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What are Connecticut’s business prospects like this year?

On Behalf of | Jan 29, 2019 | Business Formation & Planning |

In a word, good.

That succinct assessment responding to today’s above-posed blog headline seems to reasonably sum up the collective viewpoint of several presenters making business observations recently at an annual Connecticut economic summit.

Fleshed out a bit, it can be said that a number of business insiders mutually agree that the state’s 2019 prospects look good generally. That prognosis comes with a caveat, though: Some uncertainty attaches to the near future, which links closely with a few stated variables.

One of them connects to Connecticut’s aerospace industry, which is a vibrant mainstay supporting business health across the state. Notwithstanding the sector’s persistent vigor, though, there are challenges. One industry CEO states that they prominently include high taxes, an intrusive level of government regulation and an aging population.

“We have some work to do with our next generation of workers,” he says.

Another challenge: the ongoing trade dispute, with its attendant global implications. Connecticut manufacturers are obviously affected by that and understandably searching for increased certainty and stability.

Rising interest rates were also cited at the recent business venue, which attracted an audience of hundreds. Spiking exactions increase business principals’ borrowing costs and spur material stock market dislocations that affect both private and state commercial entities.

One economic analyst intoned the mantra “do no harm” at the summit in commenting on the state’s new legislature and governor. He says that new decision makers must solidly recognize that multiple pieces are already in place that make Connecticut economically viable and even robust in the future.

“They can’t do things that shoot us in the foot,” he told audience members.