CBIA survey, which got responses from 218 manufacturers across Connecticut between July 6 through Aug. 8. Ninety-three percent of manu- facturers 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 manu- facturers reported profits in 2021, up from 64% in 2020. • 69% expect a profitable 2022, with just 6% forecasting losses. • Only 21% see Connecticut's econ- omy growing in the next year and just 19% expect U.S. GDP growth. • 91% of manufacturing leaders say the cost of doing business in Con- necticut 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 mak- ing 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 points from last year.