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The quick take away: respondents are generally positive about markets, except for the office market and the overall economy, Of the 72 respondents 47 were brokers and 15 economic development professionals from Connecticut and out-of-state, nearly one-third of respondents were from New Haven County.
Respondents generally rated local market conditions as satisfactory, with a majority saying the industrial, investment, and residential markets in their respective regions were “Excellent” or “Good”. The local office market didn’t bring as positive a response however, three quarters of the respondents rating their local office market poor or fair.
By MItchell Young
HARTFORD: The date has been set and registration is open for The Connecticut Governor’s Conference on Tourism [registration link] on May 4th at the Connecticut Convention Center.
The confab comes at a time that Connecticut’s largest tourism draws, the Foxwoods and the Mohegan Casinos are bracing for significant competition from new casinos, in neighboring Massachusetts and New York.
The Nutmeg tourism industry is said to employ more than 60,000 people, nearly a third at the two Casinos and their immediate vicinity. The Connecticut Department of Economic and Community Development [DECD] says, that overall tourism employment grew 13.6% in the past ten years and the Department of Tourism says that more than 1.6 million people visited Connecticut in 2015.
HARTFORD: New search capabilities of the state’s business formation database have been made available through a partnership with the Connecticut Secretary of State’s office and the Connecticut Data Collaborative. Searching is more flexible than the secretary’s official CONCORD System. The new database doesn’t include all the information found on Concord, such as shareholder information but users can search by town or date, and type of formation, [ LLC, Corp., Foreign etc.], sole proprietorships are not currently in the database, in the Concord system the business name or ID is required.
A quick search showed more than 424,000 active and inactive business records and 824 new business formations in the city of New Haven in the past year, 38 used New Haven in their name itself. The website can be reached at searchctbusiness.ctdata.org
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.”
|CBIA's, Gioia: companies waiting to see about the economy.|
The 2016 CBIA/Farmington Bank 2nd Quarter Economic and Credit Availability Survey reveals that about half (49 percent) of Connecticut business leaders predicted unchanged, stable conditions in the short term.
One-third of business responders felt their conditions would improve, increasing slightly from the first quarter, 17 percent also expect their company’s outlook to worsen, down from 19 percent and 32 percent stated their workforce will increase, while in the first quarter, that number was 29 percent.
CBIA economist Pete Gioia said businesses are starting to adopt a more optimistic outlook, but most of those surveyed are still sticking with this “wait-and-see attitude” for their future.
This second quarter survey was emailed out to 1,800 Connecticut business leaders in September and a total of 117 responded.
New Haven Magazine