🔒7th Annual Economic Outlook Survey

How will Connecticut’s economy fare in 2022 compared to 2021?

Improve significantly: 14.10%
Improve slightly: 51.92%
Remain the same: 15.71%
Decline slightly: 12.82%
Decline significantly: 5.45%

Do you think Connecticut’s economy is in better or worse condition today than it was at this time last year?

Better: 71.06%
Worse: 20.26%
Not sure: 8.68%

Do you plan to hire additional staff in 2022?

Yes: 47.57%
No: 27.83%
Too soon to tell/I don't know: 24.60%

Are you able to find workers to fill open positions?

Yes, we are able to find qualified workers: 53.54%
No, we can't find qualified workers to fill open positions: 46.46%

Do you anticipate having to raise wages to attract employees?

Yes: 54.72%
No: 14.33%
Unsure at this time: 30.94%

By what percentage do you expect your employee base to grow in 2022?

Negative growth: 3.28%
No growth: 28.20%
0.1% to 5%: 45.25%
5.5% to 10%: 17.05%
10.5% or more: 6.23%

Do you have plans to expand in 2022?

Yes, with new product lines: 13.64%
Yes, with expansion into new geographic territories: 8.12%
Yes, with new or expanded facilities: 4.87%
Yes, with a combination of some or all of the above: 25.65%
No: 47.73%

Will you raise capital in 2022? 

Yes: 17.53%
No: 59.09%
I don't know: 23.38%

What method do you primarily plan to use to raise capital in 2022? #9

We don't plan to raise capital: 63.89%
Bank loans: 11.81%
Private investment (including venture capital): 10.07%
Public markets:3.82%
Micro-investors (or "crowdfunding"): 1.04%
Other: 9.38%

Do you plan to make a major investment in property, plant or equipment in 2022? 

Yes: 21.04%
No: 57.28%
Too soon to tell/don't know: 21.68%

How will your office space needs change in 2022?

Office space footprint will shrink: 22.62%
Office space footprint will increase: 11.15%
We are abandoning office space completely and moving to remote work only: 1.31%
No change: 64.92%

What do you expect housing prices to do in 2022?

Decrease: 25.00%
Remain flat: 37.66%
Increase: 37.34%

What is your estimate for your company’s revenue performance for 2022 compared to 2021?

Decrease more than 20%: 2.29%
Decrease 11 to 20%: 1.63%
Decrease 1 to 10%: 10.13%
No growth: 13.73%
Increase 1 to 10%: 49.02%
Increase 11 to 20%: 15.69%
Increase more than 20%: 7.52%

Will your company allow employees to work from home in 2022? 

Yes, full time: 15.48%
Yes, part time/hybrid: 54.84%
No, not at all: 29.68%

If you anticipate revenue growth, where will it come from?

New products: 21.85%
New customers: 72.69%
Better retention rate of current customers: 27.31%
Current customers buying more: 41.60%

What is your estimate for your company’s bottom line (net income/profit) performance for 2022 compared to 2021? 

Decrease more than 20%: 1.65%
Decrease 11 to 20%: 2.64%
Decrease 1 to 10%: 11.22%
No growth: 18.81%
Increase 1 to 10%: 47.52%
Increase 11 to 20%: 11.88%
Increase more than 20%: 6.27%

Do you approve of Gov. Ned Lamont’s handling of the Connecticut economy?

Yes: 68.52%
No: 31.48%

What’s the biggest impediment to business growth in Connecticut?

Taxes: 35.05%
Cost of living: 24.74%
Energy costs: 8.93%
Regulatory process: 11%
Healthcare costs: 4.12%
Workforce shortage: 16.15%

Will state government raise new revenues in 2022 to balance the budget?

Yes: 58.67%
No: 41.33%

How will your firm’s healthcare costs fare in 2022?

Decrease more than 20%: 0.33%
Decrease 11 to 20%: 1.33%
Decrease 1 to 10%: 1.66%
No change: 23.59%
Increase 1 to 10%: 46.18%
Increase 11 to 20%: 23.59%
Increase more than 20%: 3.65%