Connecticut’s credit conditions improving?

Posted on August 20, 2010. Filed under: Uncategorized |

Here’s a bit of sun poking through the clouds – according to the Hartford Business Journal, Connecticut businesses think credit conditions are continuing to improve for the third straight quarter.

This seems to agree with the results of our “CPA Poll.” In our first survey, done in December 2009, 68% of you said the availability of credit was worse than it was 12 months prior. In our follow-up survey in June, 51% of respondents said the availability of credit was the same or better than it was in December.

In that survey, 9% said the availability of credit was better than it was in December. True, it’s a small step… but the journey of 1,000 miles starts with a step, right? Hopefully it’s a sign we’re on the right path, and it’s nice to see the Hartford Business Journal corroborating our responses.

We’ve got a long way to go to make Connecticut “business friendly” – the media’s shown in the last year or so that we’re at the bottom of that heap. But every little bit helps!

What do you think Connecticut’s biggest hurdle is in the path toward becoming business-friendly?


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2 Responses to “Connecticut’s credit conditions improving?”

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States that are “business friendly” can offer organizations and their employees: (1) stable regulatory and tax systems, (2) reliable access to skilled labor and customer markets, and (3) relatively inexpensive pools of inputs such as employees, equipment, technology, and power.

As an inherently high cost state, there may be little in the short term that can be accomplished to address item (3). Nevertheless, a sensible regulatory oversight system, a transparently balanced government budget, an employer focused network of educational institutions, and a set of reliable public transportation options can go a long way towards addressing items (1) and (2).

Connecticut needs to do a few things:

1.) Eliminate the preception that it is “business unfriendly” – which I know is easier said than done. Perhaps a campaign by the Gov’t (like the Keep-our-kids-from-moving-out-of-state campaign a few years ago). This will force other Gov’t agencies to get on board.
2.) Mitigate the effect of Gov’t lawsuits against business. (e.g. the UTC lawsuit stopping them from closing down one of their plants here in CT.)
3.) Open up CT tax credits for the personal income tax. Since most businesses are Partnership/S-corps, most businesses cannot take advantage of many of CT’s tax credits – because they mostly apply against the C-Corp tax.

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