Tuesday, August 05, 2008

Trouble for CT businesses

From the AP:

Business closings Connecticut have hit an eight-year high, while new company startups have dropped to an eight-year low, the secretary of the state's office reported Tuesday.

Nearly 3,000 businesses in the state closed during the second quarter of this year, the highest number of shutdowns of any first or second quarter since at least 2000.

The new data also show that about 7,200 new businesses began operating in the state in the three months ending June 30. That's 766 fewer startups than in the first quarter. Officials said such a month-to-month decline hasn't been seen since at least 2000.


But while there are far more businesses opening than closing, consider that new businesses probably open with one or two staff (the owners)... while closings could easily be job losses for far more people. This is just one piece of a much bigger puzzle though.

Tim White

1 comment:

Anonymous said...

It looks like even Whole Foods is having trouble. It got hit hard today in trading. Evidently shoppers are getting less expensive food, sales are down and expansion plans have been scaled way back.

Wasn't Whole Foods one of the proclaimed anchor stores for the W/S mall? With the economy and lend
ing being so bad, it looks like it will be a long time before any kind of mall will be in the Northend.

Shouldn't the people of Cheshire get an update as to what W/S is currently planning. It would seem that the Development Coordinator and the Development Commission should know what's going on.

Since a five year capital budget is currently being developed, it is important to know when the town will be getting any tax revenue from this development. It would also be good to know when the town would have to make infrastructure changes. If nothing is going to happen for years, then our limited resources should be spent on the things we need now and defer any mall infrastructure changes out into the future.

The W/S mall could be a repeat of the previous plans to build a mall 20 or more years ago.