NEW YORK - Chemical Banking Corp. said the results of its latest survey of midsize businesses indicates a significant up-turn in the New York metropolitan area's economy.
Of 776 companies in the survey sample, 40% rated the Northeast economy better than last year and 42% said it is the same. Only 15% said it is worse.
Also, 39% said they expect economic conditions to improve in the next few months, up from 33% in a 1992 poll. The number anticipating leaner times declined to 9% from 14%.
Compared with a year ago, revenues were up at 62% of the companies, stayed the same at 24%, and declined at 14%.
"The survey results clearly show that our economy has bottomed out from the recession," said Frank Lourenso, executive vice president of Chemical Bank. "We have also seen concrete evidence of the improved health of these midsize businesses through increased loan demand in the last six months."
Chemical says it is the leading lender in its market to companies like those in the survey, with $10 million to $500 million in annual revenue. The telephone survey was conducted in a nine-county region by Roper Starch Worldwide Inc.
On business-climate issues, 29% said they were dissatisfied doing business in New York State, mainly because of high taxes, but only 6% said the were planning to leave.
