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Long Island News

Poll: New York CEOs Worried About Their Businesses Surviving The Pandemic

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Tim Mossholder from Pexels
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Nearly one-in-four CEOs on Long Island say their businesses may not survive the pandemic.

That’s according to a Siena College poll released this week alongside the Long Island Association, a regional economic development group.

Matt Cohen is the group’s spokesperson.

“There is a good percentage of businesses that expect this year to be better, to expect to hire new employees, and you know in order to do that we gotta make sure that we are proposing and implementing policies and programs that are conducive to that goal,” Cohen said.

Cohen said 44% of the executives surveyed want efforts to raise taxes in New York put on hold to allow for businesses to come out of the pandemic stronger.

If not, the poll shows that 29% of CEOS say they are likely to leave their New York residence, and 19% would move their business out of state.

He said of the 418 CEOs that were surveyed, 80% said they were still challenged by COVID-19 restrictions.

“It’s a hard enough struggle for them to survive and if more businesses are leaving the state, that means fewer jobs and a worse business climate. And if more affluent people are leaving the state because they can pay less in income taxes in other states, and still be able to be productive and happy, that’s going to hurt everybody here, we need their tax revenue,” he said.