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Regional Economy Update March 8, 2013 Sandy Parker, RBA President & CEO

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Page 1: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Regional Economy UpdateMarch 8, 2013

Sandy Parker,RBA President & CEO

Page 2: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Current Picture

The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City.

Page 3: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Jobs Replaced Since 2008 Recession

New York State: 94%Rochester: 84%Buffalo: 57%Syracuse: 50%

Page 4: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Finger Lakes RegionJobs added in 2012

7,600

Page 5: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Unemployment RatesCurrent

Rochester: 8.0%Syracuse: 8.5%Buffalo: 8.6%NYC: 8.8%

Page 6: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Where Were Jobs Added?

Professional & Business Services: 3,200

Health Care & Education: 1,800

Leisure & Hospitality: 1,100 Government: 700

Page 7: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Salaries for Jobs Created

Pre-recession: $64,000

Post-recession: $48,300

Page 8: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Jobs were Lost in:

Manufacturing: 2,100

Construction: 1,600

Page 9: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Rochester Business AllianceInsider’s View 2013

Page 10: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Strategic Plan of the Finger Lakes Region

Page 11: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Two Core Concepts

Improving regional connections, achieving greater efficiencies, and lowering costs among governments, towns, and villages.

Accelerating job growth by focusing on key innovation hubs.

Page 12: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Innovation Hubs

Higher Education Agriculture and Food Processing Advanced Manufacturing Life Sciences and Health Care Business Services Energy Innovation Tourism and the Arts

Page 13: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

The Finger Lakes region won $96.2M in the second round of competitive New York State Economic Development grants announced in December.

Page 14: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Finger Lakes Priority Projects

1. Preserve and strengthen Eastman Business Park

2. Health Sciences Center for Computational Information

3. PathStone Finger Lakes Enterprise Fund

4. Reuse of Midtown Tower as office and residential space

5. College Town

Page 15: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Finger Lakes Priority Projects

6. Multiple Pathways to Middle Skills Jobs

7. Finger Lakes Business Acceleration Cooperative

8. Science, Technology, and Advanced Manufacturing Park

9. Seneca AgBio Green Energy Park

10. Finger Lakes Small Business Expansion Fund

Page 16: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

Finger Lakes Priority Projects

These initiatives have a goal of creating 50,000 jobs over the next five years.

Page 17: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

New 2013 Finger Lakes Region Funding Announced

$220 Million

Page 18: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

How to Engage in the Process

Work Groups

Public Forums

Page 19: Current Picture The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City

www.regionalcouncils.ny.gov/content/finger-lakes


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