80 percent of Upstate CEOs says economic conditions have worsened since the COVID-19 pandemic and only 40 percent see improvement in 2021.

That’s according to the 14th annual Siena College Upstate New York Business Leaders Survey.

The survey also found 17 percent of CEOs expect conditions to remain the same and 43 percent believe conditions will grow worse.

75 percent say COVID-19 has increased their cost of doing business while two-thirds say the pandemic has reduced their revenue and profits.

“Predictions and plans for 2020 were instantly discarded as dealing with the pandemic became the number one concentration and challenge for Upstate CEOs,” said Siena College Research Institute Director Don Levy.“Despite its devastating effects, nearly 40 percent of CEOs expect to emerge from the pandemic as a stronger business well positioned to be successful while half think they will survive and return to where they were before the virus hit. Unfortunately, one in seven say that they may or may not survive.

The CEOs are calling on the governor and legislature to provide business and personal tax relief, cut spending and to fund business development and infrastructure.

 

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