Friday, April 16, 2010

CT Secretary of the State: Fewer businesses closing

Secretary of the State Susan Bysiewicz Friday said there was a nearly 17 percent decline in the number of businesses that closed in Connecticut during the first quarter of 2010, compared to the same period in 2009.

The number of new businesses starting up in CT was lower during the first quarter by 0.8 percent, compared to the first quarter a year ago. Bysiewicz's office releases quarterly reports based on monthly totals of business starts and stops around the state.

For the quarter, 2,961 businesses filed paperwork to dissolve their companies, 17.4 percent lower than the 3,477 that filed during the first quarter of 2009.

There were 6,894 new business starts during the first quarter, compared to 6,941 in the same period last year.

The numbers are far from ideal, she said, but they do show "signs of hope that the recession has eased" and the business climate may be improving.

"The numbers recorded for the first quarter of 2010 are encouraging and show that more Connecticut businesses have been able to prosper and avoid shutting down," said Bysiewicz, who serves as the state's chief business registrar. "We are still not seeing the number of new business start-ups we want to see but that, too, is improving. It is my sincere hope that the sharp decline in business closures will also be reflected in a reduction in Connecticut's unemployment rate in the coming months."

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