Confidence in Long Island Economy ImprovesTuesday, January 10, 2012
For Immediate Release
CONFIDENCE IN LONG
ISLAND ECONOMY IMPROVES
18th Annual AVZ Economic Survey & Opinion Poll Shows More Optimism for Local Economy vs. National Economy
New York – January 10, 2012 – Albrecht, Viggiano, Zureck & Company, P.C. (AVZ), a premier Long Island public accounting and business advisory firm, today released the findings of its 18th Annual Economic Survey & Opinion Poll of
Long Island business executives. Topline results revealed that confidence in the
Long Island economy outpaced the rating for the national economy as a whole. On a scale of 1-10, this year’s Long Island confidence rating improved to 5.1, while the rating for the
U.S. economy declined to 4.5. In 2010, the two ratings were tied at 5.0.
Thomas J. Murray, AVZ Managing Partner, said, "While our results show continuing concern for our local and national economies, respondents were slightly more optimistic this year about recovery and growth, with 48% realizing greater revenue over last year.”
As one responder put it, "We need more manufacturing on
Long Island. We need strong national leaders to make significant policy changes to allow for more competitiveness for Made in the USA entities.”
Another recommended, "Long Islanders need to support local businesses more…
Long Island companies should be given various tax incentives at the expense of national chain stores so that they can be more competitive in the local market.”
Survey responses revealed an increasingly negative outlook for our national economy, with 61% sensing that we are headed for a double dip recession and only 24% "very sure” they are financially prepared for retirement. An overwhelming majority of respondents forecast a Republican shift in political control during the November 2012 elections.
With small business at the heart of the economy, this year’s survey clearly shows that responding business owners have a variety of concerns weighing on their minds: "Property taxes are too high…
State is the highest taxed state. If I was [sic] smart I’d move… There is a pervasive and flagrant disregard of the private sector by local and state politicians… Too much government intervention…
Long Island needs work for all businesses… Selling my business hopefully…. Our sales go up and margins keep going down.”
Other survey highlights include:
Ø 21% realized a decline in revenue; which is down significantly from 37% in 2010.
Ø 33% project a decline in revenue and 22% project no revenue growth in 2012.
Ø 49% project net income for 2011 will be lower than 2010.
Ø 45% experienced a decrease in headcount during 2011.
Ø 24% project an increase in headcount in 2012.
Ø 86% do not have any facility expansion plans for 2012.
Ø 43% of respondents believe real estate prices will drop in 2012.
The Long Island Economic Survey and Opinion Poll is conducted each year by AVZ in partnership with Long Island Business News and the Townsend School of Business at Dowling College.
Albrecht, Viggiano, Zureck & Company, P.C. (AVZ) (www.avz.com) is one of the largest certified public accounting firms on
Long Island. With a second office in
New York City and a staff of more than 70, AVZ provides a wide range of financial, accounting, auditing, tax and consulting services to municipal and government agencies, privately held corporations, and nonprofit organizations. Founded in 1950, AVZ is headquartered in
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Julie Gross Gelfand, APR
HLD Public Relations