NYS-Business Council (2021)
Upstate New York CEOs said economic conditions have worsened since the start of the pandemic and 60% of them expect the conditions to stay the same or worsen through 2021. This is according to the 14th annual Siena College poll conducted during January through March of this year.
The Upstate New York Business Leader Survey reached 1,036 leaders from regions north of New York City. It was conducted by the Siena College Research Institute and sponsored by the Business Council of New York State, Inc. and Western Governors University.
CEOs in engineering and construction, and in the food and beverage sectors are most pessimistic about the future, the report says.
At the same time, it's not all bad news.
“Despite its devastating effects, nearly 40 percent of CEOs expect to emerge from the pandemic as a stronger business well positioned to be successful while half think they will survive and return to where they were before the virus hit,” said Siena College Research Institute Director Don Levy in an analysis that was sent with the data. “Unfortunately, one in seven say that they may or may not survive.”
The impact of the coronavirus will remain a top challenge throughout the year, 75% of the respondents said.
The response to the government intervention and its ability to create the best environment for business survival was mixed, but low, overall.
Nearly half, 47%, are satisfied so far with New York’s management of the pandemic while only 40% are satisfied with the federal government’s response. Looking forward, CEOs expect to feel about the same regarding the state’s response, while 53% are now confident in the federal response.
Attitudes toward the state and federal government are abysmal, overall:
“Only 12 percent of CEOs (up from 6 percent a year ago) give state government a grade of either excellent or good on creating a climate to help businesses succeed. Slightly more, 20 percent, are confident in the ability of state government to improve the business climate,” says the analysis that came with the data. “Twenty-four percent, down from 39 percent a year ago, grade the federal government’s efforts to create a successful business climate as either excellent or good while 31 percent are confident in the federal government’s ability to improve the business climate.”
According to the analysis, CEOs want the state to provide business and personal tax relief, to cut spending, and to fund business development incentives and infrastructure.
Seventy-five percent of CEOs have received federal funds to assist them in either keeping their business open or to adapt to COVID-19 requirements, the report says. Many believe a recession is coming this year.