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Regional Economy UpdateMarch 8, 2013Sandy Parker,RBA President & CEO
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Current Picture
The overall economy is a mixed bag, but Rochester’s economy is the strongest in New York State, outside New York City.
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Jobs Replaced Since 2008 Recession
New York State: 94%Rochester: 84%Buffalo: 57%Syracuse: 50%
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Finger Lakes RegionJobs added in 2012
7,600
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Unemployment RatesCurrent
Rochester: 8.0%Syracuse: 8.5%Buffalo: 8.6%NYC: 8.8%
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Where Were Jobs Added? Professional & Business
Services: 3,200 Health Care & Education:
1,800 Leisure & Hospitality: 1,100 Government: 700
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Salaries for Jobs Created
Pre-recession: $64,000
Post-recession: $48,300
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Jobs were Lost in:
Manufacturing: 2,100
Construction: 1,600
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Rochester Business AllianceInsider’s View 2013
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Strategic Plan of the Finger Lakes Region
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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.
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Innovation Hubs Higher Education Agriculture and Food Processing Advanced Manufacturing Life Sciences and Health Care Business Services Energy Innovation Tourism and the Arts
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The Finger Lakes region won $96.2M in the second round of competitive New York State Economic Development grants announced in December.
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Finger Lakes Priority Projects1. Preserve and strengthen Eastman
Business Park2. Health Sciences Center for
Computational Information3. PathStone Finger Lakes Enterprise
Fund4. Reuse of Midtown Tower as office
and residential space5. College Town
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Finger Lakes Priority Projects6. Multiple Pathways to Middle Skills
Jobs7. Finger Lakes Business Acceleration
Cooperative8. Science, Technology, and Advanced
Manufacturing Park9. Seneca AgBio Green Energy Park10. Finger Lakes Small Business
Expansion Fund
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Finger Lakes Priority Projects
These initiatives have a goal of creating 50,000 jobs over the next five years.
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New 2013 Finger Lakes Region Funding Announced
$220 Million
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How to Engage in the Process
Work Groups
Public Forums
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www.regionalcouncils.ny.gov/content/finger-lakes