economic development
Sustainable future in central new york
A review of the information presented in this plan shows that the preparation of an economic development strategy must be carefully calibrated to account for developments which are occurring on an international, national, and regional level. As noted in recent years by the International Monetary Fund, the world economic recovery is proceeding broadly with most advanced and emerging economies still facing major adjustments, including the need to strengthen household balance sheets, stabilize and subsequently reduce high public debt, and repair and reform their financial sectors. Supplementing this information is a comprehensive overview on the current condition of the NYS economy as provided by the NYS Comptroller’s office. These reports underscore the fact that New York recovered from the worst recession since the Great Depression, but now faces significant challenges and risk with unemployment rates high and many upstate regions struggling due to the COVID-19 pandemic of 2020-2021.
On a regional level, data was presented which documented that the population base in Central New York has stabilized in recent years following a sharp decline that took place from 1985–1995. In looking at these figures, it is important to note that the area’s population is now at the highest level it has ever been in the history of this region. Other demographic factors show that the region’s per capita income is comparable with similar sized metropolitan areas and has increased in recent years in a manner that is consistent with general trends across the State and nation. Education data clearly suggests the region is in a strong position to provide the educated workforce needed by employers today.
On the economic front information was presented that documents the diversity of the region’s economy, which has proven to be a real benefit to the area as residents struggle with the nation’s COVID-19 pandemic. In reviewing this data, it is important to note that this economic diversity is consistent with similar patterns taking place in many parts of the country and is a reflection of a natural shift in the nation’s economy and not the result of some major public policy initiatives which have been implemented at the federal, state, or local level. With regard to the CNY labor force, the region’s labor force has remained very stable in recent years. Data shows that wage rates in the region are very competitive with labor cost across the country.
In addition to the economic development opportunities that can be gleaned from the data are the possibilities presented to communities who can capitalize on the presence of several major employers in CNY. Complementing these companies are the opportunities presented by the fact that there are several major employment clusters in Central New York. These clusters include biomedical, logistics and distribution, electronics, industrial machinery, materials processing, food processing, education, health care service, and advanced manufacturing smart systems.
Supporting the economic base of the area is a large network of transportation assets, public water and sanitary sewer systems, electric and natural gas supplies, telecommunication systems, public safety services, public education, and various recreational assets. Complementing these resources is an extensive professional business service and banking network that exists in Central New York. This network provides a very robust and competitive array of services and financial resources to support economic growth in the region. Regarding governance, it is important to note the challenges facing government today to provide vitally needed public services and infrastructure while at the same time controlling costs.
Putting all the data in perspective, regional benchmarking analysis shows that Central New York is in a fairly competitive position ranking 146 out of 384 metropolitan areas in the nation in one study and 143 out of 200 in another study. Each of these rankings demonstrates that the region’s economy improved fairly dramatically by 2019 when compared to other communities across the nation. In addition, information presented in the CNY Regional Economic Development Council’s Strategic Economic Development Council plans noted the opportunities associated with efforts focused on three priority goals including strengthening and growing new target industries, improved competitiveness in the world marketplace, and revitalizing the region’s urban cores and main streets.