The economy is moving forward, consumer and government spending are up and Brooklyn businesses are optimistic about the borough’s economy based on results from the Brooklyn Chamber’s Fall 2004 Chamber Member Issues Survey.

Overall, a majority of Brooklyn companies expressed confidence in the borough’s economy – 48 percent of employers expect to increase revenue this year.  Additionally, 41 percent of Brooklyn employers anticipate hiring additional workers in 2005.  Only six percent of businesses that responded to the survey expect the economy to be worse in 2005.

“Our survey results show that Brooklyn businesses are reasonably confident about the future,” Kenneth Adams, President of the Brooklyn Chamber, said.   “Their sentiments reflect increased economic activity that is occurring around the borough.”

The Fall 2004 Brooklyn Chamber Member Issues Survey was sent to the organization’s 1,200 Members in October.  The overall response rate was 16.4 percent (190 responses).  The survey was structured into six parts:  New York City Issues and Projects, The Brooklyn Economy, Business/Workforce Demographics and Real Estate Issues, Obstacles to Growth, Technology, and Business and Education.

As in previous Chamber surveys, Members were asked to rank the top obstacles to business growth in the borough.  For the second time in a row, the top issues were all related to increased costs of insurance:  health insurance replaces liability insurance as the number one obstacle, compared to the last Chamber survey; liability insurance drops to the number two spot, and workers’ compensation holds steady at number three. 

The survey results also revealed that certain new obstacles were becoming more of an issue.  Finding and hiring reliable workers moved up in the rankings and the rising costs of real estate were cited as emerging problems along with burdensome and confusing government regulations.
 
Members also expressed support for various infrastructure improvements and new developments that will be taking shape in the borough and around the city.  67 percent of those Members that responded to the survey support the NYC Olympic bid for 2012.  76 percent of Members support creating a rail link between Manhattan and JFK Airport, while 74 percent support the expansion of the Jacob K. Javits Convention Center. 

“Clearly Brooklyn businesses support infrastructure improvements and transportation development projects that benefit the city as a whole,” said Mr. Adams.  “What is good for NYC’s economy is also good for Brooklyn’s ecomomy.”

The Brooklyn Chamber of Commerce, under the direction of the Government Affairs Committee, conducts periodic surveys 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 Fall 2004 Brooklyn Chamber Member Issues Survey and the results can be downloaded in PDF format.  For questions or additional information, please contact Randy Peers, Brooklyn Chamber Vice President for Economic Development at 718 875-1000 ext. 122 or by e-mail at rpeers@brooklynchamber.com.