Connecticut businesses are still skittish about the state’s economic recovery, but there is more optimism about future growth, a new CBIA survey says.
After seeing a steep drop in economic expectations in the second quarter of 2011, the Connecticut Business & Industry Association’s latest quarterly survey showed a slight increase in positive expectations for future quarters.
Almost half (48 percent) of the 235 executives that responded to the survey said they felt the state economy would remain stable or improve, compared with just 27 percent in the second quarter.
Just nine percent forecast a significant worsening, down from 19 percent the previous quarter, the survey said.
As for industry outlook, 23 percent of those surveyed expected that conditions will improve within their own sector, compared with 19 percent in the second quarter.
CBIA economist Peter Gioia said the survey was completed prior to the October special session of the General Assembly and passage of the bipartisan jobs bill, which likely helped spur more optimism from CT Inc.Â
The survey also found that:
·        35 percent expected increased production and sales for the next quarter, consistent with second quarter findings.
·        The percentage of respondents expecting increased productivity fell seven percent to 29 percent in the third quarter.
·        17 percent expected productivity to decrease in future quarters, up from 11 percent in the previous quarter.
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