Credit conditions in Connecticut improved modestly between July and September, according to a Connecticut Business and Industry Association third quarter survey.
Credit availability was at 27.2 points, compared to 25.6 points in the previous quarter, according to a Farming Bank index report. During the same time period last year, the index was at 16.9 points.
“It’s good to see marginal improvement — especially in future expectations — in the index,” said CBIA economist Peter Gioia in a press release. “However, despite record-low interest rates, demand remains rather tepid. This is important because a rise in credit demand usually precedes an uptick in economic growth.”
Roughly 13 percent of CBIA survey respondents rated current credit conditions as “good” or greater and 41 percent said conditions were “poor” or “fair.” About 71 percent of respondents said credit availability was not a problem for their company.