Article by Patrick Fiorenza, RMS Director of Research Analytics –
Released today, the CNY 2024 Economic Forecast report by CenterState CEO identifies trends that impacted the economy throughout 2023 and outlines opportunities and challenges for 2024 based on insights from industry leaders across our region. This year, the findings suggest a very positive outlook from the business community in CNY. Many discussed CNY’s continued resurgence and the transformative investment of Micron, along with the ever-growing tech industry in CNY. Some key findings from this year’s report include:
• A total of 151 individuals participated in the survey. The survey was well distributed across industries. The top three industries represented were: Professional, Scientific, and Technical Services; Finance and Insurance; and Manufacturing sectors.
• 89% shared they have a positive outlook for the economic health of the CNY region in 2024.
• 85% believe that in five years, the CNY economy will be better than it is today.
• Over half (55%) of respondents expect to increase hiring in 2024.
• 72% of respondents expect sales to increase in 2024.
• 79% of participants believe that the CNY economy is transforming into a technology-focused hub of innovation, advanced manufacturing, and entrepreneurialism.
• Only 5% believe that Micron will not impact their business in the long term.
• The top opportunities people see from Micron are: (a) follow-on growth and investment within CNY, (b) an increase in population, and (c) additional community investment.
Since 2014, the business information and research for this essential report have been compiled by our team at Research & Marketing Strategies (RMS), your market research firm located in Baldwinsville, New York.
“Each year, we look forward to our partnership with CenterState CEO and reaching out to the business community to learn their perspectives, challenges, and insights for the coming year. We extend our thanks to all the business leaders who participated and to CenterState CEO for their collaboration in creating this report. As your local market research firm, we are thrilled to report such high optimism and positivity throughout CNY for 2024 and beyond.” Patrick Fiorenza, Director of Research Analytics.
RMS has partnered with dozens of local businesses to assess the health of our local CNY economy and to understand how market forces continue to shape the region. This study was unique due to the richness and depth of open-ended responses across a variety of industries, which provided a great window into how business leaders view the local economy. Many of these responses are highlighted as quotes throughout the report.
To view the 2024 Economic Forecast Report for Central New York, visit CenterState CEO’s report-dedicated page HERE.
For more information about this project or if you are interested in conducting market research with RMS, contact our Vice President of Corporate Development, Sandy Baker, at SandyB@RMSresults.com or call 315.635.9802 Ext. 208.
About the Author – Patrick Fiorenza
Patrick brings years of market research experience to the RMS Research Analytics team. His preliminary focus encompasses designing, implementing, gathering, and analyzing results from proven research methods created to obtain credible data to help guide decision-making across a variety of industries.
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Research & Marketing Strategies, Inc. (RMS) is a full-service market research firm in Central New York. Formed in 2002, RMS helps organizations that are looking to know more about their customers and/or potential customers. They conduct surveys, focus groups, mystery shopping, studies and analysis. Each project is customized and gets personal attention by the best in the business. RMS has a reputation for getting results and offers an independent means to conduct telephone, on-line and mail surveying, In-depth interviews, intercept interviews, and participant recruitment as well as focus group hosting through QualiSight, its onsite call center and focus group facility. Taking advantage of the region’s reputation for being a great market study barometer, RMS recruits and moderates for focus groups, community forums and town meetings.