cbia survey of northwest connecticut businesses

8/9/2019 CBIA Survey of Northwest Connecticut Businesses

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2010 Svy f

NorthweStCoNNeCtiCutBuSiNeSSeS

SponSorS



Two years ago, the Connecticut Business & IndustryAssociation (CBIA) partnered with the Northwest

Connecticut Chamber of Commerce to survey local

business leaders about the region’s economy and their

companies’ ability to grow and succeed here.

The survey was conducted in the summer of 2008,

when the economic crisis that would grip the nation had

barely begun to reveal itself in northwestern Connecticut.

Businesses in the region were performing well and were

largely optimistic about the coming year, with nearly

three-quarters describing conditions as average or better.

Only 21% expected conditions to worsen for their busi-

nesses in 2009, and 41% believed their situation would

improve over that period.

Today, Connecticut is emerging from the deepest reces-

sion in decades. Though job losses have slowed and

credit conditions have improved, it is hardly “business

as usual” in the state. Connecticut faces enormous state

budget deficits going forward, which create fiscal

challenges for municipalities and have fueled concerns

among the business community and the public about

the potential for higher taxes.

How have northwestern Connecticut companies respond-

ed to the cyclical and structural changes brought on by

the recession, and how have they positioned themselves

for recovery? What are their greatest challenges? How

would they characterize their business outlook today, and

what do they see as the biggest priorities for their region?

Those are a few of the questions CBIA and the Northwest

Connecticut Chamber of Commerce investigate in our

latest collaboration. I N T

R O D U

C T I O N

Introduction . . . . . . . . . . . . . . . . . .1

■ Key Findings . . . . . . . . . . . . . . .2

■ About the Respondents . . . . .3

■ Current Business

Conditions . . . . . . . . . . . . . . . . .4

■ Business Costs . . . . . . . . . . . . .5

■ Lending Climate . . . . . . . . . . . .6

■ Economic Outlook . . . . . . . . . .6

■ Keys to Recovery

and Growth . . . . . . . . . . . . . . . 8

■ Workforce . . . . . . . . . . . . . . . . .9

■ Health Care . . . . . . . . . . . . . . . .9

■ Conclusion . . . . . . . . . . . . . . 10

About the Survey:

■ Demographics . . . . . . . . . . . 11

■ Methodology . . . . . . . . . . . . . 11

Sponsor Profiles:

■ Alcoa Inc. . . . . . . . . . . . . . . . . 12

■ Bicron Electronics Co. . . . . . 12

■ Connecticut Light and

Power Company (CL&P) . . . 13

■ Litchfield Bancorp . . . . . . . . 13

■ Northwest Community

Bank . . . . . . . . . . . . . . . . . . . 14

■ Northwest Connecticut

Chamber of Commerce . . . . 14

■ Union Savings Bank. . . . . . . 15

About CBIA . . . . . . . . . . . . . . . . . 16 C O N T E

N T S



2 0 1 0 S U R V E Y O F N O R T H W E S T C O N N E C T I C U T B U S I N E S S E S2

Key Findings of the 2010 Survey of NorthwestConnecticut Businesses:

■ Manufacturing and technology are viewed as

the industries most important to ensuring

future economic success in the region.

■ Maintaining and growing the region’s manu-

facturing sector is seen as the top economic

priority for northwestern Connecticut,

followed closely by regional collaboration

to attract business investment.

■ The top challenges to doing business in

northwestern Connecticut are, in order, dimin-

ishing profitability/customer base, business

taxes, a weak state economy, state mandates

and regulations, and health care costs.

■ Over two-thirds of businesses (68%) surveyed

give the national business climate a below-

average rating; an even greater number

(80%) see Connecticut’s business climate as

below average.

■ More than half of northwestern Connecticut

businesses (55%) anticipate reducing

employee benefits in 2010 in response to

current economic conditions. Many expect to

reduce employee compensation (41%) and/or

the size of their workforce (39%).

■ About half (46%) of all respondents believe

the economy in northwestern Connecticut

will show some improvement over the next

12 months; 38% expect conditions to stay

the same.

