A survey of 580 Connecticut businesses found that many are still struggling in a “post-recession economy.” The survey, published by the Connecticut Business & Industry Association, found that business profitability has not rebounded to prerecession levels, but continues on a slight upward trajectory.
Fifty-nine percent of the businesses surveyed recorded a net profit in 2011, and 57 percent expect a profit in 2012. And while many companies have a negative view of Connecticut as a place to operate a business, the percentage of companies looking to relocate to another state in the next five years is down 18 percent from last year. However, concerns about Connecticut’s economy ranked second for businesses, followed by tax increases. Roughly equal numbers of businesses are worried about Connecticut’s sluggish job growth and international economic instability and about 8 percent of businesses were worried about state and federal regulatory burdens.
“We need to restore business confidence in Connecticut in order to secure job growth and create a bright economic future,” John Rathgeber, CBIA’s president and CEO, said. “But to do so we must address our state fiscal challenges, business costs, workforce preparedness and infrastructure needs.”
Manufacturing seems to be rebounding in the state according to the survey.