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News From

State Senator

Gary LeBeau

Deputy President Pro Tempore

Representing East Hartford, East Windsor, Ellington & South Windsor

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Contact: Lawrence Cook
860-240-8609

February 14, 2012

LeBeau Notes Business Optimism in Latest CBIA Survey

HARTFORD—State Senator¬†Gary D. LeBeau (D-East Hartford) today welcomed a new survey by the Connecticut Business and Industry Association which shows that 89 percent of Connecticut companies surveyed expect their business performance to remain stable or improve in the next quarter, while another 96 percent expect to pay the same or higher wages and 88 percent expect to maintain or increase the size of their workforce.

“I think the legislature’s recent, massive investment in jobs and economic growth and its commitment to streamlining business regulations is beginning to pay off in the minds of many Connecticut business executives,” said Sen. LeBeau, who is the longtime Senate Chairman of the Commerce Committee. “I think both Governor Malloy and President Obama have been very mindful of the constructive role that government can play in sustaining and growing businesses when the private sector is too afraid to act, and we are beginning to turn the corner to the point where business and consumer confidence are coming back.”

According to the its Web site, CBIA’s fourth quarter 2011 economic survey was e-mailed to 1,950 Connecticut businesses in early January. A total of 216 executives responded for an 11 percent response rate and margin of error of +/-6.8 percent. 38 percent of respondents represented manufacturers, while 15 percent represented business or professional services; most all of the respondents (90 percent) employ fewer than 99 people.

Among the survey’s other findings, 91 percent or respondents expect their productivity to remain stable or increase, and 85 percent expect their production or sales to remain stable or increase. About two out of three executives also believe Connecticut’s economy will remain stable or improve in the next quarter.

In October, on a politically bipartisan and nearly unanimous vote, the legislature passed a comprehensive jobs bill which will spend $1 billion over the next 20 years on various business incentives, including spending $120 million over the next two years for small business (1-50 employees) loans and grants and new employee training.

Just today, Sen. LeBeau raised the Senate Democrats’ Senate Bill 1 in the Commerce Committee which seeks to expand those grants and loans to businesses with 100 or fewer employees.

 

Committees

Chair: Commerce; Transportation Bonding Subcommittee

Vice Chair: Energy & Technology; Finance, Revenue & Bonding

Member: Legislative Management

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Lawrence Cook
860-240-8609

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State Capitol
Room 110
Hartford, CT 06106-1591

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