New York and Connecticut small-business owners reported feeling “somewhat positive” about the economy, with the sentiment of those owners placing 28th and 29th, respectively, nationwide in a survey by California-based consumer services company Thumbtack.
Thumbtack issued the monthly national survey to 10,000 small-business owners in June about their sentiments toward financial outlook, hiring and the business climate. Respondents nationwide indicated reduced optimism about the economy for the third month in a row, though sentiment about current and future conditions continues to be higher than that reported one year ago, Thumbtack said.
Connecticut respondents reported their top problems were uncertain economic conditions, poor sales, taxes, consumer confidence and competition from big businesses or overseas. New York business owners reported top problems were poor sales, uncertain economic conditions, consumer confidence, competition from big businesses or overseas and access to credit.
In both states, about a third of respondents, 32.8 percent in Connecticut and 30.4 percent in New York, reported their current financial situation is “somewhat good.” It is “very good” for 19.2 percent of owners in Connecticut and 13.2 percent of owners in New York. It is “neither good nor bad” for 32.8 percent of respondents in Connecticut and 39.5 percent in New York.
Less than half of the Connecticut respondents, 46.3 percent, said they believed their company’s financial situation will be “a little better” in three months. About 22 percent believed it will be “substantially better” and 29.3 percent believed it will be “about the same as today.”
In New York, a little more than half of respondents, 52.5 percent, believed their company’s financial situation will be “a little better” in three months. About 23 percent believed it will be “substantially better” and 21.8 percent believed it will be “about the same as today.”
In both states, nearly 75 percent of respondents reported they have not made any hires in the past three months.
Both Connecticut and New York were deemed some of the least-friendly to states toward small businesses, according to Thumbtack’s 2014 survey results.
Respondents gave both states nearly failing grades for overall friendliness and for ease of starting a business. Both states fared better for their training and networking programs and for ease of hiring.