News & Events
CBIA/BlumShapiro Release 2012 Survey of CT Businesses
Chief Marketing Officer
ROCKY HILL – BlumShapiro and the Connecticut Business and Industry Association (CBIA) today released their annual survey of Connecticut’s businesses. This year’s survey shows that while some progress is being made and profitability is up, Connecticut continues to struggle to grow in a post-recession economy, and the overall sentiment about Connecticut as a place to do business is still negative.
This 11th annual survey essentially takes the pulse of Connecticut’s business community. This comprehensive report obtained input from 580 Connecticut businesses on a variety of topics, including business, economic and workforce conditions of Connecticut’s workforce to the effects of public policy on individual Connecticut businesses. By gaining vital input from such a wide swath of businesses, the survey identifies issues and trends within the state’s economic, fiscal and regulatory climates.
“The 2012 Survey of Connecticut Businesses shows the state’s economy is making progress on many fronts, including manufacturing and education reform,” said Tom DeVitto, Chief Marketing Officer for BlumShapiro. “Yet the report also shows that the demand persists for both business and government leaders to create a more favorable business climate if we expect Connecticut companies to stay in Connecticut and thrive during this long, slow recovery. We must improve the course to create a sustainable business climate.”
“We need to restore business confidence in Connecticut in order to secure job growth and create a bright economic future,” said John Rathgeber, President and CEO of the CBIA. “But to do so we must address our state’s fiscal challenges, business costs, workforce preparedness and infrastructure needs.”
Since the last survey conducted in the summer of 2011, the state’s economy has fluctuated, growing at a moderate pace through January 2012 but struggling to expand in the ensuing months, the survey finds. Though companies are cautiously optimistic about their own profitability and hiring over the next year, business confidence remains fragile, and key metrics point to continued slow growth in the economy.
The 2012 survey shows that there is a slight upward trajectory in business profitability in the state from 57% to 59%, but business conditions have not improved greatly since 2011. Of the businesses surveyed, only 25% would rate current conditions as excellent or good.
The survey also found that hiring is up within Connecticut, with 43% of the respondents either hiring or planning to hire new full-time workers in 2012. However, 48% of those surveyed reported difficulty in finding qualified workers.
BlumShapiro is the largest regional accounting, tax and business consulting firm based in New England, with offices in Connecticut and Massachusetts. The firm, with nearly 300 professionals and staff, offers a diversity of services which includes auditing, accounting, tax and business advisory services. In addition, BlumShapiro provides a variety of specialized consulting services such as succession and estate planning, business technology services, employee benefit plans, litigation support and valuation, and financial staffing. The firm, with offices in West Hartford and Shelton, CT and Boston and Rockland, MA, serves a wide range of privately held companies, government and non-profit organizations and provides non-audit services for publicly traded companies.