■ The greatest period of economic recovery

nationally, statewide, and in northwestern

Connecticut is largely predicted to occur in

2012, although more than a quarter of busi-

nesses anticipate it will happen sooner.

■ Most companies surveyed (60%) characterize

the lending climate in northwestern

Connecticut as average or better, and most

(62%) report that current credit conditions

have not had a negative impact on their

ability to do business.

■ Health care continues to be the most signifi-

cant cost burden to operating a business in

northwestern Connecticut. Tort reform to

reduce malpractice costs and a greater focus E X E

C U T I V E S U

M M A R Y



2 0 1 0 S U R V E Y O F N O R T H W E S T C O N N E C T I C U T B U S I N E S S E S 3

on wellness and disease/injury prevention are seen

as the most effective strategies for controlling health

care costs.

■ Virtually all businesses are concerned about

Connecticut’s fiscal problems; almost three-quarters

are “extremely concerned,” and 61% report that the

projected state budget deficit has influenced their

long-term business decisions.

About the Respondents

Businesses throughout Litchfield

County participated in this survey. Most

(82%) are small companies employing

fewer than 50 people.

Manufacturing and construction

companies represent 38% of survey

respondents. Professional services

(22%) and insurance and finance firms

(11%) account for another third. Other

businesses include retail, medical,

social services, wholesale distribution,

arts and entertainment, farming/agri-

culture, and hospitality and tourism.

About three-quarters of businesses surveyed identify

Connecticut consumers as their primary market. Just

under half (48%) identify northwestern Connecticut spe-

cifically as their customer base. Those whose customer

base extends beyond Connecticut generally do business

throughout the United States (20%). Very few (5%) are

significantly involved in international trade.

Respondents are nearly evenly divided on the advantag-

es of social networking technologies (e.g., Facebook,

LinkedIn, Twitter) for their firms, with 36% seeing poten-

tial benefits, 31% claiming none, and 32% undecided.

Though businesses in north-

western Connecticut are much

more closely tied to New York

(27% of respondents) than

Boston (2%), most (60%) claim

no involvement in either

market.

More detailed information

about the businesses partici-

pating in this survey can be

found in the Demographics sec-

tion at the end of this report.

“These past two years have been an interesting and challenging time for businesses,

both large and small, in the northwest corner. Despite many economic hurdles, it is

encouraging to hear a good percentage of business owners feel

there is a light at the end of the tunnel and that, by working

together, we can reach it and keep northwestern Connecticut a

prosperous region in which to work and live. We must applaud the

Northwest Connecticut Chamber of Commerce and CBIA for again

collaborating to bring us the valuable information we need to facethe issues and react accordingly.”

Joseph J. Greco • Regional President, Union Savings Bank

Primary customerbase

NORTHWESTERN

CONNECTICUT

48%

CONNECTICUT

24%

UNITED STATES

20%

NEWENGLAND

(3%)

INTERNATIONAL(5%)




Current Business Conditions

When asked to rate the regional, state, and national

business climates, 43-44% of respondents described

conditions at every level as “fair.” Slightly fewer thought

the overall business climate was poor, and none

considered it to be excellent.

Interestingly, nearly one in ten businesses rated the

current business

climate in

northwestern

Connecticut as

“good.” Companies

most likely to give

the region a good

rating were in farm-

ing/agriculture,

hospitality/tourism,

wholesale distribu-

tion, and the medi-

cal industries.

Recommendations

for improving the

region’s economy

reflect a shift in priorities over the last two years. In

2008, gradual and responsible growth (in particular,

growth of the region’s tourism industry) was highly

emphasized, whereas the top priority today goes to

growing the region’s manufacturing sector and engaging

in regional collaboration to attract business investment.

Strengthening entrepreneurship was also identified by

13% of respondents.

“Engaging our employees in developing and implementing operational improvements

has been key to weathering the economic crisis. Alcoa Howmet’s stepped-up training

program has been fundamental to our success, giving our employ-

ees the opportunity to broaden their skills as team leaders and

community stewards. Even though I agree with the majority of

respondents that Connecticut has a highly trained workforce, we

must continue our efforts to encourage our youth to excel in math

and science and invest in workforce training.”

