Cautious optimism has given way to outright enthusiasm as executives throughout New York, New Jersey, Pennsylvania and Connecticut forecast buoyant revenues in the coming year.
In last year's executive survey, conducted by the accounting and business consulting firm Margolin, Winer & Evens LLP, 57 percent expected their revenue would be flat or decrease in 2013. In a dramatic shift, 70 percent of executives in this year's survey said they forecast growth over the next 12 months, with almost half expecting an increase of 6 percent or more.
Business execs also reported taking more active steps over the past year to improve their companies' fortunes. Forty percent cut more costs over the past year and many started putting money back into their enterprises - money that they had held on the sidelines during the downturn.
"Last year, executives focused on putting their companies back on track, investing in long-term technology, R&D and their operational infrastructure and found every way possible to save money," said MWE managing partner Teddy Selinger. "That planning and those investments are starting to pay off."
The detailed economic survey, conducted between July and August of 2013, polled business executives, predominantly located in New York, New Jersey, Connecticut and Pennsylvania, about the state of their companies and industries.
More than 600 business leaders responded to the survey from a variety of industries such as Healthcare, Hedge Funds, Manufacturing/Distribution, Real Estate and Retail. Tags: