CBIA/BlumShapiro Release the 2012 Survey of Connecticut BusinessesSeptember 17, 2012
BlumShapiro and the Connecticut Business and Industry Association (CBIA) released their annual survey of Connecticut’s businesses on September 7. This year’s survey shows that while some progress is being made and profitability is up, Connecticut continues to struggle to grow in a post-recession economy, and the overall sentiment about Connecticut as a place to do business is still negative.
11th Connecticut Business Survey
This 11th annual survey essentially takes the pulse of Connecticut’s business community. This comprehensive report obtained input from 580 Connecticut businesses on a variety of topics, including business, economic and workforce conditions of Connecticut’s workforce to the effects of public policy on individual Connecticut businesses. By gaining vital input from such a wide swath of businesses, the survey identifies issues and trends within the state’s economic, fiscal and regulatory climates.
Since the last survey conducted in the summer of 2011, the state’s economy has fluctuated, growing at a moderate pace through January 2012 but struggling to expand in the ensuing months, the survey finds. Though companies are cautiously optimistic about their own profitability and hiring over the next year, business confidence remains fragile, and key metrics point to continued slow growth in the economy.
The 2012 survey shows that there is a slight upward trajectory in business profitability in the state from 57% to 59%, but business conditions have not improved greatly since 2011. Of the businesses surveyed, only 25% would rate current conditions as excellent or good.
The survey also found that hiring is up within Connecticut, with 43% of the respondents either hiring or planning to hire new full-time workers in 2012. However, 48% of those surveyed reported difficulty in finding qualified workers.