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March 31, 2020

Survey: 82% of CT biz expecting COVID-19 revenue drop

HBJ File Photo The Hartford skyline.
By Matt Pilon

Nearly 60% of Connecticut businesses have reduced their capacity or closed due to the ongoing COVID-19 coronavirus pandemic, and about 82% expect to see a revenue decrease.

That’s according to an online survey of more than 4,200 businesses conducted by the Department of Economic and Community Development and AdvanceCT (formerly CERC) in conjunction with the Connecticut Business & Industry Association.

The initial results, released several days ago, could change as the trio is still collecting responses online here.

The bulk of 4,238 respondents have fewer than 100 employees and skew towards professional services, retail and manufacturing.

Here are a few key takeaways from the initial responses submitted between March 17 and March 22:

  • 62% of businesses have postponed investment decisions because of the pandemic.
  • 57% are operating at a reduced capacity or have closed. Among those that have reduced hours, 47% have done so voluntarily, 30% have done so because of reduced demand, and 23% have done so because of government mandates.
  • Businesses say their most critical need is immediate cash flow assistance and financial support for employees. Importantly, the survey responses were collected before the state announced a $50 million emergency bridge loan program and before Congress passed its approximately $2 trillion coronavirus stimulus bill.

A detailed breakdown of each survey question can be found in this spreadsheet, which was uploaded to the Public Utilities Regulatory Authority's website because the agency is discussing potential changes in utility policy to assist businesses and consumers.

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