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The 19th Annual Upstate New York Business Leader Survey points to meaningful progress — and a clear roadmap for building a stronger business climate
By Mike Oates
Each year, the Upstate New York Business Leader Survey offers more than a snapshot of business sentiment. It gives us a practical, real-world look at how employers are navigating the economy, where they see opportunity, and what it will take to strengthen New York’s future.
This year’s results should give us reason for encouragement.
The 19th Annual survey, conducted by the Siena Research Institute in partnership with UHY and HVEDC, interviewed 497 CEOs of private for-profit and nonprofit organizations across New York State between October 2025 and January 2026. Their responses show that, even amid persistent challenges, business leaders are finding reasons to invest, innovate, and plan ahead.
Most notably, CEO confidence has rebounded from last year’s 54.8, one of the weakest readings in the survey’s nearly two-decade history. More business leaders are projecting revenue growth. More are planning capital investments. And here in the Mid-Hudson region, the outlook is even stronger than the statewide average: local CEOs are more optimistic about their industry, and 55 percent say they would still choose New York as the place to locate their business if given the opportunity to do it over again.
That matters. It tells us that despite the headwinds, New York continues to offer the talent, infrastructure, market access, and entrepreneurial energy that make growth possible.
Of course, no honest reading of the survey would ignore the barriers employers continue to face. Healthcare costs, regulation, and taxation remain top concerns for CEOs across the state. Tariff uncertainty is also creating new complications, from delivery delays to supplier disruptions and rising costs.
But what stands out to me is not just the persistence of those challenges. It is the resilience of the business community in responding to them.
Even in a demanding environment, companies are still planning, still adapting, and still looking for ways to grow. That kind of resilience is one of the Hudson Valley’s greatest strengths, and it is one reason I remain optimistic about where we can go from here.
The survey’s workforce findings also point to a clear opportunity for action. Only 15 percent of CEOs say there is an ample supply of appropriately trained local workers, and many continue to report difficulty recruiting talent. But the most important takeaway is that business leaders are not standing on the sidelines. Sixty-seven percent of Upstate CEOs say they are very or somewhat likely to participate in workforce development partnerships involving educational institutions, government, and employers.
That is a powerful signal.
It means employers are ready to collaborate. It means the willingness to build solutions already exists. And because New York already has strong institutions in place — including SUNY, community colleges, technical education programs, and regional economic development organizations like HVEDC — we are not starting from scratch. We have the foundation. What we need now is sustained alignment, investment, and urgency.
The same is true when it comes to innovation.
The survey shows that 77 percent of Upstate CEOs are now familiar with artificial intelligence, and 45 percent of companies are already using it. Among those using AI, 72 percent report improved efficiency, including 78 percent in the Mid-Hudson region. That is not a distant trend. It is a sign that businesses here are embracing tools that can improve productivity and competitiveness right now.
Yes, AI also raises legitimate questions around governance, privacy, and security. But that is exactly why this moment is so important. It gives business organizations, educational institutions, and policymakers the opportunity to work together to ensure innovation is matched by thoughtful implementation. Done right, AI can become another area where our region leads.
Even the survey’s more sobering findings should be read as a call to action, not a reason for pessimism. When only 14 percent of CEOs say they are confident in the state’s ability to improve the business climate over the coming year, that should not be dismissed. It should be heard as a clear invitation for stronger partnership between government and the employers who are creating jobs, making investments, and sustaining communities across New York.
At HVEDC, that is exactly how we see our role.
We are here to help turn insight into action — through advocacy, financing, technical assistance, workforce partnerships, and collaboration with local and state leaders. The survey makes clear that businesses are ready to engage, ready to invest, and ready to help shape solutions. That gives me confidence, because progress is always possible when the public and private sectors move in the same direction.
This year’s survey does not say that all is well. But it does say something equally important: New York’s employers still believe in growth, still see opportunity, and still want to be part of building a stronger future.
That is momentum worth building on.
Mike Oates is President & CEO, Hudson Valley Economic Development Corporation
HVEDC is a co-sponsor of the 19th Annual Upstate New York Business Leader Survey, conducted by the Siena Research Institute in partnership with UHY. The full report is available at UHY.
