The 2016 CBIA/Farmington Bank 3rd Quarter Economic and Credit Availability Survey results were released and reports that the state should expect “stable business conditions.”
But for many actual businesses the survey also said they are less than optimistic about the future for their company.
On lending some good news the results also confirmed that business people agreed with the bankers we interviewed in the previous issue of Business New Haven, banks are lending, according to 79% of respondents. Whether that will continue is not a view universally shared 28% expected lending conditions will deteriorate.
While there are more than 100,000 businesses in Connecticut and many thousands of business members in CBIA [more than ninety-five percent would be classified as small business by the Small Business Administration], only 176
responded to the email survey.
CBIA Economist Pete Gioia explained that concerns about the future were would be effecting hiring, “while the probability of a recession is likely low, it’s important to note that more companies are preparing for a reduction in staffing.”