2018 Survey revels insights into Connecticut economy & upcoming elections

2018 Survey of Connecticut Businesses

This year marks the 17th year that the Survey of Connecticut Businesses has been published, providing an in-depth look at the current state of business and an important glimpse into what the future holds for the state.

The survey, conducted in part by Pete Gioia, measures business performance over the last year and forecasts what the state and U.S. economies may experience over the next 12 months. It provides in-depth discussion of factors driving growth and those stalling it, and also looks at hiring, investment trends, and the impact of federal tax and trade policies.

Survey highlights importance of upcoming elections

As it turns out, business leaders and owners have a lot at stake in the upcoming elections. The race to replace Governor Dannel Malloy has been intense, and all eyes will be watching to see who succeeds him. Critical positions like Lieutenant Governor, State Treasurer and Attorney General are also up for grabs along with all 187 seats in the general assembly.

They survey reported only 5% of business leaders approve of the state legislatures handling of the economy and job creation. 71% of businesses reported that the state of the economy will have a greater impact on their votes this year than it has in years past, in part fueled by the sentiment that local legislators did not understand the needs of business.

What does a study like this mean for you?

A lot. Whether you are a business owner or town official, having a pulse on business performance in your local and regional area is imperative. Additionally, having insight into what this performance and future indicators could mean is critical for economic success. Studies such as the Marcum-CBIA survey of Connecticut Businesses do just that. They provide a real time pulse on the recent performance and plans of business. By gauging attitudes in areas including investment, R&D, and hiring we can see what opportunities for growth may exist.

Through insights into businesses’ perceptions of policy makers decisions, we can better understand what issues are important in an election and gauge how businesses may react to the elections. The survey also provides us a baseline in which to measure the economic landscape in the upcoming year.

These surveys provide a wealth of data for municipal and educational leaders. They show what businesses want in policymakers actions towards business. They talk about expansion and growth or lack thereof. They discuss needs and concerns regarding work force and hiring and what skills are most in-demand. All of this can help municipal and educational leaders in their assessment of economic conditions and their own institutional planning.

“Businesses want change, as do the state’s voters”

CBIA 2018 Survey of Connecticut Businesses

If you have inquiries regarding this or any other Survey, or would like more information about how a survey could be useful for you, Pete Gioia can be reached via email at pgioia@gomanyork.com, or you can follow him on Twitter ( @CTEconomist ).