Laura CarpenterPlant Manager, Alcoa Howmet

Northwestern CT

Connecticut

United States

Poor

28%

37%

24%

Fair

44%

43%

44%

Average

18%17%

27%

Good Excellent

9%

3%

0%

5%

Business climate




Business Costs

While the cost of doing business in a high-cost state

remains a top concern, perceptions regarding which vari-

ables drive up business expenses have changed. Two

years ago, energy and health care costs were tied for

the top spot among companies’ biggest cost concerns,

each getting 31% of the vote. Today health care is the

number-one concern, with 71% of businesses calling it

a “significant burden.”

The price of electricity, oil,

and gas takes secondplace, with one-third of

businesses considering

the cost of energy a signif-

icant burden and 52%

calling it a moderate

burden. Labor costs and

local property taxes are

also identified as moder-

ately to significantly

burdensome.

In a separate question

on the single greatest

challenge to operating a

business in northwestern Connecticut, business taxes

ranked high—second only to diminishing profits/

customer base. The tax seen as most problematic for

businesses now and three years out is the personal

income tax. Corporate taxes and local property taxes are

also a concern, and their impact is expected to increase

over the next three years.

“While the survey may show some improvement in economic

conditions, our biggest challenge will be to keep our state leaders

focused on the key issue, fiscal responsibility resulting in a major

reduction in our uncontrolled state spending.”

Peter B. KentCEO and Chairman, Bicron Electronics Co.

Maintaining/growing

the region’s

manufactur-ing industry

37%

27%

13%

Regionalcollaboration

to attract

businessinvestment

Strengthening entrepreneur-

ship

Affordablehousing

Maintaining/growing

the region’s

tourismindustry

7%5%

7%5%

Other Improving thetransportationinfrastructure

Top economic priorities for northwesternConnecticut




Lending Climate

On a rating scale from “poor” to “excellent,” most busi-

nesses characterize the lending climate in northwestern

Connecticut as some-

where in the middle.

Forty-one percent

describe it as average;

26% rank it slightly

below average (“fair”),

and 17% describe it as

good. Fifteen percentof respondents say

credit conditions are

poor, while 2%

describe them as

excellent.

Most companies

(62%) report that

credit conditions have

not had a negative

impact on their busi-

ness. Of the 38%

whose operations

have been weakened

by tight credit conditions, 65% report an inability to grow

or expand their business; 45% have had to reduce their

workforce; and 43% have reduced employee compensa-

tion and/or benefits. Other reported outcomes of the

credit crunch include

an inability to increase

inventory to keep up

with demand, refi-

nance current loans,

and make capital

improvements.

EconomicOutlook

National economic

uncertainties have

taken a huge toll on

businesses throughout

Connecticut. The

majority in the north-west corner (77%) say

the impact on their

own business opera-

tions and decisions in

Expectations for the northwesternConnecticut economy over the next12 months

Improveconsiderably

2%

44%

38%

Improvesomewhat

Remainabout the

same

Weakensomewhat

12%

4%

Weakenconsiderably

“The near-term prospects for a sustained recovery of the national, state, and

regional economies are concerning. Collectively we have to

redouble our efforts to gain operational efficiencies and identify

opportunities for growth. Candidates looking to earn your vote in

November 2010 should have specific answers to the issues

raised in this survey!”

John A. O’TooleProject Manager, Economic & Community Relations, CL&P–Yankee Gas Services




the coming year will be high (1 or 2 on a scale of 1-6).

Just under half (47%) say the same about the impact of

Connecticut’s fiscal situation, while 34% predict energy

prices will have a significant impact (1 or 2 on the scale)

on their operations and decision-making over the next

12 months.

Though the financial system has stabilized and the

stock market has rallied, a very slow—and largely

jobless—economic

turnaround is fore-

casted. Many of the

businesses sur-

veyed expect to

make further reduc-

tions in 2010 in

their employee

benefits (55% of

respondents),

compensation

(41%), workforce

(39%), energy con-

sumption (23%),

and transportation

expenses (18%).

