United Technologies made an announcement on Wednesday, saying it plans to hire thousands and invest billions.
According to its CEO, the company plans to hire 35,000 people between this year and 2022.
It also will make investments in more than $15 billion in research and development and capital expenditures in the U.S.
UTC officials said much of this investment is due to tax incentives passed recently in Washington D.C.
"The U.S. now has one of the most competitive tax systems in the world, and it makes investing in the U.S. all the more easy to justify," said Gregory Hayes, UTC's CEO.
He added that the tax reform will make it possible to expand.
Adding to that, there's a huge demand for commercial aircraft. Pratt and Whitney has an order of 8,000 jet engines.
This means the company will need to rely on suppliers, small and medium-sized businesses.
“Our success depends on the success of each of our suppliers," Hayes said. "UTC is collaborating with [the U.S. Small Business Administration] to support and train the supply chain. Over the next five years, UTC will spend more than $75B with US suppliers further bolstering local economies and communities."
Hayes said UTC has been growing globally. He said over the past three years, it has created more jobs in the U.S. than the rest of the world combined.
“Our investments reflect our core belief that, similar to U.S. economic goals, United Technologies’ continued success will be dependent on a highly-skilled workforce, world-class manufacturing facilities, and workforce education programs that enable employees to improve their skills and remain competitive in an increasingly digital economy," he said.
SBA Administrator Linda McMahon was there for the announcement.
"I've been talking about these public-private partnerships all over the country because if we are going to develop our workforce that is the number one thing I hear now," McMahon said.
Some of the money will be used to help train workers at supply companies. There are about 3,000 of them in Connecticut.
The state's suppliers will benefit from this investment, as they expect to hire more workers to keep up with demand.
In two years, Pegasus, based in Middletown, went from 72 employees to 120.
They currently have 11 openings.
"Aerospace is spectacular right now. You can say that about any company in the state that's in the aerospace sector,” said Todd DiPentima, of Pegasus manufacturing.
Business is booming and they are expanding, and the announcement from United Technologies will help them continue to grow, as 80 percent of parts for jet engines come from outside suppliers.
Currently, there is an order for 8,000 jet engines for commercial aircraft.
"Anything that helps to train the workforce in Connecticut in the region to support the supply chain is helpful,” said Jason Jarvis, of Jarvis Airfoil.
This could also encourage new companies to start up and bring even more jobs.
In a statement on Twitter Wednesday, Gov. Dannel Malloy said "Connecticut's partnership with UTC is paying off - just a couple of years ago we passed historic legislation partnering with the company to further cement their presence and grow jobs, and now they continue to expand here. #CT continues its standing as worldwide aerospace leader."
More information on the investments can be found on a website it created for the initiative, here.
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