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CNY Economic Outlook: Slow and Steady, but Lots of Resources to Grow

downtownsyracuse.com

Economic Forecasters say Central New York’s economy will likely experience and mix of slow and steady growth in 2016.  The results of surveys given to nearly 200 CenterStateC-E-Omembers and business leaders towards the end of the 2015 were released this morning during the corporation’s annual breakfast.  President Rob Simpson says when members were polled and surveyed, they didn’t know the region was going to win the Upstate Revitalization Initiative.

“Today this region has half a billion dollars of additional resources to execute on our economic development strategy that we wouldn’t have had, otherwise. From my perspective, that gives us a once in a lifetime chance to take that slow and steady growth and turn it into something that can be really transformative for CNY.”

Only 6 % of businesses polled indicated they plan to hire more employees during the first quarter of 2016 and 9 % say they anticipate trim their payrolls. 

 Through a survey and focus groups conducted by third-party research firm Research & Marketing Strategies, Inc., forecasters reflected on the growth they experienced in 2015 and shared their predictions for 2016:

  • 58% experienced growth in 2015, down from 63% in 2014.
  • 63% anticipate increased sales or revenue in 2016; down 8% from 2015 projections.
  • 58% expect to expand product and services in 2015, down 1% from 2015 projections.
  • 47% expect profits to increase in 2015, down 7% from 2015 projections.
  • 44% expect an increase in jobs and hiring over 2016, down 7% from 2015 projections.

The 2016 CenterState Economic Forecast additionally identified several opportunities and challenges that forecasters say impact their projections for their business and the regional economy. (Centerstate CEO)

ENTIRE CNY ECONOMIC FORECAST HERE

M&T Bank Chief Economist Gary Keith served as the Keynote Speaker.  He feels Upstate is heading in a positive direction, especially in the Education and Healthcare fields.

“We have a lot of infrastructure around that. That’s the idea generator, the new research, the dollars that can be generated in those sectors are really important to the regional economy and we saw some very nice growth in that in 2015. Tourism and drawing new money to the region from outside the area. Very solid growth in those sectors in 2015.  That has to continue.”

In order for the region’s business climate to advance, Keith explains it’s a matter of constantly searching.

“We need to really get onto the next new things that the country is building on, Much like we saw with micro electronics and bio-tech in past years. What’s the next new thing, we have to have someone out there working on that right now.”

Forecasters say some Central New York companies indicated they intend to develop and expand their product lines to remain competitive within their industry.

Chris Bolt, Ed.D. has proudly been covering the Central New York community and mentoring students for more than 30 years. His career in public media started as a student volunteer, then as a reporter/producer. He has been the news director for WAER since 1995. Dedicated to keeping local news coverage alive, Chris also has a passion for education, having trained, mentored and provided a platform for growth to more than a thousand students. Career highlights include having work appear on NPR, CBS, ABC and other news networks, winning numerous local and state journalism awards.
John Smith has been waking up WAER listeners for a long time as our Local Co-Host of Morning Edition with timely news and information, working alongside student Sportscasters from the Newhouse School.