First Niagara Sixth Annual Survey Shows Many Upstate NY Business Executives Less Optimistic About 2013 Economy

Jan 08, 2013, 11:00 ET from First Niagara

BUFFALO, N.Y., Jan. 8, 2013 /PRNewswire/ -- First Niagara's Sixth Annual Survey of Upstate New York Business Leaders released today reports more private sector company executives expect economic conditions to worsen in 2013 than those who predict they will get better and many are cautious in their expectations for revenues, profits, and new job hires in the coming year.

This year's survey results are based on responses from 1,142 leaders of private businesses in 55 counties of New York, all except those in New York City and Long Island, and including the major business centers of Buffalo, Albany, Rochester, Syracuse and Hudson Valley/Westchester.

"The reality is that a good number of these company executives weathered an uncertain economy over the past five years, and even showed signs of increased optimism for the past two years, but now many appear frustrated with continuing to operate in the 'new normal'  while still awaiting a more robust economy," said Peter Cosgrove, Upstate New York regional president for First Niagara Bank.

"These business executives are still marketing, selling products and services, and investing in their companies and their people but many have taken a step back to lower growth expectations based on what they see for the state's economy and their own industry in 2013," Cosgrove said. "However, it is important that they be prepared, in the event, to take advantage of any forecasted upswing in consumer confidence in the months ahead."

Responding to the survey conducted by the Siena College Research Institute were chief executive officers, chief financial officers and senior managers of private companies with $5 million to $150 million in annual sales in the service, manufacturing, retail, financial, engineering/construction, wholesale and distribution, and food and beverage industries.

Results are available at

First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 430 branches, $36 billion in assets, $28 billion in deposits, and approximately 6,000 employees providing financial services to individuals, families and businesses across Upstate New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit

SOURCE First Niagara