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May 2008 — Vol. 86, No. 4

Myths vs. facts

(Page 4 of 5)

 

CONNECTICUT’S WORKFORCE

MYTH:

Connecticut isn’t producing a technology-based workforce.

FACT:

The state is producing technology and science graduates, but not enough.

Between 2001 and 2006, the number of science and technology graduates in Connecticut rose 15%. The number of graduates in engineering increased 48%; in biological and physical sciences, 21% and 9%, respectively. Connecticut produced the second-highest number of biopharmaceutical graduates in 2001, 40.61 per 10,000 people. The number of undergraduate degrees in this field accounted for 5.07% of bachelor’s degrees in the state, slightly lower than the national average of 5.28%. By 2010, nearly 41,000 new high-tech jobs will be added in Connecticut, and most will require some advanced education. Jobs that can be performed with on-the-job training alone will be relatively scarce.

Sources: Connecticut Department of Labor; Connecticut Department of Higher Education, Board of Governors for Higher Education, “2004-2005 Degrees Conferred by Connecticut Institutions of Higher Education Highlights”; Milken Institute, “Biopharma-ceutical Industry Contributions to State and U.S. Economies,” October 2004

 

CONNECTICUT MANUFACTURING

MYTH:

Manufacturing is no longer a strong contributor to the state’s economy.

FACT:

Manufacturing is vital to Connecticut’s economy. More than half of the top 100 companies headquartered in the state are manufacturing firms.

Manufacturing is one of our most powerful economic strengths. We have nearly 5,440 manufacturing firms, which employ 192,400 workers here, generate $13.13 billion in wages and salaries, and produce over $23.55 billion of Connecticut’s GSP. Each new manufacturing job creates between 1.2 and five additional jobs in the state, and manufacturers purchase more than $11 billion a year in goods and services from other Connecticut businesses. In 2006, the manufacturing sector contributed an average of about $15.73 billion per year toward employee compensation, including benefits such as health insurance.

Source: Bureau of Economic Analysis, U.S. Department of Commerce

 

MYTH:

Manufacturing wages are falling.

FACT:

Manufacturing wages are increasing.

Weekly manufacturing wages grew 16.4% between 2002 and 2006, from $717.18 to $834.72. The annual wage growth each year outpaced the rate of inflation. Hourly manufacturing wages showed similar growth.

Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Labor Statistics, U.S. Department of Labor; InflationData.com

 

MYTH:

All types of manufacturing jobs are on the decline.

FACT:

Although the total number of manufacturing jobs is declining, several sectors, such as chemicals, are expected to create new jobs over the next decade.

Connecticut could lose about 10,460 manufacturing jobs between 2004 and 2014. But sectors such as furniture, wood products, nonmetallic mineral products and, especially, chemicals will increase employment during this period. Employ-ment in Connecticut’s biopharmaceutical industry reached 9,900 workers in 2003, after growing 43.6% over the previous decade. Since every biopharmaceutical job indirectly created another 5.1 jobs in other industries, the total impact of this industry on Connecticut’s employment was 50,800 new jobs in 2003.

Sources: Connecticut Department of Labor; Milken Institute; Bureau of Economic Analysis

 

 

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