Nearly three-quarters of Connecticut residents believe that the bad news about business conditions in the state may be behind us, according to a recent InformCT Consumer Confidence Survey, with most believing that business conditions will either level off or improve in the coming months. For the third consecutive quarter, the percentage of Connecticut residents who believe that overall business conditions in the state are better or the same as six months ago has climbed to 74%. A slightly higher percentage (76% - the highest percentage in a year) believe that business conditions will either stay the same or get better when looking ahead to the next six months.
For the first time in two years of quarterly surveys, nearly 57% of residents say that Connecticut is a good place to live and raise a family, the highest level since the survey began in 2015. The percentage who either strongly or somewhat expressed that view has climbed steadily for four consecutive quarters. In the latest poll, 57% agreed and only 23% disagreed.
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 Data Collaborative, 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, attitudes toward the economy, personal finance, leisure spending, consumer purchases, housing prices, government programs and current investments. This quarter’s survey of 505 state residents has a margin of error of 4%.
In the survey, the increasingly upbeat views were not as evident in individuals’ views of their personal financial situation. Only 24% said that from a personal financial standpoint, they were better off than six months ago - the lowest percentage in a year. Just over one-third (37%) feel that they will be better off in six months; a decrease from the 44% that held that view at the beginning of the year.
The percentage of survey respondents who disagreed with the statement that Connecticut’s economy is improving dropped for the third consecutive quarter, from 49% to 42%. The percentage concerned about being able to afford health insurance also dropped for the third consecutive quarter to 56%.
The InformCT Consumer Confidence findings are a valuable and cost-effective strategic planning tool for organizations 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. Subscribers can add proprietary questions for their own purposes and evaluate responses by geography and demographic characteristics.
More information about subscribing can be found at InformCT.org.