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Optimism Abounds
CBIA survey: Business owners hope for better year
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Business New Haven
1/19/2004
By: BNH
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Increases in Connecticut's Work Force Expected
Connecticut businesses are expecting 2004 to be a very good year for their companies, the national and state economies and job growth. So says the Connecticut Business & Industry Association's (CBIA's) first-quarter economic survey of executives.
"One of the biggest problems facing the economy since the beginning of 2002 has been lackluster hiring," explained Peter Gioia, CBIA economist. "This new survey shows that the economy is on track and that 2004 will finally bring job growth to Connecticut. Hiring at the start of the year will be slower than at the end, but the best news of this survey is that companies are planning to increase their work force."
With regard to employment, 38 percent of respondents expect to increase the size of their workforce in 2004. Another 48 percent expect the number of jobs to remain stable. Just 14 percent expect to cut jobs.
These numbers indicate that Connecticut will see net job gains in 2004, but hiring will be slow in the first quarter of the year. Twenty-two percent of respondents said they will increase the number of jobs this quarter, 65 percent said they expect the number of jobs to remain stable, and 13 percent expect to cut jobs.
More than three-quarters of respondents (77 percent) expect the national economy to improve over the first quarter, compared with only 56 percent three months ago and 21 percent a year ago. Only six percent expect the economy to worsen - down from 36 percent a year ago.
Optimism regarding the state economy is more muted. Fifty-two percent of respondents expect improvements over the next 90 days, compared with 29 percent last quarter and 11 percent a year ago. Thirty-eight percent expect economic conditions in Connecticut to stay the same. Eleven percent expect the state's economy to worsen. That's down from 21 percent last survey.
Production and sales outlooks have improved markedly, with half of the respondents expecting sales or production increases this quarter. Thirty-six percent expect sales and production to remain the same and 14 percent expect decreases. A year ago, only 29 percent of respondents expected increases, and 26 percent expected decreases in sales and production.
"Overall, this survey indicates that the economy is on track, and that, at long last, Connecticut may see growth in the workforce that matches other areas of economic performance," said Gioia.
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