SYRACUSE, N.Y. — Just over half (53 percent) of the nearly 200 respondents in an annual report from CenterState CEO expect an increase in jobs and hiring in 2017.
That’s up 9 percent from the 2016 forecast from the economic-development organization.
At the same time, 68 percent anticipate an increase in sales/revenue, up 5 percent from the 2016 prediction.
The data is part of the 2017 Economic Forecast Report for CenterState New York that CenterState CEO released during a breakfast event held Wednesday morning at the Nicholas J. Pirro Convention Center at Oncenter in Syracuse.
More than 600 people attended the proceedings, CenterState CEO said.
The forecast report includes the perspectives and projections of nearly 200 CenterState CEO members and business leaders from 14 industry sectors.
It also includes key market data from Manpower Inc. on industry, occupation, employment, and earning expectations through 2020.
Besides the data on jobs and revenue, the report also found 51 percent of respondents expect to expand their products and services in 2017, which is down 7 percent from the 2016 projections.
In addition, 49 percent expect their profits to increase this year, up 2 percent from last year.
The report also found 67 percent indicated their organization had growth in 2016, up from 58 percent in 2015.
Opportunities, challenges
The 2017 CenterState Economic Forecast also identified opportunities and challenges that forecasters say impact their projections for their business and the regional economy.
Respondents see technology as an opportunity, saying it has “increased exposure” for many small businesses in opening new markets for growth.
The organizations also contend the grants from the Central New York regional economic-development council will “positively” impact the local economy and “provide a catalyst for growth.”
Respondents see additional opportunity in collaboration with regional colleges to provide targeted training to develop workforce.
They also say they’re exploring ways to “take advantage of the growing drone industry,” CenterState CEO said.
Respondents also identified challenges that include navigating an “increasingly complex” local, state and national regulatory environment.
The challenges also include keeping pace with evolving technologies; attracting and retaining skilled talent; and managing the increasing costs of benefits.
Keynote address
The Central New York economy in 2016 expanded at the fastest pace since 2012, although growth remained “modest and well behind the U.S. norm.”
That’s according to Gary Keith, regional economist with M&T Bank, who presented the event’s keynote address.
“Declining industrial output once again acted as a drag on service and construction sector gains. This pattern has played out for a number of years, reinforcing the importance of moving toward a broader, more diversified economic base that more closely resembles the rest of the country,” Keith said in the news release.
Keith provided an “analytic assessment” of national and regional economic trends from the past year, and an outlook moving forward, per the CenterState CEO news release.
While the CenterState New York region is making progress in shifting its economic focus, much more work remains to be done, according to Keith.
“Buffalo and Albany are seeing increased investment in industries like education and health care, advanced manufacturing, business services and tourism, leading to employment and personal income growth. Central New York can also follow this path, aided by policies that support attracting and retaining high potential industries and companies, and by leveraging Upstate Revitalization funds to accelerate this transformation,” said Keith
Simpson remarks
In his remarks, Robert Simpson, president and CEO of CenterState CEO, challenged the audience to “lead with their voice, through innovation and by example to drive the changes necessary to break” the region out of a “stagnant, slow growth” economy.
“We have not seen any major growth curves for several decades and the predictions and sentiments shared by our forecasters repeat a prediction of slow and steady growth,” Simpson said in the news release. “This report, the outlook shared by members, and the very clear message from Gary Keith are an affirmation that the region’s status quo is alive and well. While other communities are progressing, we are stagnant. And it isn’t just about our position relative to the nation, our Upstate peer communities are also significantly outperforming us. It will take leadership from all of us.”
In closing the event, Simpson asked attendees to “refuse” to meet new opportunities with “dysfunction and inaction,” saying they must “embrace a collective responsibility to lead, work harder and craft a better economic future for the region.”
Contact Reinhardt at ereinhardt@cnybj.com