Economic Forecasters Share Optimistic Outlook for 2025

Strong business performance expected in 2025 by those surveyed

Talent, housing and equitable growth among key factors cited as critical to future success

SYRACUSE, NY – CenterState CEO hosted its popular Economic Forecast event to share insights into the region’s economic climate from the perspective of regional business leaders and economic experts.

During the event, CenterState CEO President Rob Simpson highlighted the optimism felt by the business community in this year’s Economic Forecast survey. The event’s keynote speaker, Luke Tilley, chief economist for Wilmington Trust Investment Advisors, Inc., presented a national economic outlook, with a focus on changes in the investment environment, and the factors that should guide investors this year, from corporate capital expenditures, tariffs, federal spending, immigration policy and more.

“We still see the U.S. economy on a solid footing, but with significant uncertainty to the upside or downside possible this year,” said Tilley. “With so many ways the incoming administration and Congress’s policies could turn out, we liken the economy in 2025 to a game of chutes and ladders, and it’s hard to tell what spots we’ll land on.”

Tilley's assessment of national economic trends offered important and relevant context for understanding the forces that are influencing the Central New York region's trajectory.

“The clear message of optimism this year’s forecasters shared is a significant signal that our region is growing and that progress is felt across the diverse sectors of our economy. There is much to be bullish about,” said Simpson. “We are seeing an upswing in new business formation, incredible investments in advanced manufacturing, significant collaboration and investment on workforce development initiatives, and a robust economic development pipeline, with nearly $6 billion representing almost 60 potential projects. Forecasters also expressed confidence that they stand to benefit from efforts to grow Central New York’s tech economy. As with any economic cycle, there is always uncertainty to account for as well. Forecasters rightly identified talent, housing, infrastructure and equitable growth as among our region’s challenges in the year ahead. In the year ahead we must stay focused on our goals as we work to ensure the opportunities before us are realized to their fullest potential, in a way that benefits all in our community.”

The event marks the release of the 2025 Economic Forecast for Central New York. The report includes the insight and projections of CenterState CEO members and business leaders from across industry sectors, with perspectives on company growth, employment trends and expected impacts on their own businesses and the region’s economy from major initiatives and investments taking place in the region.

Through a survey conducted by third-party research firm Research & Marketing Strategies, Inc., forecasters reflected on the growth they experienced in 2024 and shared their predictions for 2025.

Of those surveyed, 86% have a positive outlook for Central New York’s economic health, describing it as “good” or “excellent.”

Notably, 73% of respondents expect the strength of their own business in 2025 will be “above average” or “excellent."

Of those surveyed:

• 77% expect sales or revenues to increase in 2024, up 5% from last year.
• 63% expect an increase in jobs and hiring in 2025, an 8% increase from 2024 projections.
• 56% expect to expand products and services this year, holding steady with prior year projections.
• 45% expect to increase capital investments this year, down 4% from 2024.
• 65% stated innovation and technology will positively impact their business in 2025.

Most individuals, 81%, who participated in the survey stated they are aware of Central New York’s path toward transforming its economy into a technology-focused hub of innovation, advanced manufacturing, and entrepreneurialism, with 71% saying they see themselves as beneficiaries of the anticipated growth of Central New York’s technology economy.

Survey respondents listed their top challenges as: availability of skilled personnel/workforce development, domestic economic conditions, and employee benefits/costs. These three pressures were also identified as those most likely to impact growth in 2025.

When asked to identify the most significant pressures and impacts facing Central New York businesses and the region, forecasters noted:

• Housing affordability and availability: Respondents expressed concerns about the affordability and availability of housing in Central New York, and that a lack of affordable housing options makes it difficult to recruit individuals to the area and retain staff.
• Equity: While business leaders were largely optimistic about the future, many cautioned that growth needs to be equitable and support our entire community.
• Child care: Respondents often presented day care as an issue, including the costs of day care and the availability of options.
• Micron: There continues to be a highly positive view of the Micron project and its impact on the region. However, there was some anxiety expressed (at the time of the survey) regarding potential delays impacting when the project will begin.
• Infrastructure: Many business leaders discussed the I-81 project and construction projects in the area, and feel the work is well overdue.

The 2025 Economic Forecast for Central New York and Luke Tilley’s presentation can be found at CenterState CEO’s website.