DeLauro Celebrates National Manufacturing Day at Bead Industries

Century-Old Milford Business Carrying On Connecticut Tradition

NEW HAVEN, CT--Congresswoman Rosa DeLauro (CT-3) today joined representatives of Bead Industries to celebrate National Manufacturing Day. Bead Industries, which has been in business for over 100 years, develops and makes products used in everything from electronics to home decoration to boat building.

“As a Connecticut manufacturer, Bead is carrying on a 200-year tradition,” said DeLauro, a longtime champion for policies that support manufacturing as an economic base. “Our state was built on manufacturing. It was the cradle of America’s industrial revolution with Eli Whitney. It has been the Arsenal of the Republic since the days of Samuel Colt. These and other great manufacturers provided good-paying, stable jobs for generations of Connecticut residents.”

According to the Connecticut Department of Labor, the state’s manufacturers directly employ around 160,000 workers, and export almost $16 billion worth of goods every year.

DeLauro is the author of the Manufacturing Reinvestment Account Act, which would enable manufacturers to open a Manufacturing Reinvestment Account (MRA), similar to an Individual Retirement Account (IRA). These special low-tax savings accounts would earn interest so they can reinvest more of their profit back into their businesses, such as machinery, equipment, facilities, or worker training. The idea was originally proposed by the New Haven Manufacturers’’ Association. Connecticut established the first MRA program for small businesses in the nation.

Manufacturing Day, which is meant to inspire the next generation of manufacturers, takes place annually on the first Friday in October. For more information, visit https://www.mfgday.com/.


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