CenterState CEO releases economic forecast for 2021, expects recovery to begin at the end of this year


SYRACUSE, NY (WSYR-TV) – The CEO of CenterState released his take on the region’s economic climate on Thursday. Regional business leaders and economic experts predict strong chances of an economic recovery by mid to late 2021.

“As with the country as a whole, the restrictions related to COVID-19 have put a strain on the economy of CenterState,” said Gary Keith, regional economist for M&T Bank and keynote speaker for the event. “The outlook for 2021 will be driven by continued diligence in the fight against the virus and the successful deployment of community-wide vaccination programs. A return to normal daily mobility patterns, likely by the middle of the year, will revive economic activity and allow the region’s strong upward momentum in production and income to resume. “

“Like communities across the country, central New York City has had a tumultuous year driven by the health and economic ramifications of the COVID-19 pandemic,” said Rob Simpson, chairman and CEO of CenterState. “Our forecasters have made it clear that the stressors of the pandemic have created lingering challenges and difficulties and have shaken confidence. For others, it has opened up opportunities to innovate and expand products, services and operations. Amid so much uncertainty, one thing is clear: Our region’s pre-pandemic trajectory has been set in motion by data-driven economic development strategies to guide its growth. Engaging in this same strategic approach will be essential in advancing our continued recovery. “

The 2021 economic forecast for central New York, a report including the outlook and projections from CenterState CEO members and business leaders across industry sectors, revealed the following forecast for 2021.

  • 45% described their activity in 2020 as strong or very strong, down 29% from 2019.
  • 42% described their outlook for their business strength in 2021 as strong or very strong, down 34% from projections for 2020.
  • 44% anticipate an increase in sales or turnover in 2021; 26% lower than the 2020 projections.
  • 42% plan to expand their products and services in 2021, down 18% from projections for 2020.
  • 39% forecast an increase in jobs and hires in 2021, down 26% from projections for 2020.
  • 34% plan to increase capital investment, down 15% from the 2020 projections.

Forecasters interviewed for the above information also shared that factors such as business development, customer demand and regulatory requirements were most affected by COVID-19 in 2020, and that they anticipated little to no change. in these impacts for 2021.

Outside of COVID-19, companies have indicated that other environmental factors they predict will have a positive and negative impact on their businesses in the coming year, including technology and government policies.

Forecasters also said they saw an opportunity to capture more young workers and bring them to central New York City.

You can view the full report in click here.

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