Will there be a recession in 2023? Or, are we currently in one?
Those seem to be the two biggest economic questions as we start the new year. Economists and business leaders seem to be split on the issue.
However, Hartford Business Journal and New Haven Biz readers are much more pessimistic about 2023 than they were a year ago.
In fact, only 36.5% of HBJ and NHB readers say Connecticut’s economy will improve this year. A year ago, 66% of readers predicted the economy would improve in 2022.
Meanwhile, 42% of readers expect the state’s economy to decline in 2023, while 22% expect no growth. And only 40% of readers think the state’s economy is in better shape than it was a year ago, while 39% say they plan to hire additional staff in 2022.
Those were some of the findings from Hartford Business Journal and New Haven Biz’s 2023 economic outlook survey, the results of which are featured in this special pullout section.
Click here to see the results of our readers survey
The survey, sponsored by NBT Bank, was emailed to more than 20,000 HBJ and NHB Today subscribers. The unscientific results were gathered over a three-week period in November, and garnered 450 respondents.
Of those surveyed, 75% said they work at privately-held companies and 64% said their business has fewer than 50 employees.
The results provide a window into how the state’s economy will perform in 2023.
Other notable survey results include:
- 46.5% of respondents said they can’t find qualified workers to fill open positions, confirming that the workforce shortage still remains a drag on the economy.
- 51% of respondents said they will have to raise wages in the year ahead to attract employees.
- Despite concerns about office space downsizing, nearly 66% of respondents said they don’t plan to make changes to their space in 2022, yet 70% of respondents said they will allow their employees to work from home this year on a part- or full-time basis.
Click here to see the results of our readers survey
We hope you find the survey results informative and we wish you good luck and health in the year ahead.
Greg Bordonaro
Editor
