Connecticut Inc.’s outlook for the state and national economies fell into the dumper at the start of this year, a new survey shows.
The Connecticut Business & Industry Association’s Quarterly Economic Survey: Fourth Quarter 2012 found that more than half (52 percent) of surveyed business leaders expect the state’s economy to worsen in 2013.
That represents an increase of eight percentage points over the previous quarter. Just 14 percent thought the state economy would improve, while 34 percent believed conditions would remain stable.
Expectations for the national economy also dipped, with 40 percent of those surveyed responding pessimistically, compared with 36 percent last quarter.
CBIA economist Pete Gioia said the timing of the survey, which was in the field in January, likely influenced the responses.
“There’s a lot of uncertainty out there, driven in part by Washington’s failure to fully resolve the fiscal cliff issues and the ongoing threats to defense spending,” Gioia said. “These results show a lack of confidence in an economy that’s really stuck in neutral.”
The survey was emailed to approximately 1,900 Connecticut businesses in January of 2013. A total of 187 responded, for a 10.2 percent response rate and a margin of error of plus or minus 7.3 percent.
