February 16, 2018

Survey: CT business climate needs help

Business conditions in Connecticut aren't likely to improve within the next six months, say most of the 510 residents surveyed by InformCT, though residents' own personal finances might.

Only 20 percent of those surveyed by InformCT -- a public-private partnership that provides independent, non-partisan research and analysis of issues in Connecticut -- believe the economy is improving. That compares with 24 percent in the fourth quarter 2016 in this Consumer Confidence Survey.

The percentage of state residents who believe that overall business conditions in the state are better than six months ago is at the lowest point in the past three years. Only 16 percent believe conditions have improved, compared with 49 percent who view business conditions as much the same, and 35 percent who say conditions have worsened, according to the survey.

Looking ahead, 49 percent feel that business conditions will remain the same six months from now, the same percentage as in the previous quarter, and slightly higher than the two preceding quarters. A total of 23 percent believe conditions will be better, while 28 percent believe conditions will worsen, the survey found.

When considering the state economy, 63 percent say there are "some jobs but not enough," and 21 percent view jobs as "very hard to get." Looking ahead six months, 63 percent also expect the employment situation in Connecticut will be about the same.

In contrast to these views, 47 percent say their personal financial situation hasn't changed in the past six months and is likely to stay the same in another six months. About 36 percent believe they will personally be better off six months from now, compared with those who believe their own financial situation will be worse (17 percent).

The survey, conducted quarterly since 2015, is administered by researchers from the Connecticut Economic Resource Center, Inc. and Smith & Company.

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