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CERC Study: 51% Believe CT Has a Bad Economic Outlook

November 15, 2017 By Staff
CERC Study: 51% Believe CT Has a Bad Economic Outlook

Communities throughout Connecticut have for years been seeing the exodus of workers.

A recent survey by the Connecticut Economic Resource Center, Inc. (CERC) has highlighted just how “pessimistic” Connecticut residents are about the state’s current business climate.

A staggering 51 percent of Connecticut residents do not believe that Connecticut’s economy is improving:

In the third quarter, 51 percent of the 505 residents surveyed said they do not believe the Connecticut economy is improving, compared with 24 percent that believe it is.

In addition, 49 percent of state residents predict nothing will change over the next six months:

Looking ahead, 49 percent of state residents say they believe business conditions will remain the same over the next six months, while only 23 percent believe conditions will improve, the lowest percentage since the quarterly surveys began.

A recent study by Pew Charitable Trusts concluded that Connecticut has, indeed, experienced the slowest recovery from the recession of any U.S. state, a reality that many in Connecticut know all too well.

In Connecticut’s capital alone, more workers have left Hartford than any other major U.S. city. Communities throughout Connecticut have for years been seeing the exodus of workers who are exhausted by the state’s suffocating tax burden and dismal economic forecast:

Connecticut’s economic outlook is fifth worst in the nation, according to a new study by a conservative nonprofit that compares states’ economic competitiveness based on several criteria including tax burden.

Last month, nearly five months late, Connecticut’s leaders passed a bipartisan budget. Hailed by many the budget has also failed to make hard decisions about long-term spending, some claim. From National Review:

While the budget closes the current deficit, the budget document itself projects a plunge back into a deep $4.5 billion deficit in the next biennium and a deeper abyss thereafter. Obviously, the budget fails to solve the state’s long-term problems.

Now to the surprise of few, a mere two weeks after the budget passed the state is projected to be $178 million in deficit.

The CERC survey seems to be yet another clear sign that something is not only wrong in Connecticut, but needs changing.