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Press Release

New York CPAs’ Pessimistic Prognosis Sees Little Change in State’s Economy

By:
Alonza Robertson
Published Date:
Dec 18, 2012

NEW YORK – (December 18, 2012) - Almost 70 percent of New York State Society of CPAs members polled this past autumn believe business conditions in New York State will show little to no improvement in the coming year, with about half of the survey respondents expecting the unemployment rate to remain flat.

The NYSSCPA poll, conducted by the market-research firm Stanford H. Odesky & Associates and the NYSSCPA, between October 10 and Oct.25, polled Society members on a variety of business conditions, taxes, politics and the Affordable Care Act. Nearly 600 members responded to the online survey.
 
NYSSCPA members said personal income taxes in the state are too high, 78.6 percent said business taxes are too high, and while Gov. Andrew Cuomo’s economic policies enjoy a more than 70 percent approval rate among Society members, 52.6 percent believe business conditions in the state have remained largely the same under his administration.
 
“Our members' pessimism toward the economy is high, ” said Gail M. Kinsella, president of the NYSSCPA, the nation’s oldest and one of the largest CPA state societies whose members work in public firms, industry, government and non-profits. “I, along with my colleagues, are hopeful for news of more positive financial forecasts and that the economy and business does improve in 2013.”
 
Sixty-four percent of those polled are dissatisfied with President Obama’s economic policies and most of them expect to remain that way—60 percent said his re-election will have a negative impact on the economy.
 
In other findings from the report, NYSSCPA members believe that finance, healthcare, and technology, respectively, are the top three industries that will have the largest impact on the state’s future economic outlook.
 
Among those familiar with the Affordable Care Act, 67.3 percent of those surveyed believe that the legislation will negatively impact both small and large businesses. However, most believe the healthcare law will only moderately change the way they do business. What is affecting their business? Nearly 50 percent of Society members said their clients have been slow to pay for services.
 
Statistical error on the total sample is + / – 4 percent at the 95 percent confidence level.
 
Read more poll highlights on the NYSSCPA’s website. See full poll results. For more information, contact Alonza Robertson at 212.719.8405 or by email at arobertson@nysscpa.org.