ACG: Dealmakers Upbeat About Long Island Economy
Long Island dealmakers entered 2014 with a modestly upbeat outlook about the U.S., according to a survey by ACG New York.
A majority of the capital providers, investment bankers, attorneys, accountants and other consultants say the U.S. economy at the end of 2014 compared with the end of 2013 will be better (70%) or much better (2%) than at year-end 2013. A majority also say that Long Island’s economy will wind up for the year either better (52%) or much better (2%) than for the year just ended.
Their mood contrasts with the results for a similar survey last year, which found only 24% of the dealmakers saying that 2013 would end up better or much better than 2012.
None of the executives surveyed said the 2014 Long Island economy would end up worse than the end of 2013, compared with 17% in the prior survey that said it would end up either worse or much worse.
The written survey was conducted in January by ACG New York of attendees at its annual Economic Update breakfast held at Hofstra University in Hempstead, NY. The nonprofit association received 46 replies from private equity executives, investment bankers and lenders (63%), as well as from professionals who provide services necessary to close transactions (33%).
“We believe attendees at our Long Island events reflect a cross-section of the Long Island business community,” says Barry Garfield, head of ACG New York’s Long Island network and regional managing partner at CPA firm Baker Tilly Virchow Krause.