The Capital Region is home to big companies that are run by CEOs living right in our backyard, but what do they think about doing business here? You'll soon find out! In this edition of the Capital Region Business Beat, our Jon Dougherty tells us about a survey coming out this week that will help gauge the local business climate and see what's ahead for the year to come.
ALBANY, N.Y. -- It's like a temperature reading for the region's economy.
"It's to get a sense of how those people who are in the know, how do they see the economy," said Siena College Research Institute Director Don Levy.
The Siena College Research Institute will release it's 7th annual Upstate New York Business Leader Survey Sunday, 651 CEOs from Upstate New York companies took part.
"They employ many of us and these are the people that are sitting at their desks, they see the orders come in, they see the sales reports come in," Levy said. "Their finger is really on the pulse of the economy, so we want to know are you doing better than you were a year ago and what do you think is coming up next year?"
The survey focused on a number of different topics including revenue and profit projections, and companies' plans for this year.
Another topic that was part of the survey was hiring and the amount of qualified workers applying for jobs.
"It's a tremendous amount of feedback for people who may be looking for a job in their area because here we go behind the curtain and CEOs tell us what they think about the people coming in," said Levy.
The controversial health care law, the Affordable Care Act, was another question the CEOs were asked about.
"Are you cutting back on benefits, are you altering the benefits you'll give, are you going to more part-time workers," asked Levy. "We really pick the brains of these business leaders as to the strategies that they're employing so as to work with the Affordable Care Act."
Just what does the survey mean for the local economy in the future?
The Research Institute said in its six previous years doing the survey, the results have been spot on all but once. It even predicted the recession in 2007, and coming out of it a few years later.
"Are we going to continue a recovery, are we going to stagnate, does it vary by industry? Those are the things that we learn from this study."
The results of the survey will be released on Sunday, January 26. Time Warner Cable News will have them for you in a special edition of the Capital Region Business Beat beginning at 6 a.m.
For more information go to www.siena.edu/sri .