by Charles A. Monagan
Sep 12, 2011
01:06 PMOn Connecticut
Lost in all the 9/11 coverage over the past week was the release of The 2011 Survey of Connecticut Businesses, compiled by the Connecticut Business & Industry Association in conjunction with BlumShapiro.
The survey, which "takes the pulse of Connecticut's business community," hardly paints a rosy picture of the state's current economic landscape. According to the 707 businesses that responded to the survey (over 5,000 were sent out), three quarters (75%) of them have a somewhat or very negative view of the state's business climate, blaming state taxes and fees, the way the state government handles business and the overall cost of doing business as the reasons.
Other than that, everything's great! [*insert rim shot*]
Some other noteworthy results from the report:
- 56% of those businesses surveyed recorded a net profit in 2010, an increase over 2009, and expect to be profitable again this year.
- 17% expect a net loss this year, while 27% plan on breaking even.
- 27% consider current economic conditions as excellent or good for their business, while 49% see the glass half empty, rating conditions as fair or poor.
- 56% added or expect to add jobs this year, while 55% plan on hiring more employees in 2012.
- Only 17% of businesses that responded are optimistic that things will improve in the state over the next five years while 63% are pessimistic.
The survey has all sorts of other interesting data, but the overall vibe is that Connecticut is mired deep in an economic morass and it will take significant change over years to bring it back to its previous robust status. Having both the president and the governor focused on job creation is certainly a step in the right direction, but it's still going to be rough going for the foreseeable future.
As if we hadn't enough "rain" around here lately.Climate Change?