Survey Shows Westchester CEOs More Optimistic About Economy Than Upstate CEOs
By Dean Bender, Thompson & Bender
Feb. 19, 2020: Westchester CEO’s are decidedly more optimistic about the economy than Upstate CEOs, according to the Annual New York State Business Leaders Survey released by The Business Council of Westchester with Siena College Research Institute and The Business Council of New York State.
The new survey reveals how CEOs are feeling about the business climate, regulatory environment, the economy, growth, and capital investment plans for the next few years. Nearly 670 CEO’s participated statewide with nearly 100 from Westchester County.
Here are some highlights from Westchester CEOs:
- 25% believe 2020 will be better economically
- 44% have plans to increase their workforce
- 63% expect revenue to grow, the highest of any region surveyed
- 52% forecast increased profitability
- 54% rated the workforce good/excellent
- Westchester’s Index of Business Confidence was 87.5, the highest of the nine regions surveyed and ten points higher than the statewide average of 75.3
- Top challenges are government regulation (53%), healthcare costs (43%), adverse economic conditions (43%) and taxation at (40%)
- Westchester CEO’s believe medical is the top industry sector anticipated to have the most positive impact on economic vitality over the next 3-5 years
- Top issues CEO’s would like to see the Governor/Legislature focus on are personal income tax reform (53%), infrastructure development (52%), business development incentive (52%) and business income tax reform (46%)
The Business Council of Westchester has formed a partnership with the Siena College Research Institute and the Business Council of New York State, Inc to gather insight from CEO’s statewide on the state’s business climate.
Click here to read more about the survey.
Photo courtesy Thompson & Bender
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