Business impact of minimum wage hike debated

The Siena College Research Insititute last week released its annual survey of upstate business leaders in New York. 

The findings showed CEOs surveyed hold a bleak view of New York’s economy amid rising inflation, a tight labor market, higher borrowing costs and a potential minimum wage increase in the state. 

“It’s impossible to sugarcoat the findings of this survey. CEO confidence is down dramatically from a year ago once again reaching the low point we saw in 2020 and greater now only than during the Great Recession of 2008,” said Siena College Research Institute Director Don Levy. “Only about 1 in 5 CEOs now say conditions have been and will continue to improve while about half say the opposite – conditions have and will continue to worsen.”

The survey found a third of company leaders plan to expand their workforce, down from 44% a year ago while at the same time 82% believe there is…

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