18th Annual Upstate New York Business Leader Survey

A survey of more than 500 CEOs across upstate New York reveals a cautious but improving outlook for the state’s economic future. Business leaders express increased confidence in economic conditions over the next three to five years, with technology, manufacturing, tourism, education, and medical sectors expected to drive growth. However, concerns about taxation, regulatory burdens, workforce availability, and inflationary pressures continue to weigh on decision-making.

The survey, conducted by the Siena College Research Institute (SCRI) in partnership with UHY and the Hudson Valley Economic Development Corp., interviewed CEOs in industries such as service, manufacturing, nonprofit, engineering and construction, retail, food and beverage, wholesale/distribution, financial services, healthcare, technology, and tourism.

Below are some of the noteworthy trends and brief summaries from our 2025 survey:

SCRI Business Leader Confidence Index

According to the Siena College Research Institute’s latest Business Leader Confidence Index, CEO confidence has rebounded significantly, reaching its highest level since 2018—rising to 78.8 from 60.8 in last year’s survey. This index is based on four questions, and an index score of 100 represents a breakeven point at which optimism and pessimism are balanced.

• The dramatic increase is based largely on the future index, which measures the CEO outlook on state and industry conditions over the coming year and stands at 92.5

Economic conditions and business sentiment

• Current climate:
  • 17% of CEOs believe New York State’s economy has improved over the past year, while 53% say conditions have worsened. This marks a slight improvement from last year when 59% saw worsening conditions.
  • When assessing their own industry, 16% report better conditions, while 50% (down from 61%) say conditions have worsened.

• Future outlook:
  • 31% of CEOs expect economic conditions to improve throughout 2025, a 13-point increase from last year. However, 35% anticipate further economic deterioration.

Emerging Trends: AI

Artificial intelligence (AI):

• 72% of CEOs are familiar with AI, and 37% report actively using it—most notably in:
  • Nonprofits (66%)
  • Financial services (61%)
  • Manufacturing (42%)

• Among AI adopters:
  • 76% credit AI with increased efficiency.
  • 36% say AI has enhanced consumer outreach.
  • 15% attribute AI to business growth.