Employer's Economic Expectations Low for 2023: Survey
New York State employers have low expectations for projected growth and a healthy business climate in 2023, according to the latest Siena College Research Institute (SCRI) poll of upstate CEOs.
More than half of those polled, 54%, believe the state's economy will be worse in 2023 compared to 2022, with 36% saying they expect it to be a "little worse" and 18% believing it will be "considerably worse." Just 19% of the 530 CEOs surveyed believe the state's economy will be better in some way in 2023.
When asked to describe the current business or economic conditions in New York, compared to 2022, 54% of CEOs said it was worse, and 25% said it was the "same." About a quarter, 21%, said the current conditions are "better."
When asked about expectations for their specific industry, 51% fear 2023 will be "worse," 28% believe it will be the same, and 23% expect a better year.
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.