Businesses are divided on how they expect northwest-

ern Connecticut’s economy to perform over the next

12 months: 46% foresee some improvement, and 38%

expect conditions to remain unchanged. Sixteen percent

are less optimistic, expecting some further erosion of

the region’s economy. When it comes to their own

companies, 48% of respondents project an increase in

sales revenue, 43% expect to gain customers, and 35%

expect an uptick in pretax profits. Closely matching their

Expectations of full economic recovery

Northwestern CT

Connecticut

United States

2010

6%

2%

5%

2011

30%

26%25%

2012

39%

36%

31%

14%

2013

11%

16%

20%18%

21%

2014 or beyond

“It is, of course, encouraging to see even modest improvement in local economic

conditions and gratifying to be a reliable source of funding for

that growth. My real concern is oriented toward Hartford and

Washington, where the impact of irresponsible, unsustainable

spending is exacerbated by a never-ending supply of costly

new regulations that together shackle small business with

unprecedented burdens and barriers to growth.”

Mark E. MacomberPresident and CEO, Litchfield Bancorp




expectations for the region’s economy, 39% of business-

es expect the size of their customer base to the stay the

same, 32% expect no change in pretax profits, and 28%

expect sales revenue to remain flat. Though anywhere

from 17% to 33% of businesses anticipate decreases in

their customer base, sales revenue, or profits, very few

(less than 5%) expect a drastic decline.

Most businesses believe 2012 will usher in the greatest

period of economic recovery in terms of jobs, housing

prices, and consumer confidence at every level—

regionally, statewide, and

nationally. Roughly 36%

expect a rebound in

northwestern Connecticut

sooner, while 36% believe

a statewide economic

recovery will be deferred

until 2013 or beyond.

Concerns about

Connecticut’s fiscal well-

being run high. Virtually

all respondents express

concern about the state’s

financial health, with 72%

saying they are “extremely concerned.” Sixty percent

acknowledge that the projected state deficit over the

next several years has already influenced their long-term

business decisions; another 25% are unsure.

Keys to Recovery and Growth

Perhaps reflective of the survey demographics (24% of

respondents self-identified as manufacturers), the

industry seen as most important to ensuring future

Manufacturing

37%

22%

13%

Technology Hospitality/

tourism

Health care Financial

services

9%

5%

9%

4%

Arts/culture/

heritage

Other

Top industry for futureeconomic success innorthwestern Connecticut

“Northwest Community Bank is pleased once again to support Northwest Connecticut’s

Chamber and CBIA in this important survey. Although many challenges lie ahead in this

difficult economy, the survey provides us with critically valuable

information as we prepare the roadmap for future economic growth

and vitality in the northwest region. We have been a part of this

economic community for 150 years and are happy to be a leading

partner in this research as we work together toward a unified goal

of economic prosperity for all businesses in our region.”

Stephen P. ReillyPresident and CEO, Northwest Community Bank




economic success in northwestern Connecticut is manu-

facturing, cited by 37% of businesses. Another 22% of

respondents believe the technology sector holds the

greatest promise for the region. Hospitality/tourism

(13%), health care (9%), and arts/culture/heritage (9%)

were also seen as key industries.

To spur economic growth in the northwest region and

throughout the state, businesses advocate for incentives

(such as tax credits and subsidies) to attract business

investment, especially for companies that create jobs;

a reduction in personal and business taxes; and a

realignment of state spending, with more government

services contracted out to the private sector.

Workforce

Most companies in northwestern Connecticut (83%)

have not hired new employees in the last 12 months,

although 36% expect to do so in the next 12 months.

When asked what effect they expect a skilled labor

shortage will have on their operations over the next year,

75% of businesses described the impact as negligible

(rating it a 5 or 6 on a scale of 1-6). Given the high rate

of unemployment and a broader pool of available talent,

this is hardly surprising. Nevertheless, demographic

trends could have serious implications for area employ-

ers, 58% of whom acknowledge being somewhat or very

concerned about Connecticut’s rapidly aging population.

As of now, more than two-thirds of businesses (68%)

describe the availability of workers in the region as

average or better, and 77% describe the quality of that

workforce as average or better. (Of those, more than half

characterize the quality of workers as good or excellent.)

