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A staggering 61% of Western New York CEOs say government regulations are holding back growth.

At our recent CEOs Speak event, BNP members got an exclusive look at the results from the annual Upstate New York Business Leader Survey. The survey spoke to local leaders who have a powerful message to deliver: optimism is cautiously rising, but government intervention remains a persistent obstacle to regional economic growth.

Conducted annually by the Siena College Research Institute, the survey was administered immediately after Election Day, and polled over 500 CEOs, with around 100 specifically from the Buffalo area. According to Dr. Don Levy, Director of the Siena College Research Institute, optimism about future business conditions in Western New York is improving compared to 2023.

Yet, despite cautious optimism, significant challenges remain.

CEOs identified their top five barriers as:

1. 1. Government regulations
   2. Taxation
   3. Health care costs
   4. Adverse economic conditions
   5. Rising supplier costs

Regulatory pain points

The panel discussion, moderated by Buffalo Niagara Partnership President & CEO Dottie Gallagher, featuring industry leaders Jessica Cox (Highmark Western and Northeastern New York), Heather Mulligan (The Business Council of New York State), and Tom Emmerling (Dopkins & Company), spotlighted key regulatory pain points. Panelists emphasized the financial strain placed on businesses by recent state legislation, notably the Climate Leadership and Community Protection Act (CLCPA), unemployment insurance mandates, stringent healthcare regulations, and strict energy guidelines.

CEOs overwhelmingly reported that mandates under the CLCPA—such as the phasing out of natural gas infrastructure, requirements for zero-emission vehicles starting in 2025, and mandatory EV charging stations—pose considerable financial and operational burdens. They argued these regulations will increase costs, curb competitive advantages, and deter economic growth.

Workforce challenges persist

The region continues to grapple with workforce challenges, with CEOs highlighting a critical shortage of skilled labor across sectors like engineering, construction, manufacturing, and finance. Alarmingly, 70% of business leaders rated essential candidate skills—from technical proficiency to professionalism—as fair or poor.

Bright spots

However, it’s not all doom and gloom. The survey indicated a few bright spots, with CEOs expecting significant positive impacts from technology and medical sectors over the next 3-5 years. Additionally, approximately 40% of businesses are already harnessing AI, primarily for improving efficiency.  (For all findings, you can ready the full survey results here.)

Advocacy for action

Buffalo Niagara CEOs have spoken, and actionable change in state and federal policy is urgently needed to unlock our region's full potential. The Buffalo Niagara Partnership continues advocating at all levels, ensuring policymakers hear and address our local employers' critical concerns.

The BNP's Advocacy Agenda gives policymakers a roadmap to address these challenges: keeping energy affordable and reliable, meeting our workforce needs, removing unnecessary regulation, and more. Learn more here

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