Let's talk about economic development competitions.
This year, the Finger Lakes region has the opportunity to compete in two - the Upstate Revitalization Initiative, or the URI, and Round V of the Regional Economic Development Councils. The REDC is not a new concept, but its incorporation with the URI this year means there are plenty of opportunities for the Finger Lakes - and other regions - to get a piece of the pie(s).
The URI, formerly referred to in Governor Cuomo's Opportunity Agenda as the Upstate Economic Revitalization Competition, promises $1.5 billion to three winners of the seven competing Upstate Regions. Round V has a $750 million pool of winnings to be divied up among ten competing New York State regions. The competitions are structured so that every region is guaranteed at least an estimated $90 million in the end.
UR President and Finger Lakes REDC Co-chair Joel Seligman says, in order to put forth the most competitive application, the region has to identify its unique capabilities.
"At the end of the day, we've got to tell a compelling story; a story that will be compelling within our region, and a story that will be compelling to the judges of the contests."
Applications will not look like an itemized list of projects. Rather, Upstate Revitalization Plans are expected to paint a picture of a region, and offer specific ideas about how to stimulate the industry and economy within that region. Members of the Finger Lakes REDC were given more insight into what that picture looks like at an open meeting on Thursday at Monroe Community College.
Researchers from University of Buffalo's Regional Institute presented a regional assessment, covering the threats and weaknesses of the Finger Lakes' economy as well as its opportunities for growth. The report not only provided details about the region's economic climate, it also showed how the Finger Lakes compares to state and national averages.
Empire State Development Finger Lakes Regional Development Director Vinny Esposito says this assessment was commissioned by the state for every region.
"We can start to compare, apples-to-apples, among the regions and inform the work that we're going to be doing in this region."
Laura Quebal is the Director of UBRI. She says her intention is not to offer suggestions about what industries or sectors in which to invest. Instead, she merely presented facts, some of which were telling. For example, the Finger Lakes region graduates 26 STEM majors per every 100 college students. This is higher than the state's average of 20%, and the national average of 18%.
But, according to Quebal, the Finger Lakes also has some challenges. Private sector employment job grew just 2.6% last year, lagging behind the national 5.6%. And private sector annual wages actually shrunk by 0.9%. Quebal frames these data points as an opportunity for innovation and growth.
An important step in customizing applications for the Upstate Revitalization Initiative will be identifying industry clusters, or groups of related businesses that share a common geographical area. Through their research, UBRI was able to identify some of the Finger Lakes' potential industry clusters, including optics and photonics, and agribusiness.
Seligman says one of the most challenging parts of putting together this proposal will be to select three or four of these industry clusters to focus on in their application. This is in part due to the diversity of the region, which includes nine counties ranging from urban to rural with varying resources and populations. To help, Finger Lakes REDC members have hired a consulting firm, the Boston Consulting Group. Representatives from BCG say they will also look at ways to utilize hard-to-place workers, like veterans or underemployed workers, as well as compensate for an aging workforce.
Seligman says the next phase of the application process is to open this up to the public. Applicants are invited to submit their Consolidated Funding Applications starting May 1. The next public meeting is on May 21 at 10:00 am, in the Flynn Campus Center at Monroe Community College.
