Backed By Data, Insights from New Yorks CEOs
The 16th annual survey conducted in partnership with the Hudson Valley Economic Development Corporation, UHY, and the Sienna College Research Institute provides valuable insight into the sentiment of Upstate New York CEOs regarding the economy and the outlook for the upcoming year. Despite acknowledging worsened economic conditions, CEOs express cautious optimism. Key challenges, faced by businesses, include taxation, rising healthcare costs, government regulation, human resources, and cash flow. Revenue and profit expectations in the Mid-Hudson Valley region indicate a decline compared to previous years. CEOs are improving business profitability by passing the cost onto the consumer amount improving strategies for growth and market demand. Either way, indicating higher prices. Confidence in the state government’s ability to create a business-friendly environment is low, and businesses say tax reform is a top priority. Overall, workforce challenges persist in upstate N.Y with difficulty in finding specialized skilled personnel.
If You Can Make it in NY, You Can Make It Anywhere
Surprisingly, New York CEOs displayed a more optimistic outlook when compared to the national sentiment. There are sectors expected to grow including, technology, manufacturing, education, tourism, and cannabis. The survey is clear, for New York to have a stronger economic backbone in the future. There are important key issues that need to be addressed in order to create a favorable environment where businesses can thrive in New York. New York’s competitive market, high taxes, and stringent regulations make it a challenging business environment. Additionally, the cost of living and doing business in New York can post significant obstacles for entrepreneurs and companies seeking success.
Motivating Young Entrepreneurs in Upstate New York
The insights from the survey offer motivation and guidance to any entrepreneur in Upstate New York, indicating that success is achievable, albeit with cautious optimism. But then again, we are talking business in New York! By advocating for change and leveraging resources, and by collaborating with other entrepreneurs we can drive reform and contribute greatly to the region’s economic growth sectors, such as technology, tourism, and others mentioned above. These growth sectors hold immense potential for upstate New York. With its natural beauty, cultural attractions, and agritourism experiences, growth in tourism will continue to boom for the region. The region, whose recent boost across the tech space is offering numerous opportunities for innovative start-ups to thrive and collaborate with well-established tech companies. Moreover, with the legalization of cannabis in New York, there are emerging opportunities in this rapidly growing space from cultivation to retail and ancillary services.
The Hudson Valley Economic Development Corporation (HVEDC) is a vital resource for businesses looking to relocate, expand and grow in the Hudson Valley region. They are committed to driving economic growth for our region and offer a range of services to support business including, regional and state collaboration, provides comprehensive market data and statistics but also offer business education and training throughout the Hudson Valley Economic Development network.
To Learn read the full results of the survey here UHY
How can entrepreneurs in Upstate New York seize the opportunities in the growth sectors and overcome challenges to achieve business success?
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