CBIA/BlumShapiro 2010 Survey of Connecticut BusinessesNovember 01, 2010
For the ninth consecutive year, BlumShapiro and the Connecticut Business & Industry Association (CBIA) have partnered to produce the Survey of Connecticut Businesses. This annual report examines the economic, financial and regulatory climate in which Connecticut companies operate, gauging their business outlook and highlighting relevant policy issues.
2010 Survey of Connecticut Businesses
This year's survey shows that Connecticut businesses face a multitude of challenges, including the high cost of doing business and lingering uncertainty about the state's fiscal health. Despite what economists say is a slowly improving economy, most Connecticut businesses describe current conditions as below average, and they don't expect their companies to fully recover until sometime in 2011 or 2012. Uncertainties in the national and state economies, Connecticut's anticipated budget deficits and the potential for tax increases are all major business concerns. In addition, poor sales have topped the list as the single greatest challenge to operating a business in the state. Companies are continuing a trend of belt tightening, concentrating more on efficiencies rather than expansion, and want to hear how candidates running in the November elections will address their top issues: resolving the state's fiscal crisis, growing the state's economy, improving the business climate and reducing the regulatory burden on businesses. These are among the major findings of the CBIA / BlumShapiro 2010 Survey of Connecticut Businesses.
The survey was e-mailed to approximately 4,800 Connecticut businesses in June 2010. There were 682 completed surveys for a 14% response rate and margin of error of + 2.6%.
By documenting the challenges and concerns of business leaders, we hope that this study provides direction for policymakers to ensure and accelerate our state's recovery by providing tax relief and easing the regulatory burden on businesses, restructuring state government, reining in state spending and ultimately helping the economy grow and produce job opportunities.