September 7, 2012

CBIA survey finds '11 profitability up, '12 confidence flat

More Connecticut businesses were profitable in 2011, but their confidence for the rest of this year remains weak, a signal that the state's economy is still in a fragile place, a new survey says.

About 59 percent of the 580 Connecticut businesses recently surveyed by the Connecticut Business & Industry Association and BlumShapiro say they were profitable in 2011, up from 56 percent in 2010.

But, while the survey found some progress was made to address concerns about workforce development, small business access to state financing programs, and streamlining regulatory processes, Connecticut has a long way to go to create a business climate that fosters economic success.

The 2012 survey revealed a slight upward trajectory in business profitability in the state, but business conditions did not improve greatly over the last year. Of the businesses surveyed, only 25 percent rated current conditions as excellent or good.

The survey found that hiring was up within the state, with 43 percent of respondents either hiring or planning to hire new full-time workers in 2012. Yet 47 percent reported difficulty finding qualified workers.

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