Brooklyn Chamber of Commerce Members responding to the organization’s 2005 Member Issues Survey indicated that 2005 has been a good year for business, with 80% of companies reporting that they did as well or better in 2005 than 2004.  Click here to view the full report.

But only 31% of respondents think revenue will be higher next year.  Part of this may be due to concerns about rising energy and real estate costs.  In a remarkable jump in the rankings from 2004, fuel or energy costs moved from seventh place to third place when businesses were asked to rank obstacles to growth. 

The increased cost of providing health insurance and the cost of general liability insurance held steady in first and second place respectively this year, but the rising cost of real estate jumped from sixth place to fourth in the rankings of business woes.

“The data confirms what we have been hearing all year – that business was generally good in Brooklyn in 2005,” said Kenneth Adams, President of the Brooklyn Chamber.  “Revenue was up, hiring was up, and there was a lot of new investment in the borough.”

“At the same time, businesses – especially small businesses – are starting to feel the pinch of rising insurance, fuel and occupancy costs.  The survey suggests that our Chamber Members will approach the New Year with caution,” Mr. Adams added. 

In spite of these concerns, 68% of the responding companies said they would hire new employees over the next year. 

The 2005 Brooklyn Chamber Member Issues Survey was sent to 1,200 of the organization’s Members in October.  The overall response rate was 14.7% (177 responses).  The survey was structured in five parts:  The Brooklyn Economy, NYC Projects and Issues, Education and Workforce Development, Quality of Life, and Obstacles to Growth.

Members expressed strong support for Coney Island redevelopment, creating a JFK rail link to Manhattan and the Cross Harbor Rail Freight Tunnel project.  As was the case in last year’s survey, Atlantic Yards, the borough’s single largest economic development project that includes the building of an arena for the Nets, also received a majority of the Members’ support. 

“Our members clearly understand the importance of large-scale economic development projects and infrastructure improvements that help to promote business expansion and job creation in the borough,” said Randolph Peers, the Brooklyn Chamber’s Vice President for Economic Development.   

A new section included in this year’s survey measured concerns related to quality of life issues.  Potholes and poor street conditions were cited by 78% of Members as a problem.  Litter was also a concern for 64% of those surveyed.

In the area of education, many Members expressed support for NYC’s efforts to improve public schools, with 53% believing NYC is moving in the right direction in terms of reform. 

The Brooklyn Chamber of Commerce, under the direction of the Government Affairs Committee, conducts an annual survey of its membership in order to develop the Chamber’s positions on key economic and legislative issues affecting the borough, and as a means to prioritize its advocacy agenda.

The 2005 Brooklyn Chamber Member Issues Survey results can be downloaded by clicking here.

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