LI economy expected to improve through 2014

Barry Garfield, head of the Long Island unit Barry Garfield, head of the Long Island unit of the Association for Corporate Growth, said the results of the New York chapter of the Association for Corporate Growth were upbeat compared with the 2013 survey. Photo Credit: Holtz Rubenstein Reminick

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Long Island's economy likely will end 2014 in better shape than when it began, according to a poll of bankers, lawyers and accountants who work for medium-sized businesses.

The New York chapter of the Association for Corporate Growth reported Wednesday that 55 percent of its members surveyed last month predicted the local economy would improve over the year.

Fifty-two percent said the economy would be better on Dec. 31 than it was in 2013. Two percent forecast that it would be much better; 45.5 percent, that it would be about the same. No one predicted a turn for the worse.

Asked to describe the state of the economy in Nassau and Suffolk counties, more than 67 percent said stable, and 28 percent said growing.

Barry Garfield, head of the association's Long Island network, said the results were upbeat compared with the 2013 survey.

That poll found 59 percent of members predicting the economy would end 2013 unchanged from the previous year, and 17 percent said conditions would worsen.

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Forty-six people completed a written questionnaire that was part of the association's economic forecasting event at Hofstra University on Jan. 9. This year's poll marks the third time the association has surveyed its members.

Garfield said the respondents "reflect a cross-section of the Long Island business community."

Asked about the local unemployment rate, 56.5 percent said it would be below November's 5.4 percent by year's end. Thirty percent predicted the rate would remain unchanged year over year.

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