Business leaders feeling shaky about the upstate economy
Confidence in New York's economy among upstate CEOs is down compared to a year ago. The results of the eleventh annual Business Leader Survey were released in Buffalo Wednesday by Siena Research Institute Director Don Levy.
Levy says current confidence is down locally nine points while future confidence fell by more than 28 points.
"Still, about 40 percent say, 'I expect an increase in revenue.' Just slightly fewer than 40 percent say, their profitability is going to be up this year. And interestingly, four out of ten in Buffalo say, 'I need more people, I'm going to hire this year.' Over half plan to invest in their business in some form of fixed assets, equipment, technology, whatever," Levy said.
Only 16 percent of respondents said they are confident in Albany's ability to improve upstate's business climate.
"Very few CEOs feel as though the state government contributes to making them more successful. They're continuing to be very much concerned about the regulatory environment. They've been calling for workers comp regulatory reform for years. They haven't seen it," Levy said.
However, the survey also shows a large number of CEOs across the region believe the country is headed in the right direction when it comes to the health of the economy and the taxes businesses pay.