RMS & CenterState CEO Release CNY 2025 Economic Forecast
Article by Patrick Fiorenza, RMS Director of Research Analytics –
Released today, the CNY 2025 Economic Forecast report by CenterState CEO identifies trends that impacted the economy throughout 2024 and outlines opportunities and challenges for 2025 based on insights from industry leaders across our region. Overall, the data suggests a positive outlook for 2025. Just over half of the respondents felt that 2024 was an above-average year (53%), and the pace of their growth was about what they expected for the year. Many are expecting 2025 to be an above-average year, too.
Forecasters hope to see some of the anticipated growth in the community start to have a positive impact on their businesses. Many are anxious to see the “shovels hit the ground” on the Micron project. The Forecasters shared they are “cautiously optimistic,” which seems to be the best descriptor of the data for the 2025 Forecast. Business leaders are ready for growth but have real concerns about the availability of the workforce, their ability to offer competitive compensation, and rising costs for employee benefits.
Some key findings from this year’s report include:
- When asked to rate the economic health of the Central New York (CNY) economy, participants scored it as a 3.7 out of 5.0.
- When asked to describe the economic outlook of the CNY region in 2025, participants scored it as a 4.0 out of 5.0. With 86% sharing good (66%) or excellent (20%).
- Most business leaders (53%) rated their business performance in 2024 as above average (37%) or excellent (16%).
- Most people expect 2025 to be above average (59%) regarding their businesses’ performance.
- Nearly two-thirds of respondents expect hiring to increase in 2025 (63%). Of those hiring, 75% shared they will employ between 1 and 10 additional employees. Most individuals are looking for mid-level and high-level/specialized workers to join their organizations. Forecasters expressed concerns about the labor pool for specialized skills and voiced frustrations regarding attracting, retaining, and offering competitive compensation to their employees.
- Nearly half of respondents expect to make capital investments in 2025 (45%).
- 77% of respondents expect sales to increase in 2025.
- Most expansion by local employers is planned for across New York State and the Northeast, with some evidence of expansion in the Midwest and Southeast.
- Inadequate housing and lack of specialized skilled workers are the two barriers to growth in CNY.
Since 2001, RMS has partnered with businesses to better understand their needs and provide data and insights to support their decision making. The 2025 CenterState CEO Economic Forecast yielded important findings about CNY Business leaders’ perceptions of the local economy. To view the 2025 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 is passionate about helping clients achieve their goals and designing effective strategies through customized market research projects. He has extensive experience in survey design, data analysis, and qualitative, quantitative, and mixed-methods research. As the Director of Research Analytics, Patrick monitors all aspects of the research project, assuring validated and high-quality results are provided to RMS clients. He is also passionate about providing coaching to analytic staff and collaborating closely with clients to ensure needs are met. Pat holds a master’s in public administration from Syracuse University and is pursuing his doctorate in curriculum, instruction, and science of learning from the University at Buffalo.
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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. We conduct surveys, focus groups, mystery shopping, studies, and analyses. Each project is customized and gets personal attention so that actionable, data-driven findings are delivered. RMS has a reputation for getting results. We offer an independent, professional means to conduct telephone, on-line, and mail surveying, as well as in-depth interviews, intercept interviews, and participant recruitment. We also host discussion groups through QualiSight, our onsite call center and focus group facility. We have a proven reputation for successfully recruiting and moderating focus groups, community forums, and town meetings.