CenterState CEO report: 68 percent of area firms expect to boost hiring this year, up 29 percent from 2021

SYRACUSE, N.Y. — A new report from CenterState CEO finds 68 percent of nearly 200 area companies surveyed expect an increase in jobs and hiring in 2022, up 29 percent from 2021 projections.

It also found three quarters of those surveyed (75 percent) anticipate increased sales or revenue in 2022, up 31 percent from the 2021 projections.

That’s according to the 2022 Economic Forecast for Central New York report that CenterState CEO released on Wednesday. Baldwinsville–based Research & Marketing Strategies, Inc. (RMS) conducted the survey.

The report includes the perspectives and projections of CenterState CEO members and business leaders from across industry sectors, with data and insight on COVID-19 impacts and industry and employment trends.

Besides the hiring and revenue projections, the survey found 56 percent of firms expect to expand products and services in 2022, up 14 percent from the 2021 projections. And 49 percent anticipate they will increase capital investments, up 15 percent from last year’s projections.

The report also found 72 percent of respondents describing their expectations for the strength of their business in 2022 as “strong or very strong,” up 30 percent from a year ago.

The economic-development organization released the report during its annual Economic Forecast event on Wednesday morning, which was again held virtually this year amid the ongoing pandemic.

Regional outlook

Peter Kneis, group VP of commercial planning and analytics at M&T Bank, was the event’s keynote speaker.

He provided an analytic assessment of national and regional economic trends from the past year, including the impacts of the COVID-19 pandemic and a detailed outlook for 2022.

“As with the nation overall, the CenterState New York economy will be dependent on its ability to withstand the labor shortage, wage costs and supply chain issues,” Kneis said. “These issues caused increased inflation in 2021; our 2022 outlook will be driven by the ability of the CenterState New York economy to react to the changing landscape. In all aspects, things will never go back to ‘normal.’ Businesses that adapt while being true to their core principles will be successful going forward.”

In addition to Kneis, Gov. Kathy Hochul also addressed the audience to share highlights from her recent State of the State and budget addresses, along with the state’s vision for driving progress and recovery for the region and state in the year ahead.

In his remarks, Robert Simpson, president and CEO of CenterState CEO, highlighted the insights that this year’s forecasters shared, along with his perspective on how the “strategies that drove progress before the pandemic will be central to the region’s recovery,” CenterState CEO said.

“I am incredibly confident for what the year ahead will bring especially given the exceptionally positive sentiment of our forecasters this year, even as they share the real and daunting challenges they face,” Simpson said. “This outlook reflects the significant progress we are seeing, which is the result of us doubling down on our regional strategies to build an economy based on our region’s assets. While there are more challenges and opportunities ahead, I am confident we will meet them successfully if we remain focused on our core strategies and committed to our long-term vision.”