Murphy Issues Report On Critical Importance Of Export-Import Bank To Connecticut Aerospace Manufacturers & Jobs

Press Release

Today, just weeks after Republican inaction caused the Export-Import Bank of the United States (Ex-Im) to expire on July 1, 2015, U.S. Senator Chris Murphy (D-Conn.) released a report outlining the critical role that the Ex-Im Bank plays in supporting thousands of jobs along Connecticut's Aerospace Corridor.

Murphy's report reveals that since 2007, the Ex-Im Bank has supplied Connecticut's Aerospace Corridor with more than $1.1 billion in insurance, credit, and loans, directly supporting twenty-seven Connecticut aviation and aerospace manufacturing exporters, hundreds of Connecticut suppliers, and nearly 30,000 Connecticut residents employed in the aerospace sector. Furthermore, Murphy's report finds that the Ex-Im Bank generated more than $1.7 billion in exports for Connecticut's aerospace industry alone, accounting for nearly half of the total $4 billion that the Ex-Im Bank generated for Connecticut. As a result, if Congress fails to reauthorize the bank, Connecticut's aerospace manufacturing companies will suffer at a disproportionately high rate.

"Connecticut's aerospace manufacturing economy cannot afford any further delay by Congress on reauthorizing the Export-Import Bank. There are thousands of jobs at stake in Connecticut, and it's time for the Republican war on the bank to end. The Ex-Im Bank is a critical resource for Connecticut's aerospace exporters and manufacturers who rely on it for export financing each year, and these companies create thousands of jobs with Ex-Im financing," said Murphy. "I will do everything I can to ensure that Congress acts as quickly as possible to preserve the bank and get our aerospace manufacturers the support they deserve."

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