Nearly 40% are interested in workforce training solu-

tions, with the greatest areas of need in machine

operation (particularly CNC machining), blueprint

reading, CAD/CAM, quality inspection, mechanical and

technical skills, math, sales, and lean manufacturing.

Apprenticeships are also highly valued.

Health Care

Seventy-three percent of businesses surveyed offer health

insurance to their employees. At the time of this survey

(just before the House passed the landmark health care

reform bill), about half of all respondents believed the pri-

mary responsibility for health care coverage would fall to

some combination of the government and private sector,

“This region’s ability to survive and emerge from the deepest recession in decades is

testimony to the strength and vitality of the business community. Its members continue

to be dedicated to making northwest Connecticut the best place to

live and work. The regional collaborations that are in place will sus-

tain our corner of the state as it rebounds and will help it thrive in

this highly competitive global market. Thank you to CBIA and the

sponsors of this survey for acknowledging the value of the northwest

Connecticut economy. I am certain this survey will help businessesfind the solutions that will ensure the region’s economic success.”

JoAnn Ryan • President and CEO, Northwest Connecticut Chamber of Commerce




29% believed it would remain with the private sector,

and 22% anticipated it would largely become a function

of either the state or federal government.

The vast majority of respondents (92%) believe tort

reform to reduce malpractice costs has a high or moder-

ate potential to reduce health care costs; 90% believe

the same about an increased focus on prevention and

wellness. A reduction in the number of state health care

mandates (79%) and more adequate state funding of

Medicaid (67%) are also seen as strategies with

moderate to high cost-saving potential.

Conclusion

With its pristine mountain trails and pastoral country-

side, Connecticut’s northwest corner has long distin-

guished itself as a region where arts, culture, and

recreational opportunities abound. No less important

than preserving its heritage areas and rural beauty is

nurturing the region’s economic development through

policies and practices that encourage business invest-

ment and growth.

The 2010 Survey of Northwest Connecticut Businesses

looks at how local companies are coping in a difficult

economy, where they believe their region’s greatest

assets lie, how they are navigating the road to recovery,

and what legislators and policymakers can do to help

pave the way.

Taken together, the results of this year’s survey suggest

a heightened interest in regional collaboration, greater

emphasis on the area’s manufacturing sector, modest

expectations for economic recovery in the near term,

and significant concerns about taxes, health care costs,

and the state’s budget deficit.

Though credit presently poses little problem for north-west Connecticut’s businesses, a diminishing customer

base and shrinking profit margins have forced them

to get lean—cutting back on everything from energy

expenditures to employee benefits.

Most businesses believe economic recovery in north-

western Connecticut will begin in earnest around 2012,

when our next survey of the region is scheduled to enter

the field. As we investigate how companies in the region

are faring in a post-recession economy, we hope to be

able to report on a robust recovery and an improved

business climate.

“Manufacturing is vital to our economy, and the businesspeople in northwestern

Connecticut get that. It’s encouraging to see their focus on

improving manufacturing to boost economic development, and

it’s important that policymakers do what’s necessary—such as

improving education, speeding permitting, and lowering the

cost of doing business—to assist the northwest Connecticut

community in its efforts.”

Peter M. GioiaVice President and Economist, CBIA




Alcoa Inc.

Alcoa (NYSE:AA) is the world leader in the production and management of primary aluminum,

fabricated aluminum and alumina combined,

through its active and growing participation in all

major aspects of the industry. Alcoa Power and

Propulsion, a business unit of Alcoa, consists of

Alcoa Howmet and Alcoa Cast Products. This

global business is a leader in airfoil and structural

investment castings for the aerospace, defense,

energy and industrial markets. Its technology-

leading products are used primarily in jet engines

and industrial gas turbines. With 22 production

facilities worldwide, Alcoa Power and Propulsion

employs approximately 9,000 people.

Alcoa serves the aerospace, automotive, packaging,

building and construction, commercial transporta-

tion and industrial markets, bringing design, engi-

neering, production and other capabilities of Alcoa’s

businesses to customers. In addition to aluminum

products and components including flat-rolled prod-

ucts, hard alloy extrusions, and forgings, Alcoa also

markets Alcoa® wheels, fastening systems, preci-

sion and investment castings, and building systems.

