ECONOMIC OUTLOOK SURVEY | HARTFORDBUSINESS.COM 3
W
ill there be a recession in
2023? Or, are we currently
in one?
Those seem to be the two biggest
economic questions as we start the
new year. Economists and business
leaders seem to be split on the issue.
However, Hartford Business Journal
and New Haven Biz readers are much
more pessimistic about 2023 than
they were a year ago.
In fact, only 36.5% of HBJ and NHB
readers say Connecticut's economy
will improve this year. A year ago,
66% of readers predicted the
economy would improve in 2022.
Meanwhile, 42% of readers expect the
state's economy to decline in 2023,
while 22% expect no growth. And
only 40% of readers think the state's
economy is in better shape than it was
a year ago, while 39% say they plan to
hire additional staff in 2023.
Those were some of the findings from
Hartford Business Journal and New
Haven Biz's 2023 economic outlook
survey, the results of which are
featured in this special pullout section.
The survey, sponsored by NBT Bank,
was emailed to more than 20,000
HBJ and NHB Today subscribers. The
unscientific results were gathered
over a three-week period in November,
and garnered 450 respondents.
Of those surveyed, 75% said they
work at privately-held companies and
64% said their business has fewer
than 50 employees.
The results provide a window into
how the state's economy will perform
in 2023.
Other notable survey results include:
• 46.5% of respondents said they
can't find qualified workers to fill
open positions, confirming that the
workforce shortage still remains a
drag on the economy.
• 51% of respondents said they will
have to raise wages in the year
ahead to attract employees.
•
Despite concerns about office
space downsizing, nearly 66% of
respondents said they don't plan
to make changes to their space in
2023, yet 70% of respondents said
they will allow their employees to
work from home this year on a part-
or full-time basis.
We hope you find the survey results
informative and we wish you good
luck and health in the year ahead.
Greg Bordonaro
Editor
Hartford Business Journal
Tel: (860) 236-9998 | Fax: (860) 570-2493
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EDITORIAL
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BUSINESS
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PRODUCTION
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Survey: HBJ/New Haven Biz readers more pessimistic about 2023
THE 8TH ANNUAL
ECONOMIC OUTLOOK
SURVEY
newhavenBIZ
EDITOR
Michelle Tuccitto Sullo
msullo@newhavenbiz.com
MANAGING EDITOR
Liese Klein
lklein@newhavenbiz.com
STAFF WRITER
Hanna Snyder Gambini
hgambini@hartfordbusiness.com
CT CONTENT DIRECTOR
Greg Bordonaro
gbordonaro@newhavenbiz.com
CONTRIBUTING WRITERS
Jean Falbo-Sosnovich
Alix Boyle
DESIGN DIRECTOR
Mitchell Hayes
PRODUCTION DIRECTOR
Kira Beaudoin
PRESIDENT & PUBLISHER
Tom Curtin
tcurtin@newhavenbiz.com
CHIEF EXECUTIVE OFFICER
Peter Stanton
SENIOR ACCOUNT EXECUTIVE
Stephen Bizzotto
sbizzotto@newhavenbiz.com
DIGITAL DIRECTOR
Jan Holder
900 Chapel Street,
10th Floor,
New Haven CT 06510
CONTENTS
4 Inflation, rates and recession will shape economy in 2023
5 How will Connecticut's economy fare in 2023
compared to 2022?
Do you think Connecticut's economy is in better or worse
condition today than it was at this time last year?
Do you plan to hire additional staff in 2023?
By what percentage do you expect your employee base
to grow in 2023?
6 Are you able to find workers to fill open positions?
Do you anticipate having to raise wages to
attract employees?
Do you have plans to expand in 2023?
Will you raise capital in 2023?
7 What method do you primarily plan to use to
raise capital in 2023?
Do you plan to make a major investment in property,
plant or equipment in 2023?
How will your office space needs change in 2023?
Will your company allow employees to work from
home in 2023?
9 What is your estimate for your company's revenue
performance for 2023 compared to 2022?
What is your estimate for your company's bottom line
(netincome/profit) performance for 2023 compared to
2022?
If you anticipate revenue growth, where will it come from?
What's the biggest impediment to business growth
in Connecticut?
10 What do you expect housing prices to do in 2023?
Which macroeconomic issue is having the most impact
on your business?
What are your expectations for inflation in 2023?
At what level do you expect the Fed Funds rate to peak?
