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CEO confidence fell more than 15 points this year demonstrating "more pessimism than optimism" among leaders of private for-profit companies according to the survey conducted by the Business Council of New York State.
The Index of Business Leader Confidence, computed based on interviews with 531 business leaders of companies from Buffalo, the Capital Region, Rochester and Syracuse stands at 94.8, down from 110.4 last year, just below the breakeven point of 100 at which overall optimism and pessimism towards the current and future economic conditions are balanced, the research shows.
“Only the CEO’s of the Capital Region, although down from last year, retain a confidence score above 100," said Siena College Research Institute Director Don Levy.
"Across Central and Western New York, business leaders say that 2015 did not live up to their expectations and while three in 10 anticipate a strong 2016, most predict more of the same or worsening conditions. Forty-five percent, down from 49 percent, anticipate revenue growth and 35 percent, down from 41 percent, expect their profits to increase in 2016."
The majority of CEO’s say that the Affordable Care Act, Obamacare negatively impacts their businesses.
The challenges cited include health care costs, government regulation and taxation.
The majority of CEOs point to governmental regulation as the “single greatest challenge,” according to the survey.
The Siena College poll was conducted from October to December.
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