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State Residents See Encouraging Economic News Ahead for Connecticut As Trump Administration Takes Office

Connecticut residents believe that the results of the recent national election may positively affect the state’s economy and efforts to encourage companies to remain in Connecticut. At the same time, nearly 8 in 10 state residents believe that state government, rather than the federal government, is most responsible for improving the jobs situation in Connecticut.

According to a new statewide consumer confidence survey, more state residents believe the new administration will positively (versus negatively) affect the state, as well as their personal financial situation. Optimism increases as residents look ahead to the next four years as compared with the outset of the administration in the upcoming 12 months.

“The national election resulted in a new GOP president and control of the Congress being maintained by the Republican Party. Survey results indicate that respondents believe this consolidation could break the long term deadlock on a number of national policy issues,” said Robert Santy, who serves as Board Chair of InformCT, a public-private partnership that provides independent, non-partisan research, analysis, and public outreach. “On the other hand, our survey shows continued concern being expressed about the state’s fiscal crisis negatively impacting personal finances, as indicated in previous quarters as well.”

Looking ahead to the next year, Connecticut residents are split almost evenly on what the Trump election will mean for the state’s economy, with 38 anticipating a positive impact and 36 percent saying a negative impact is likely, while 26 percent say it will have no effect. When projecting the economic impact in Connecticut over four years, however, nearly half (46 percent) foresee a positive impact compared with 37 percent who expect a negative impact.

Similarly, the percentage who expect a positive impact on efforts to encourage companies to remain in Connecticut grows from 38 percent in the next 12 months to 43 percent when respondents were asked to project the impact over four years.

The InformCT survey also found that state residents are consistently more positive about national results on the state’s prospects than on their own. Less than one-third (32 percent) said they expected their own personal financial situation to be positively affected this year. That number grew 10 percentage points to 42 percent when asked to consider what the impact would be over four years.

State residents indicated that the responsibility for improving the state’s jobs situation belongs with state government, with an overwhelming 79 percent expressing that view, compared with 21 percent who said that the federal government is most responsible.  

“Although the vast majority of state residents clearly say that improvements in Connecticut’s jobs situation are the responsibility of state government, they are optimistic there will be a positive impact on the state’s economy and efforts to encourage companies to remain in Connecticut,” said Santy.

The InformCT Consumer Confidence survey looks 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. The survey of 505 state residents has a margin of error of four percent.

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.

Listen to CERC's VP of Research on the Talk of CT