Aviation and aerospace manufacturer Pratt & Whitney is facing cutbacks due to the impact on their business because of the coronavirus pandemic.
The Connecticut-based company has multiple facilities in the U.S., including one in northwestern Palm Beach County.
The NBC affiliate in Hartford reported Tuesday about 450 Pratt & Whitney jobs would be cut in the Nutmeg State.
Spokeswoman Jenny Dervin said the layoffs will affect salaried employees, and they "are being informed today."
It is unclear how many jobs will be impacted at the South Florida plant located just west of Jupiter off the Beeline Highway.
It is just another sign that the economy is still under a massive shift.
"The decline has been absolutely enormous. You're seeing the difference in the way people take vacations. Everything is going to be changing," said Dr. Scott Pearson, associate professor of finance at Palm Beach Atlantic University.
He said the change will come with tough conversations for many companies nationwide.
"The recovery is going to take time," Pearson said.
Pratt and Whitney has been rooted in Palm Beach County for more than 60 years.
Real estate agent Debbie Smith said the company has been a catalyst for the area's growth and a hub for South Florida innovation.
She said job loss could force some families to downsize. However, at this point she is noticing a steady upward trend in the housing market.
"Overall, Palm Beach County offers a lot of jobs and a lot of opportunities for new businesses. I’ve seen a huge growth in new businesses. Not having a state tax is a huge reason why people bring their business here," Smith said.
Many believe adapting is the best way to move forward.
"Things are not going to be exactly the way they were," Pearson said.
Two years ago, then-Gov. Rick Scott visited the facility to announce Pratt & Whitney would invest $100 million to create 215 new jobs by 2022.
Below is a statement released Wednesday by the company: