“People doing business know how complex it is.”
We make that remark on our website at the long-established Connecticut commercial law firm of Berdon, Young & Margolis in New Haven. Although legions of pundits and industry commentators routinely weigh in with dense and broad-based data points regarding commercial ups and down, their views often coalesce around this single reality: The business realm is just a complicated arena.
That of course equates to a mixed bag for participants, spelling both recurrent challenges and sometimes bracing opportunities. The commercial universe is about ebb and flow marked by constant change.
Recently released numbers issued by the U.S. Department of Commerce relevant to this year’s April – June timeframe underscore multiple dynamic factors at work that influence the pace of economic activity in the various states. Above all else, the spotlighted data stresses broad variability across the country. Some states are doing well. A few are veritable powerhouses. Others are comparatively lagging, with marked underperformance.
Reportedly, Connecticut is in that latter camp. Federal business regulators point to it as having a few issues currently that are operating as a material drag on the state’s economy. Muted construction activity is especially noted as a weak sector. The Commerce Department states that, while the economy grew by about 2% nationally during 2019’s second quarter, Connecticut’s growth was only about 1%.
It wasn’t all dark clouds, though. One Connecticut economic expert stresses that the construction realm has progressively bounced back since the so-called Great Recession of recent years. Current negative data could simply spell an aberrational halt in an otherwise steady march of improvement.
And the state’s insurance and finance sectors – always important contributors to Connecticut’s economy – actually grew at a healthy rate in recent months.
The bottom line concerning the economy is that relevant factors are always in flux. Experienced commercial law attorneys routinely help diverse and valued clients make sense of them and respond optimally to both challenges and opportunities.