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Survey of Eastern CT Business

Eastern Connecticut—a tapestry of midsized cities, rural areas, and coastal communities—is home to an expansive military complex, a vibrant seaport and maritime museum, world-class casinos, a leading pharmaceutical research and development facility, and thousands of diverse businesses connected by the most versatile transportation system in the state.
CBIA’s biennial Survey of Eastern Connecticut Businesses, conducted in partnership with the Chamber of Commerce of Eastern Connecticut and the Greater Mystic Chamber of Commerce, details the competitive advantages and challenges to doing business in this region.
The current survey was conducted during one of the most volatile economic periods in recent history for Connecticut’s residents and businesses. Questionnaires were distributed in October 2009, prior to the release of state labor statistics that triggered extended unemployment benefits and before the announcement of a corporate relocation with major implications, both positive and negative, for key areas in the region.

2010 Survey of Eastern CT Businesses

This year’s key findings:
■ Nearly half of eastern Connecticut businesses have downsized in response to the recession. Almost as many have reduced employee compensation and benefits.
■ As elsewhere, the cost of doing business tops the list of challenges in this part of the state. Whereas 59% of eastern Connecticut companies identified business costs as their greatest concern in 2008 (up from only 26% in 2006), nearly three-quarters―72%―named business costs as their greatest challenge in 2009.
■ Health care is the most onerous business cost, with 68% of businesses describing it as a “significant burden” and 20% as a “slight or moderate burden.” (Most of the remaining businesses identified the cost of health care premiums as not applicable to them.)
■ Though they are somewhat optimistic about the region’s economy over the next year, most eastern Connecticut businesses are not expecting drastic changes: 38% anticipate moderate improvement, and 30% expect conditions to remain the same.
■ Tourism and defense are seen as vital to eastern Connecticut’s economy; however, technology is now considered the most important sector in driving the region’s future economic success.
■ Approximately half of the businesses surveyed (49%) believe social networking technologies such as Facebook, LinkedIn, and Twitter have potential benefits for their firms; roughly one-third (36%) are skeptical about the business benefits,and 15% are unsure.
■ Nearly two-thirds of eastern Connecticut businesses claim the state legislature has had a negative impact on their ability to operate a successful business, and about a third report that state legislators have had no impact.

Download the Survey by clicking on the link below.

2010 Survey of Eastern CT Businesses

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