Survey: Connecticut Economy Remains Flat in Second Quarter
Confidence among business leaders stalled
More than three-quarters (84%) of Connecticut business executives expect conditions for their firm to improve or remain stable over the next three months, (down from 86% in the last survey), according to the Connecticut Business & Industry Association's Quarterly Economic Survey: Second Quarter 2014.
Of the 84%, nearly half expect conditions to stay the same while 35% expect conditions for their firms to improve.
Sixteen percent see conditions worsening, (compared to 13% in the previous survey).
Thirty percent of respondents see the U.S. economy improving (up from 26% in the last survey), while only 14% believe Connecticut's economy is getting better, compared to 18% a year ago.
"The numbers should be improving, but confidence among business leaders seems to be stalled," says Pete Gioia, CBIA vice president.
"More needs to be done to encourage growth and investment in Connecticut."
Sales, production, and workforce trends have held steady since the last survey:
- 39% of respondents expect increases in production and sales, while 19% predict decreases
- 24% plan to expand their workforce; 15% see it shrinking
- 47% expect an increase in compensation/benefits costs; 7% expect costs to decrease
- 37% of respondents generate sales from exports, remaining steady over last year
"The numbers show that Connecticut's economy continues to lag the nation and much of the Northeast," says Gioia.
CBIA's Quarterly Economic Survey: Second Quarter 2014 was emailed to over 3,100 Connecticut business leaders in July 2014. A total of 219 responded, for a 7% response rate and a margin of error of 6.8%.
CBIA is Connecticut's largest business organization, with 10,000 member companies. For more information, please contact Meaghan MacDonald (860.244.1957; email@example.com) or visit the CBIA Newsroom.