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

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

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  1. Regional Economy UpdateMarch 8, 2013Sandy Parker,RBA President & CEO

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

  3. Jobs Replaced Since 2008 RecessionNew York State: 94%Rochester: 84%Buffalo: 57%Syracuse: 50%

  4. Finger Lakes RegionJobs added in 20127,600

  5. Unemployment RatesCurrentRochester: 8.0%Syracuse: 8.5%Buffalo: 8.6%NYC: 8.8%

  6. Where Were Jobs Added? • Professional & Business Services: 3,200 • Health Care & Education: 1,800 • Leisure & Hospitality: 1,100 • Government: 700

  7. Salaries for Jobs Created • Pre-recession: $64,000 • Post-recession: $48,300

  8. Jobs were Lost in: • Manufacturing: 2,100 • Construction: 1,600

  9. Rochester Business AllianceInsider’s View 2013

  10. Strategic Plan of the Finger Lakes Region

  11. 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.

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

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

  14. Finger Lakes Priority Projects • Preserve and strengthen Eastman Business Park • Health Sciences Center for Computational Information • PathStone Finger Lakes Enterprise Fund • Reuse of Midtown Tower as office and residential space • College Town

  15. Finger Lakes Priority Projects • Multiple Pathways to Middle Skills Jobs • Finger Lakes Business Acceleration Cooperative • Science, Technology, and Advanced Manufacturing Park • Seneca AgBio Green Energy Park • Finger Lakes Small Business Expansion Fund

  16. Finger Lakes Priority Projects These initiatives have a goal of creating 50,000 jobs over the next five years.

  17. New 2013 Finger Lakes Region Funding Announced $220 Million

  18. How to Engage in the Process • Work Groups • Public Forums

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

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