Connecticut Business Association Survey Says Things Are Getting Better

I have been getting a stronger sense of optimism about the economy in the past month from several sources. A recent Connecticut survey says that the state's businesses are more convinced that the economy is headed in the right direction.

The Connecticut Business and Industry Association (CBIA) pointed to results from its quarterly survey of 1,500 businesses. Purchasing managers at 212 companies reported higher production in the quarter ending June 30 and say they believe conditions in their industry and the economy will improve next year. About half of purchasing managers surveyed say they believe the economy will be better next year, while about one-fourth say it will be worse and the remainder say it will remain unchanged. Article link.

This picture is consistent various national surveys and polls, such as those by Economy.com and the Gallup Organization. We have been tracking business investments and see more moving forward, which is good news on the economic development front. The situation is far from "party time," but things are clearly looking up. An uneventful summer is exactly what the stock market and the rest of the economy needs. Let's keep our fingers crossed and remain hopeful. This is the right time for your economic development organization to move forward with that new business outreach program.