State Rep. Linda M. Gentile (D‑Ansonia, Derby) Friday applauded one of Governor Dannel Malloy’s legislative priorities – the creation of an “Advanced Manufacturing Fund,” which will receive a proposed initial investment of $25 million to help companies modernize and grow, purchase equipment and develop new technologies, and provide access to training and specialized education for workers.
The fund, assuming it makes it through the legislative session, is targeted toward former manufacturing hubs in the state, including Ansonia and Derby.
“This comes at a critical time because job creation must be our top priority,” Rep. Gentile said. “The idea helps our manufacturers find trained and educated workers and state-of-the-art equipment to operate on a level playing field with their competitors and help them obtain the capital to grow and expand.”
Malloy touched upon his proposal during a visit to Derby City Hall in early February. Click here to read a previous Valley Indy story on the subject.
“Incentives like this and a strong network between investors and the state can transform Connecticut into a center of innovation that can be a magnet for entrepreneurs, talented people and great ideas to take root,” Gentile said in a prepared statement.
“Not only is this initiative sound economic policy, but it most certainly is responsible and balanced environmental policy, as well. Let’s put our previous manufacturing properties back onto our tax rolls, and protect and preserve open space and pristine land.”
Gentile’s statement cites statistics from the U.S. Bureau of Economic Analysis, Connecticut’s manufacturing industry’s annual output rose 5 percent over the last two years and exceeds $24 billion or 10.5 percent of the state’s gross state product.
The manufacturing industry employs 159,200 people, representing nearly 10 percent of the state’s total non-farm jobs.