By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-953298.mp3
Albany, NY – Results of a new survey released today indicate the Capital Region is on a positive move toward economic recovery - WAMC's Capital District Bureau Chief Dave Lucas reports the business community is optimistic about the findings.
For the first time in years... the news is good: Nearly half of Capital Region firms expect business to increase in 2011, while more than nine out of 10 regional businesses expect their employment levels to increase or level off, according to 25th Annual Marvin and Company/UNIVERSITY AT ALBANY SCHOOL OF BUSINESS Climate Survey.
"94 percent of businesses in the Capital Region expect employment levels to rise or remain constant," said Don Siegel, dean of the University at Albany School of Business. Forty-two percent of area firms saw an overall increase in their business in 2010, the highest percentage in three years, while 49 percent of businesses believe they will see increases in 2011. "We also see strong evidence that public and private investment in Tech Valley, focused mainly at the University at Albany, is starting to benefit private firms in our region. These research findings bode well for our future economic performance."
"As has been true over the 25 years of the survey, local businesses have a very positive outlook on the regional economy as well as the success of their own business. The percentage that believe the economy is recessionary has dropped almost 50 percent in the last two years, from 28 percent to 15 percent," said Kevin J. McCoy, CPA and director, Marvin and Company.
Regional firms are beginning to feel the boost from the growth of technology-based businesses in the Capital Region. Twenty-four percent cite the technology sector as having a significant or moderate impact, a slight increase from 2010's 22 percent, which itself was an increase over 2009. While nearly 29 percent of respondents cited the technology sector as having "no impact at all" on their business, the figure was down from 2010's 32 percent.
For the 15th time in 16 years, local businesses ranked the cost of health care as their primary concern. The doldrums of the national economy earned a No. 2 ranking, while taxes and government regulations followed in the third and fourth spots. Lower on the list of concerns were finding qualified employees (8), transportation (9), and security issues (10).
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The survey was conducted through the use of mailing lists supplied by regional Chamber of Commerce members. It carried a return rate of 6 per cent.