Issue link: https://nebusinessmedia.uberflip.com/i/1322632
ECONOMIC FORECAST HBJ readers are more bullish about 2021 It goes without saying that 2020 was a tough year, as the COVID-19 pandemic impacted every business in every sector. The good news is that we are turning the calendar on a new year and HBJ's readers are more optimistic about 2021 than they've been in a long time. In fact, 42% of HBJ readers say Connecticut's economy will improve next year. Last year, only 33.3% of HBJ readers predicted the economy would improve in 2020. Meantime, 52% of readers think the state's housing prices will continue to climb next year. Those were some of the findings of Hartford Business Journal's 2021 economic outlook survey, the results of which are featured throughout the rest of this publication. The survey was emailed to more than 10,000 HBJ Today subscribers. The unscientific results were gathered over a three-week period in November and garnered 261 respondents. The survey provides a window into how the region's economy will perform in 2021, and the results mirror some of the economic forecasts provided by economists and business executives featured in this publication. Not all the data pointed to positives. Unsurprisingly, 87% of readers said Greater Hartford's economy is in worse shape today compared to a year earlier and a majority of respondents don't have plans to hire, raise capital or make significant capital investments in 2021. Interestingly, 64% of respondents said they plan to make no changes to their company's current office space footprint, while a quarter of business leaders say they plan to shrink their office space in 2021. Seventy-four percent of respondents said they plan to allow their workers to work from home full- or part-time next year. How will Connecticut's economy fare in 2021 compared to 2020? Do you think Greater Hartford's economy is in better or worse condition today than it was at this time last year? Improve significantly Improve slightly Remain the same Decline slightly Decline significantly Better Worse Not sure 6.15% 86.54% 7.31% 11.2% 30.8% 18.1% 23.9% 16.1% 6 | BOOK OF LISTS 2021