The pace of Connecticut firms closing their doors slowed in the first six months of this year, the Secretary of the State says.
Susan Bysiewicz’s office reported Wednesday that businesses filing dissolution papers fell 19.3 percent in the January-June to 5,606 from 6,944 a year earlier.
At the same time, 13,544 businesses incorporate during the first two quarters, a decline of 2.5 percent from 13,883 new starts last year, Bysiewicz said.
“The numbers recorded for the second quarter of 2010 are far from ideal,” Bysiewicz said in a statement, ” but the good news is that we continue seeing an overall positive trend – showing that after a long recession, the business climate in Connecticut is slowly improving,”
Economist Don Klepper-Smith, chairman of the Governor’s Council of Economic Advisors, said the slowing business closings indicate the state economy is on path to recovery. However, he cautioned that recovery route is likely to have twists and turns.
“… What we now need to see is business expansion coupled with tangible job growth and associated gains in income,” Klepper-Smith said.
