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More Residents Say Connecticut Economy Is Stagnating

Alissa DeJonge
Alissa DeJonge Photo Credit: Contributed

FAIRFIELD COUNTY, Conn. – A growing majority of state residents believe the economy in Connecticut is stagnating, according to the results of the third-quarter 2015 Connecticut Confidence Survey by InformCT, a nonpartisan research organization.

The proportion of respondents who agreed that the state economy is improving has dropped from a third to less than a quarter, InformCT said.

“A higher percentage of respondents have accepted the fact that business conditions 'are what they are' and are not going to change soon," said Alissa DeJonge, vice president of research at the Connecticut Economic Resource Center Inc., which helped administer the survey. "This feeling is also reflected in the 'not improving' job market.”

The proportions of respondents who would make a major purchase, or buy/refinance a home has also dropped substantially, while those who are concerned about the affordability of health insurance has risen slightly, from 53 percent to 55 percent.

Slightly more respondents – now nine in 10 – believe there are not enough jobs and jobs are difficult to get, and more people believe it will get worse or stay the same.

“Many feel that they are worse off now than six months ago and this downward spiral may continue through the next six months,” said Stephen A. Smith, President of Smith & Company. “In addition, many do not feel that the Connecticut economy is improving and over half continue to express concern about their ability to retire comfortably.”

Despite the gloomy outlook, a small majority, or 51 percent, of residents believe Connecticut is a good place to live and raise a family. But a third of the respondents saying that a move outside of the state is likely.

InformCT is a public-private partnership that works to create fact-based dialogue and action in Connecticut.

Administered for InformCT by the 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, reactions to housing prices, upscale consumer purchases, leisure spending and current investments.

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