Connecticut businesses are reporting improvements in many areas, but remain concerned about the recession and most do not expect a recovery until next year at the earliest, according to results from a poll by the Connecticut Business & Industry Association.
Executives responding to the survey reported slight improvement in production, sales, and productivity for their firms and were less pessimistic about future performance.
Two-thirds of those surveyed by CBIA expect Connecticut’s economy to worsen, down from 71 percent in the first quarter and 92 percent in the fourth quarter of 2008. The number expecting the economy to remain stable grew to 27 percent, up from 18 percent last quarter. Only 7 percent expect improvement, down from 11 percent last quarter but up from 5 percent a year ago.
“Connecticut and the U.S. economies are facing a prolonged real estate market downturn and credit problems, and while we have seen some positive changes and a halt in the downward slide, we are still facing very difficult times,” said Peter Gioia, chief economist of CBIA. “With 70,000 people out of work and businesses closing in record numbers, we need incentives and policies to create a climate for investment and growth.”
