SURVEY FINDS MAJORITY ARE OPTIMISTIC ABOUT WESTCHESTER’S ECONOMIC FUTURE AND ANTICIPATE ONE-TO-THREE YEAR PANDEMIC RECOVERY PERIOD

Healthcare and Entrepreneurship Identified as Among Most Important Sectors Moving Forward; High Taxes, Unemployment, Broadband/Digital Technology and Affordable Housing Seen as Key Issues

White Plains, NY (July 2, 2020) – Optimism for Westchester’s economic future, combined with a sense that the region’s financial recovery from the COVID-19 pandemic will take between one and three years, are among the key findings from a public survey conducted by the Westchester County Association (WCA), the results of which were announced today. The survey also found that healthcare, entrepreneurship, higher education and hospitality are among the most important industry sectors to the region’s economic future, while high taxes, unemployment, broadband/digital technology, and affordable housing are key economic issues moving forward.

 

Takeaways from the online survey, which was conducted between late May, 2020, and the end of June, 2020, and generated more than 400 responses, include:
• Fifty-five percent of respondents are optimistic about the region’s future;
• Sixty-four percent believe it will take up to three years for the local economy to recover;
• A strong plurality (47 percent) believe the most severe economic impacts of the pandemic will be felt through 2021.

 

Results from the survey, which are available for download on the WCA’s website, are being distributed to municipal leaders throughout Westchester County as they prioritize financial and other resources in the recovery and rebuilding efforts.

 

The survey is part of the WCA’s efforts to rebuild a stronger and more resilient economy for the region, which includes the ongoing work of its Post-Pandemic Working Group (PPWG). The PPWG is a collaboration of business, nonprofit, and academic leaders, formed to identify and address some of the most important regional economic challenges and opportunities both created and highlighted by the COVID-19 pandemic.

 

“These survey results provide some valuable findings that can help shape the list of priorities to the challenges and opportunities ahead,” noted Westchester County Association President & CEO Michael Romita. “While the issues are not new, these aggregate perspectives can help drive consensus among key stakeholders from government, business, and the nonprofit sectors in terms of identifying common goals and the need for a collaborative approach.”

 

Click here to view the survey results.

 

The Westchester County Association (www.westchester.org) is the leading economic development and business advocacy organization in the lower Hudson Valley. The WCA promotes smart economic growth, fosters development for businesses and nonprofits, and provides its members with opportunities to interact with key public and private sector individuals, agencies, and organizations.

 

For more information about the Westchester County Association, visit www.westchester.org.

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