Long Island CEOs bet big on AI to transform workplaces

CEOs on Long Island view artificial intelligence as playing a key role in the workplace, with many planning to invest in the technology this year, according to a poll released on Thursday.

Of the 268 executives who participated in the annual Long Island Economic Survey, 75% said the advantages of AI in business outweigh the pitfalls. But 25% said the disadvantages are too risky.

The industries with the highest percentage of CEOs supporting AI in the workplace were manufacturing, health care and financial services, according to the survey, which was conducted between Sept. 16 and Nov. 4 — before the recent presidential election — by PKF O’Connor Davies accountants and the Siena College Research Institute.  

“We see a growing adoption of artificial intelligence by CEOs across every business sector,” said Siena pollster Don Levy at a breakfast event in Woodbury, where the survey results were released before a crowd of about 275 people. 

The presentation occurred as President Donald Trump promotes investment in AI. On Tuesday, he praised a $500 billion partnership between OpenAl, Oracle and SoftBank to expand data centers and electricity generation in Texas to support AI usage.

The economic survey results —  like Newsday's interviews  with executives at the event — were overwhelmingly positive about AI. There was no discussion at the breakfast on Thursday about the technology’s potential to change or even eliminate some jobs.

In New York City, about one fifth of all workers are in “high-exposure jobs” that could be negatively impacted by AI, including budget analysts, tax preparers, technical writers and web developers, according to a report released earlier this month from the city's Economic Development Corporation. But for every job lost, many more will be enhanced as workers become more efficient, according to the report. 

On Long Island, businesses are employing AI to improve everything from bank services and audits to home construction.

Kevin M. O’Connor, regional president for Valley National Bank, said AI offers the ability to speed up services for customers, such as opening an account in 10 minutes. 

“You cannot ignore AI because it’s not going away,” he said in an interview.

PKF partner Jeffrey S. Davoli agreed, saying AI has become an essential tool for his accounting firm. He predicted the technology would be employed to identify questionable transactions in company audits within two years.

At Habitat for Humanity of Long Island, AI was used for the first time last year to construct a house out of concrete. “We can see [AI] helping us to build faster and more efficiently,” said interim CEO Diane Manders.

Besides AI, the economic survey asked CEOs for their views on key regional issues, such as the lack of affordable housing, high taxes, the availability of skilled workers and efforts by government to make it easier to operate a business.

More than half the executives said housing costs were the No. 1 impediment to business success, followed by property taxes. Nearly eight in 10 backed the construction of apartment buildings, accessory dwellings and single-family homes as remedies for the problem.

“There is a crisis when it comes to affordable housing,” Manders told the audience, adding that the number of requests for housing received by Habitat increased 600% in the past five years. “The good news is [municipalities] are recognizing the need and taking action.”

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.