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State Residents Believe Economy, Business Conditions Have Improved, But Uncertain About Future, Hesitant About Prospects

Latest Signs Seen in Release of Connecticut Consumer Confidence Data

Contact: Kristi Sullivan, 860-571-6213

Results for the Q4 2015 InformCT Consumer Confidence Survey were released this week - providing a measure of the strength of the Connecticut economy as well as a gauge of select economic factors. The latest survey produced the following insights about the Connecticut economy:

Business Conditions

  • There appears to be a significant increase in the percentage of respondents who feel business conditions are better than six months ago (+5%).
  • This is reinforced by the increased number who responded that the Connecticut economy is improving (up to 27% from 23% in Q3).

Thinking about the overall business conditions in Connecticut now versus six months ago, do you feel that they are...

Jobs and Quality of Life

  • 1/3 of the respondents are still concerned about themselves or their partners losing their jobs and 1/2 continue to have doubts about their ability to retire comfortably.
  • There was a 3% increase in the number of respondents who feel that “there are plenty of jobs for anyone who wants to work” (+3% to 13%).
  • These attitudes and concerns are evidenced by a decline (from 51% to 47%) in respondents who feel that Connecticut is a good place to live and raise a family.
  • Also relevant is the increase to 37% (from 34%) of respondents who are likely to move out of Connecticut in the next five years.

Personal Finances and Spending

  • Respondents generally see no change in their personal financial situations from last quarter.
  • However, over 1/4 responded that their credit card balances are higher than one year ago while 1/5 reported that their balances are less.
    • Women are somewhat more likely than men (31% to 26%) to report higher credit card balances.
    • Respondents ages 26-35 are the most likely to carry higher balances (43%).
  • Just over 1/2 of the respondents have a monthly budget and stick to it, while 1/4 do not have a monthly budget.
  • Just over 1/3 are somewhat or very likely to make a major consumer expenditure, up from 1/4 last quarter.

The quarterly survey is released by InformCT, a public-private partnership that provides independent, non-partisan research, analysis, and public outreach to help create fact-based dialogue and action in Connecticut. Administered by researchers from the Connecticut Economic Resource Center, Inc. (CERC) and Smith & Company, the analysis is based on the responses of residents across Connecticut and addresses key economic issues such as overall confidence, reactions to housing prices, upscale consumer purchases, leisure spending and current investments.

The InformCT Consumer Confidence findings are a valuable and cost-effective strategic planning tool for any company or organization that wishes to take the temperature of the Connecticut consumer, such as financial services institutions, health care providers, insurers, developers, utilities, trade associations, and advertisers. Those who wish to subscribe to regular information can add proprietary questions for their own purposes.

More information about subscribing can be found at informct.org.