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New York staffing firms see slower growth

January 22 2008
A majority of staffing executives in the New York metropolitan area, 72%, expect slower growth in 2008, according to a survey by accounting firm Citrin Cooperman. Twenty-one percent of staffing executives forecast a stagnant or declining market.

The survey also found that 68% of staffing firms in the New York metropolitan area don't have a senior-level financial officer and only 37% receive a profitability analysis on a regular basis.

"The staffing industry is cautiously optimistic about their growth, but expect it at lower levels than they've experienced in the last three years," said Nick Florio, Citrin Cooperman's partner in charge of the staffing industry practice. "In boom times, when sales and revenue are increasing, many financial and operational issues can easily be masked ' If growth is slowing, these executives need to take the necessary steps to successfully weather these changes."

The survey also found that 49% of NY staffing firms said insurance costs continue to be a major issue.

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