SYRACUSE — A new report from CenterState CEO finds more than three quarters of 160 businesspeople surveyed (77 percent) anticipate increased sales or revenue this year, up 5 percent from the 2024 projections.

The survey also found 63 percent expect to boost jobs and hiring in 2025, up 8 percent from last year.

That’s according to the 2025 Economic Forecast for Central New York report that CenterState CEO released on Jan. 23 during its Economic Forecast event at the Nicholas J. Pirro Convention Center at Oncenter. Baldwinsville–based Research & Marketing Strategies, Inc. (RMS) conducted the survey.

The program attracted 500 attendees, CenterState CEO tells CNYBJ.

The report includes the insight and projections of CenterState CEO members and business leaders from across industry sectors, with perspectives on company growth, employment trends and expected impacts on their own businesses and the region’s economy from major initiatives and investments taking place in the region.

Besides the hiring and revenue projections, the survey found 56 percent of respondents expect to expand products and services in 2025, holding steady from the prior-year projections. And 45 percent anticipate they will increase capital investments, down 4 percent from 2024.

Of those surveyed, 86 percent have a positive outlook for Central New York’s economic health, describing it as “good” or “excellent.” And 73 percent of respondents expect the strength of their own business in 2025 will be “above average” or “excellent.”

During the event, CenterState CEO President Robert Simpson highlighted the optimism felt by the business community in this year’s Economic Forecast survey.

“The clear message of optimism this year’s forecasters shared is a significant signal that our region is growing and that progress is felt across the diverse sectors of our economy. There is much to be bullish about,” said Simpson. “We are seeing an upswing in new business formation, incredible investments in advanced manufacturing, significant collaboration and investment on workforce development initiatives, and a robust economic development pipeline, with nearly $6 billion representing almost 60 potential projects. Forecasters also expressed confidence that they stand to benefit from efforts to grow Central New York’s tech economy. As with any economic cycle, there is always uncertainty to account for as well. Forecasters rightly identified talent, housing, infrastructure and equitable growth as among our region’s challenges in the year ahead. In the year ahead we must stay focused on our goals as we work to ensure the opportunities before us are realized to their fullest potential, in a way that benefits all in our community.”

Other findings

The Economic Forecast report found most respondents (81 percent) are aware of Central New York’s “path toward transforming its economy into a technology-focused hub of innovation, advanced manufacturing, and entrepreneurialism,” with 71 percent indicating they see themselves as beneficiaries of the anticipated growth of Central New York’s technology economy.

Survey respondents also listed their top challenges as availability of skilled personnel/workforce development, domestic economic conditions, and employee benefits/costs. Respondents also identified those three pressures as those “most likely to impact growth” in 2025, CenterState CEO said.

When asked to identify the most-significant pressures and impacts facing Central New York businesses and the region, forecasters expressed concerns about the affordability and availability of housing in Central New York, and that a lack of affordable-housing options makes it difficult to recruit individuals to the area and retain staff.

In addition, respondents often cited day care as an issue, including the costs of day care and the availability of options.

Respondents also continue to have a “highly positive view” of the Micron Technology Inc. (NASDAQ: MU) project and its impact on the region. However, some respondents also expressed “some anxiety” (at the time of the survey) regarding potential delays impacting when the project will begin, CenterState CEO said.

Many business leaders also discussed the Interstate 81 project and construction projects in the area, and feel the work is “well overdue.”

The responding business leaders were largely optimistic about the future, but many cautioned that growth “needs to be equitable and support our entire community,” CenterState CEO said.

Keynote speaker

Luke Tilley, chief economist for Wilmington Trust Investment Advisors, Inc., was the Economic Forecast event’s keynote speaker.

He presented a national economic outlook, with a focus on changes in the investment environment and the factors that should guide investors this year, including corporate capital expenditures, tariffs, federal spending, and immigration policy.

“We still see the U.S. economy on a solid footing, but with significant uncertainty to the upside or downside possible this year,” Tilley said, per the CenterState CEO announcement. “With so many ways the incoming administration and Congress’s policies could turn out, we liken the economy in 2025 to a game of chutes and ladders, and it’s hard to tell what spots we’ll land on.”

Tilley’s assessment of national economic trends offered “important and relevant context for understanding the forces that are influencing the Central New York region’s trajectory,” CenterState CEO said.