Connecticut Business Leaders See Stability, Potential Improvement in the Economy

 Connecticut Business Leaders See Stability, Potential Improvement in the Economy

Hartford Courant, June 2, 2016

By Daniela Altimari

Connecticut business leaders are cautiously optimistic about the future, according to a recent survey released.

The 2016 CBIA/Farmington Bank 1st Quarter Economic and Credit Availability Survey found that nearly half of Connecticut businesspeople expect economic conditions to remain stable, while about a third expect improvement for their firm over the next three months.

"Business owners will only invest and create jobs if they feel business conditions are stable,” said Pete Gioia, an economist with the Connecticut Business and Industry Council. "To turn this cautiously optimistic outlook into reality, we must make economic growth a top priority in the state.”

1,800 business execurtives surveyed back to top

The questionnaire also found that 61 percent of businesses are making capital investments in their firms and 88 percent said that obtaining credit to fund those improvements is not a problem.

Yet only about a quarter describe Connecticut’s lending climate as good or excellent, while 56 percent said they consider it average.

Asked if they believed the U.S. economy was headed into a recession, 53 percent of respondents said it was unlikely or highly unlikely, while about a third said it was likely or highly likely.

The survey was mailed to 1,800 Connecticut businesspeople in April; 202 responded, giving the survey a margin of error of plus or minus 7 percentage points.