LICA Sponsored Survey Provides Valuable Insights to Long Island Business Owners

PKF O’Connor Davies | Accountants and Advisors

PKF O’Connor Davies, in partnership with the Siena College Research Institute, recently announced the results of their “Outlook 2024: Long Island Economic Survey.” The annual survey invites local leaders to share their perspectives on the current state of doing business in New York, as well as their outlook on the regional economy for the coming year.

In addition, the report illuminates a number of critical issues affecting the ability of businesses and their leaders to compete successfully in today’s economy. Since 1995, PKF O’Connor Davies’ Long Island Economic Survey has detailed trends affecting the regional business climate, local leaders’ plans to enhance their businesses and strategies to address challenging economic headwinds.

The survey results reflect data that impacts you, the Long Island business community – including your perceptions of the economy, rising operating costs, impact of migrant resettlement in New York, disruptive technologies and views on the workforce.

The LICA-sponsored results launch event at the Crest Hollow Country Club on January 25 was well attended by business and government leaders enthusiastic to be connecting in person to exchange insights. Dr. Don Levy from Siena presented the survey findings and esteemed panelists, NYS Comptroller Thomas DiNapoli, Kevin S. Law of Tritec and Stacey Sikes of LIA, shared their key takeaways.

Survey result highlights include:

• An overwhelming 84% of the CEOs surveyed expect to be in business five years from now.
• Expectations for the National economy have seen an uptick to 27% (from 21% in 2022) and predictions of a recession have decreased with one-third now saying it is not likely compared to 12% last year.
• Of all CEOs polled, more than half plan to maintain their workforce, while 33% plan to increase and 9% plan to decrease it.
• Fifty percent of businesses expect their revenue to grow and four out of 10 businesses plan to expand profitability, primarily through market demand and growth; secondarily through cost reduction.
• Personal income tax reform, business income tax reform, business development incentives and infrastructure development remain the top issues that business leaders would like to see the Governor and Legislature focus on. Newly added this year, affordable housing was cited by onethird as an initiative to focus on.
• Of business leaders surveyed, 57% expect residential real estate prices to increase.

Download the Full Report Here