Recently released findings from a state-wide consumer confidence survey have found that confidence among residents that the Connecticut economy is improving has dropped,  yet a large percentage of residents reported it is unlikely they will leave the state.
According to the Q3 2015 Connecticut Consumer Confidence Survey, respondents who agree (strongly or somewhat) that the Connecticut economy is improving has dropped 10 points from end of March to end of September, from one-third to less than one-quarter.
A staggering  9 in 10 respondents believe there are not enough jobs and that jobs are difficult to get, and more people believe it will get worse or stay the same than at the end of Q1.
“A higher percentage of respondents have accepted the fact that business conditions ‘are what they are’ and are not going to change soon. This feeling is also reflected in the ‘not improving’ job market,” said Alissa DeJonge, vice president of research at the Connecticut Economic Resource Center, Inc. in Rocky Hill.
The study was administered for InformCT, a public-private partnership that provides independent research and analysis, by the Connecticut Economic Resource Center and Smith & Company, a Shelton, Connecticut-based market research firm.
In addition, the survey found the percentage of those who would make a major consumer expenditure has dropped 10 points since the end of Q1 ”“ from more than one-third to just one-quarter (26 percent).
Those who would refinance or purchase a home dropped by one-third, from 18 percent to 12 percent from Q1 to Q3, and the percentage of respondents concerned about being able to afford health insurance edged up, from 53 percent to 55 percent.
“Many feel that they are worse off now than 6 months ago and this downward spiral may continue through the next 6 months,” said Stephen A. Smith, president of Smith & Company. “In addition, many do not feel that the Connecticut economy is improving and over half continue to express concern about their ability to retire comfortably.”
While consumer optimism regarding the state economy is down, the negative outlook does not seem to be swaying residents’ decisions to leave the state.
According to the survey, a majority of respondents (51 percent) agreed that Connecticut is a good place to live and raise a family and residents who said it is likely they will move out of state in the next five years has shifted dramatically between March and September.
In Q1 39 percent of respondents said it was very likely or somewhat likely they would leave the state in the next five years. The latest survey shows that number to have fallen to 34 percent.
Results also show that the largest segment, one-third of those surveyed, said a move out of Connecticut is very unlikely, up from 26 percent in Q1.
