Inflation is negatively impacting New York State businesses, causing many to raise prices, cut costs, and change business tactics, according to the latest Business Council and Siena College Research Institute (SCRI) poll.
Eighty-five percent of surveyed CEOs say inflation is having either a "moderate" or "substantial" negative impact on their business. Just 9% say inflation has had a positive impact, the survey showed.
The SCRI upstate CEO poll is done in partnership with The Business Council of New York State. The survey was done between November 2022 and February 2023, with 530 CEOs polled from seven regions. This was the 16th year the poll was conducted.
When asked about their response to inflation, the vast majority, 73% of CEOs said they are raising prices, 47% are cutting costs, and 33% say they are changing business tactics. Additional measures taken by CEOs include changing supply tactics, decreasing investments in their business, and decreasing their workforce.