The Company has been has been a member of the

Dow Jones Sustainability Index for eight consecu-

tive years. Alcoa employs approximately 59,000

people in 31 countries across the world.

Visit alcoa.com.

Bicron Electronics Co.

Established in 1964, Bicron specializes in the

design and manufacture of standard and custom

solenoids, transformers, BIL-rated and high frequen-

cy magnetics, current transformers and sensors, as

well as assemblies incorporating these components.

Bicron continuously strives for customer satisfac-

tion in every product it manufactures. This is a

commitment not only by top management but also

at every level of our product development, product

delivery and customer service teams.

The result: continuous improvement in all aspects

of our operations as well as innovative change

wherever change brings lower overall costs and

higher quality for our customers.

The Bicron Production System enables best practic-

es and puts many new management methodolo-

gies into daily practice. These include: S P O N S O R P R O

F I L E S




The Bicron Production System is the foundation for partner-

ship programs that enable Bicron to respond to customer

needs quickly and in innovative ways. It lets us work togeth-

er to reduce not only product costs but also many indirect

costs, such as inventory, engineering and quality adminis-

tration, resulting in:

■ Lower total product cost ■ Higher quality

■ Responsive delivery scheduling ■ On-time delivery

Visit bicronusa.com.

Connecticut Light and Power Company

The Connecticut Light and Power Company (CL&P) has been

part of everyday life in Connecticut for more than 100 years,

providing safe and reliable electric service to homes, neigh-

borhoods and businesses. With 1.2 million customers in

149 cities and towns, CL&P is an active member in the com-

munities it serves, offering programs in energy conservation,

economic development and environmental stewardship.

Yankee Gas Services Company (Yankee Gas) is

Connecticut’s largest natural gas distribution company,

delivering safe, reliable natural gas service to approximately

202,000 customers in 71 cities and towns. Yankee Gas

is expanding Connecticut’s energy options and increasing

customer choice by extending the availability of clean,

efficient natural gas throughout the state.

Visit cl-p.com.

Litchfield Bancorp

Litchfield Bancorp is a well-capitalized, $200 million,

full-service mutual institution that has served Litchfield

County since 1850. We are proud of our heritage and the

record we’ve established as a highly responsive, customer-

centric institution. Our branch network includes offices in

Litchfield, Torrington, Oakville, Washington and Lakeville.

As a mutual bank we have no stockholders, and our only

focus is on our customers and the communities we serve.

Our directors and corporators are recognized leaders in

northwest Connecticut, and we seek their advice on how

we can expand and improve our services and products.

We offer a full range of services tailored to the needs of the

northwest Connecticut business community and have a

■ QS and ISO 9001:2000

Quality Standards

■ Total Quality Management

■ S.P.C.

■ Work Teams with

Visual Controls

■ Preventative-Predictive

Maintenance

■ Time-based

Management

■ Flexible CellularManufacturing

■ Single Piece

Work Flow

■ Kanban Material

Management




special focus on professional organizations. Most

importantly we work as partners with our commer-

cial clients, and that teamwork is critical to their

growth and success.

Visit litchfieldbancorp.com.

Northwest Community Bank

Northwest Community Bank is a mutually owned,

state chartered bank, resulting from the 1996

merger of Winsted Savings Bank and Northwest

Bank for Savings (formerly Mechanics Savings

Bank of Winsted). As we celebrate our 150th year

in business, we continue our long-standing tradition

of helping local businesses and residents grow and

prosper. We provide an array of financial services

and products, including safe, FDIC-insured deposit

products as well as loans for any worthwhile

purpose.

In addition to its headquarters in Winsted and a

branch in the town’s west end, the bank has branch-

es in Avon, East Granby, Granby, New Hartford, and

Torrington, as well as an academic branch in

Northwestern Regional #7 School in Winsted.

On January 31, 2001, Northwest Community Bank

joined Litchfield Bancorp to form the Connecticut

Mutual Holding Company, the state’s first multi-

bank mutual partnership. Collinsville Savings

Society joined the Connecticut Mutual Holding

Company on Jan. 1, 2010. This affiliation allows all

three banks to better serve their customers without

losing personal service and local identity.

