CT News Junkie

A Connecticut news site that understands the usual media offerings just…aren’t…enough.

Executives: Connecticut Economy Still Lagging

by | Aug 7, 2014 11:53am () Comments | Commenting has expired | Share
Posted to: Business, Corporate Watch, Jobs, Labor

CTNJ file photo A quarterly survey of business executives by the Connecticut Business and Industry Association found that 84 percent expect business conditions for their companies to improve or remain the same over the next three months.

That’s down slightly from the 86 percent the organization found during its last survey, according to a CBIA press release. The last survey the organization did was in the fourth quarter of 2013. There was no survey conducted for the first quarter of 2014.

Pete Gioia, a vice president for the association, said business optimism should be increasing.

“The numbers should be improving, but confidence among business leaders seems to be stalled,” he said. “More needs to be done to encourage growth and investment in Connecticut.”

The good news is that sales, production, and workforce trends held steady since the last survey. Thirty-nine percent of respondents expect increases in production and sales, while 19 percent predict decreases. The survey also found 24 percent plan to expand their workforce, while 15 percent see it shrinking.

The survey also suggested that the number of businesses who feel Connecticut’s economy is improving dropped from 18 percent to 14 percent. Meanwhile, the number who feel the national economy is improving increased from 26 percent to 30 percent.

“The numbers show that Connecticut’s economy continues to lag the nation and much of the Northeast,” Gioia said.

National employment increased by 209,000 in July, and the unemployment rate was little changed at 6.2 percent, the U.S. Bureau of Labor Statistics reported on Aug. 1. Connecticut specific numbers for July are expected later this month.

CBIA mailed the survey out in July and the results are based on responses from 219 business executives. The survey has a 6.8 percent margin of error.

Tags: , , ,

Share this story with others.

Share | |


(6) Archived Comments

posted by: ASTANVET | August 7, 2014  2:16pm

“The numbers show that Connecticut’s economy continues to lag the nation and much of the Northeast,” Gioia said - HAHAHAHA… I’ve been saying that for years.  No liberal wants to hear it… and we wonder why we’re part of the “rust belt”.  I think the politicians and loud political voices should really examine WHY we have been in a steady state of decline for the last 20 years.  Why don’t we ask dear old Mrs. Prague who said upon her departure from the CGA that the state was in a “mess”... no recognition that she had been building that mess for 30+ years.  How are we going to fix this? Hard work, and discipline in spending.  I would suggest a state version of the Penny plan. That is only 1/2 the battle - we need to set conditions for the economy of CT to grow, not contract.  Get out of the way of business.  Stop borrowing and bonding - get the govenrment and services we can afford, and have NO UNFUNDED LIABILITIES!

posted by: dano860 | August 8, 2014  7:41am

Add to this the latest report by Conde Nast of ‘least friendly’ cities in the nation. Aren’t we have two in the top 10, New Haven ranks #5 and Hartford #3, isn’t it wonderful how we keep getting into these surveys? The problem is that we are regularly ranked on the wrong end of all of these polls and surveys.
It appears that we can’t continue doing what we are doing, it isn’t working!

posted by: jim black | August 8, 2014  9:16am

Finally, one of Malloy’s accomplishments. Terrible economy and exodus.

posted by: Salmo | August 9, 2014  1:08am

He looks like he’s doing alright.

posted by: SocialButterfly | August 9, 2014  11:35am

The only one who will tell you our state economy is good is Malloy and his party misinforming agents. Over
$3 billion dollars in deficit can’t be covered up by false campaign election releases. Anyone who votes for Malloy doesn’t care about the plight our big spending governor and his rubber-stamp Democratic General Assembly has put us in.

posted by: Commuter | August 9, 2014  12:34pm

These surveys are pretty meaningless except that they get reported as though they are meaningful. It’s an echo chamber of self-referential hand wringing.

There is no point in spending much time picking this apart, but here’s a few quick reasons that these silly exercises should be relegated to the circular file.

First, with a margin of error of 6.8%, the survey doesn’t provide a basis for analysis of anything.

Second, with a margin of error of 6.8%, talking about a move from 86 to 84 percent is nonsense.

Third, with 84 percent of respondents saying they expect business to improve or stay the same over the next three month, Gioia’s assertion - in addition to having no rigorous basis in the first place - that business optimism should be increasing is more nonsense.

Fourth, this is very broad brush. Any individual business owner is expressing his or her opinion either based on their particular set of circumstances, or they are talking about the general environment - which means that their opinion is about as good or bad as the next pedestrian, since they are not PhD economists.

Fifth, speaking of pedestrians, Gioia is not a PhD economist. Just sayin’.

Sixth, these surveys are done for the purpose of raising the profile of CBIA, and serve no useful purpose beyond that.

In fact, they contribute to the unnecessarily negative climate that they are ostensibly measuring.

‘nuff said.

Social Networks We Use

Connecticut Network


Our Partners

Sponsored Messages