PKF O’Connor Davies Survey: 9 in 10 Long Island Businesses Offered Raises Last Year Despite Dip in Economic Confidence

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Annual survey conducted by AVZ captures sentiments and outlook of Long Island business community

“After a truly challenging and unique year, this survey once again offers a valuable snapshot into the perceptions and expectations of Long Island employers,” said Kevin J. Keane, Managing Partner at PKF O’Connor Davies.

PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax, and advisory firms, announced the results of its Long Island Economic Survey & Opinion Poll at a webinar hosted by the Firm on Tuesday, February 23, 2021. The survey of Long Island business owners found that a majority of businesses on Long Island maintained staff levels and increased employee compensation last year, despite wavering confidence in the economy brought on by COVID-19, political uncertainty, and other factors. Since 1995, the survey has been conducted by the certified public accounting firm AVZ, which joined PKF O’Connor Davies earlier this year.

“After a truly challenging and unique year, this survey once again offers a valuable snapshot into the perceptions and expectations of Long Island employers,” said Kevin J. Keane, Managing Partner at PKF O’Connor Davies. “At a high level, we found that organizations of all shapes and sizes understandably felt a bit more uncertain about the future of their business, but most still found ways to retain their people and even increase compensation. This survey will provide our team and the Long Island business community with meaningful insights as we continue to help our clients navigate the effects of the COVID-19 pandemic.”

The survey covered a broad range of topics centered on economic confidence, revenue, prices and profits, employment outlook, annual raises, growth industries, economic indicators, retirement, real estate, current events, and additional fun questions. Key survey findings include:

  • Confidence in the Long Island economy dipped to 6.5 (down from 6.8)
  • 61% of businesses experienced no change in headcount in 2020
  • 89% of businesses gave their employees raises
  • 73% of respondents believe real estate prices will continue to increase
  • 58% of businesses received funds from the Payroll Protection Program
  • Binge watching shows was the leisure activity people did most often while quarantining

“From mom and pop storefronts to international organizations, the Long Island business community is diverse, and understanding how business owners here are seeing and thinking about the future offers tremendously valuable insights,” said Jeffrey Davoli, Partner at PKF O’Connor Davies. “This is the 27th survey our team at AVZ has conducted, and every year I’m impressed and inspired by the findings we glean from the Long Island business community. I’m thrilled to collaborate on those results with the PKF O’Connor Davies team and use them to enhance the work we do for our clients on the Island and beyond.”

The Long Island Economic Survey & Opinion Poll surveyed businesses with operations throughout Long Island and in diverse industries. More than half of the companies surveyed have been in business more than 30 years, and half had more than 25 employees.

PKF O’Connor Davies has 14 offices in six states and continues to expand through organic growth and acquisitions on the East Coast. It has supported this growth with a strategic combination of promoting from within coupled with tactical external hires.

About PKF O’Connor Davies, LLP

PKF O’Connor Davies, LLP is a full-service certified public accounting and advisory firm with a long history of serving clients both domestically and internationally. With roots tracing to 1891, 14 offices in New York, New Jersey, Connecticut, Maryland, Florida, and Rhode Island and more than 900 professionals led by over 100 partners, the Firm provides a complete range of accounting, auditing, tax, and management advisory services.

PKF O’Connor Davies is a top-ranked firm according to Accounting Today’s 2020 “Top 100 Firms” list, and the Firm is also recognized as a “Leader in Audit and Accounting,” a “Pacesetter in Growth,” and one of the “Top Firms in the Mid-Atlantic.” In 2021 rankings, PKF O'Connor Davies was named one of Vault's Accounting 50, a ranking of the 50 best accounting employers to work for in North America, and ranked among the top 50 most prestigious accounting firms in America in a complementary Vault survey. The Firm is the 12th largest accounting firm in the New York Metropolitan area, according to Crain’s New York Business, and the 10th top accounting firm in New Jersey according to NJBiz’s 2019 rankings.

PKF O’Connor Davies is enrolled in the AICPA Peer Review Program and has central memberships in the Private Companies Practice Section (PCPS), the Employee Benefit Plan Audit Quality Center (EBPAQC), Government Audit Quality Center (GAQC), and Public Company Accounting Oversight Board (PCAOB).

By consistently delivering proactive, thorough, and efficient service, PKF O'Connor Davies has built long-lasting, valuable relationships with its clients. Partners are closely involved in the day-to-day management of engagements, ensuring a high degree of client service and cost effectiveness. The Firm’s seasoned professional staff members employ a team approach to all engagements to provide clients with the utmost quality and timely services aimed at helping them succeed. Continuity of staffing and attention to detail in all client engagements make the Firm stand out among its competitors.

PKF O’Connor Davies is the lead North American representative of the international association of PKF member firms. PKF International is a network of legally independent member firms providing accounting, tax, and business advisory services in over 400 locations in 150 countries around the world. With its tradition, experience, and focus on the future, PKF O’Connor Davies is ready to help clients meet today’s ever-changing economic conditions and manage the growing complexities of the regulatory environment. For more information, visit http://www.PKFOD.com.

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Kathleen O’Toole
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