11 takeaways from a survey of top executives in Connecticut

11 takeaways from a survey of top executives in Connecticut

Record-Journal


The state’s high cost of living was the top factor impacting business growth, followed by legislative uncertainty and a lack of skilled workers, according to an annual survey of state businesses.

The survey, released Friday, was conducted by the Connecticut Business & Industry Association and accounting firm Blum Shapiro. Results will be used as part of CBIA’s lobbying efforts during budget negotiations. CBIA received 440 responses after polling 6,400 top executives in the state. Here are 11 takeaways.

1. According to CBIA, 78 percent of businesses surveyed rank the state’s cost of living as the top factor impacting growth. Behind cost of living was the uncertainty and predictability of legislative decision-making, at 72 percent, the survey notes.

2. Of those who responded, 61 percent anticipate up to 15 percent of their workforce retiring in the next two to five years.

3. Eighty percent said their business would benefit if the federal government implemented a 15 percent corporate tax rate or lowered personal income tax rates.

4. Ninety-one percent support eliminating the use of overtime in pension calculations.

5. Eighty-eight percent support ending early retirement plans and delaying medical coverage until early retirees reach a certain age.

6. Eighty-eight percent also support implementing a defined contribution plan for all new state employees.

7. Eighty-three percent support raising the retirement age.

8. Of those polled, 81 percent do not support increasing the state’s minimum wage to $15 an hour.

9. Seventy-five percent believe a state-mandated family leave program would negatively impact their business.

10. Eighty-three percent employ people under 35 years old. However 43 percent report problems recruiting and retaining young workers.

11. Eighty percent reported high taxes, regulations, and mandates as factors driving losses.


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