Northwest Community Bank is managed by local

people who are committed to continuing the tradi-

tion of supporting local charitable and educational

institutions. Directors, officers, and employees

serve on many boards of organizations, including the YMCA, the United Way, local chambers of com-

merce, Rotary Clubs, The Community Foundation of

Northwest Connecticut, and many more.

The bank provides its customers with products and

services that are competitive, and it does that with

personal attention, recognizing that its customers

are its most important asset.

Visit nwcommunitybank.com

Northwest Connecticut Chamberof Commerce

The Chamber of Commerce of Northwest S P O N S O R P R O

F I L E S




Connecticut has been the premier business resource for

20 towns in the region since 1901. Throughout this period,

the Chamber has worked tirelessly to fulfill its mission of

promoting economic growth while enhancing the quality of

life in northwestern Connecticut.

Together with its affiliates, the Community Council and the

Tri-State Chamber of Commerce, the Chamber and its

Education Foundation have made great strides that are

reflected in the vibrancy that exists throughout the business

community and beyond. Highlights that demonstrate the

commitment to growing a strong region include the

Economic Development Corporation, the School to CareerPathways, Leadership NW, WOW Forum, SCORE, the

Small Business Development Center, Legislative Agenda,

Workforce Investment, Health Care Council and Insurance

Committee, and the future Northwest Connecticut Welcome

& Information Center. All are examples of the Chamber’s

dedication to increasing the awareness of the economic,

educational, cultural, and civic opportunities available to all.

It is the Chamber’s goal that this valuable survey report will

be utilized as a guide in overcoming the obstacles thatstand in the way of building a bright future for our region

and its residents and guests.

Visit nwctchamberofcommerce.org;

nwctwelcomecenter.org; nwctedc.com.

Union Savings Bank

Established in 1866 and headquartered in Danbury,Connecticut, Union Savings Bank is a $2.5 billion mutual

bank dedicated to providing excellent service to its custom-

ers and communities. As a full-service financial institution,

Union Savings Bank provides banking, mortgage, invest-

ment, and insurance products throughout western

Connecticut, with 28 offices in Bethel, Bridgewater,

Brookfield, Canton, Danbury, Kent, New Fairfield, Goshen,

Litchfield, Marble Dale, New Milford, Newtown, Ridgefield,

Roxbury, Sharon, Southbury, Torrington, and Washington

Depot. The bank provides financial services to individuals,

businesses, not-for-profit organizations, and government

entities through its commercial, residential, and consumer

lending divisions, corporate services, retail banking, and

investment management and trust services.

Union Savings Bank is more than a bank. It is a forward-

thinking institution of trustworthy, dependable advisors

unified by its tradition of helping customers and communi-

ties to financially grow and prosper, now and for generations

to come.

Visit unionsavings.com.




Connecticut Business& Industry Association

CBIA is Connecticut’s largest business organiza-

tion, with 10,000 member companies. Our

public policy staff works with state government

to help shape specific laws and regulations to

make Connecticut’s business climate competi-

tive and support job creation. Our councils,

committees, and roundtables give our members

forums in which to become involved in the

legislative and regulatory processes.

One of the most important functions of CBIA is

to provide our members with information that

can help them better manage their businesses.

We conduct training seminars and workshops;

arrange for consulting services; and hold confer-

ences on environmental regulations, health and

safety, human resources, compensation and

benefits, taxes, energy, and health care. Our

free telephone consulting service gives mem-

bers access to our experienced staff of profes-

sionals on a wide range of business topics.

Many CBIA members take advantage of our

employee benefits plans, discount programs,

and group purchasing opportunities. These

include innovative health and dental insurance

programs as well as other insurance lines, retire-

ment plans, a COBRA continuation program, an

eyewear savings plan, group energy purchasing,

and member discounts on everything from

packaging materials to background checks.

Visit cbia.com. A B O U T C

B I A



CBIA CnneCtCut Busness & ndustry AssCAtn

10,000 businesses working for a competitive Connecticut

350 Church St. • Hartford, CT 06103-1126 • 860-244-1900

cbia.com

cbia survey of northwest connecticut businesses

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