New York (Dec. 31, 2003) -- While their counterparts in Ohio are contemplating their economic outlook, metro New York CPAs have their own ideas about what to expect in 2004.
In the Metro-New York region, which includes the five boroughs and Rockland, Nassau, Suffolk and Westchester counties, 81.5 percent of CPAs surveyed rated present business conditions in their local geographic area as fair or poor, according to a year-end poll by the New York State Society of CPAs.
Just 11.2 percent expect local business conditions to improve within one year, while 88.8 percent of Metro CPAs expect improvement within the next two to five years, the NYSSCPA reported. Statewide, the NYSSPCA said 67.6 percent of respondents rated present business conditions as fair, and CPAs rated business conditions in their local geographic area better than they rated conditions statewide.
Among 15 key industries, metro New York CPAs expect banking/finance, high technology, accounting and health care to show the most improvement in profits in 2004. CPAs predicted that the banking and finance and technology industries will show the most improvement, while manufacturing will stay the same and publishing will worsen.
Roughly 42 percent of society members statewide said public focus on corporate scandals will have a negative impact on general business practices and the New York State economy, and 43.5 percent of metro NY CPAs agreed.
-- WebCPA staff
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