Economy

Economy and Business news

Public Market Renovations Underway

Apr 29, 2016
Alex Crichton

City and State officials broke ground Friday on an $8 million dollar renovation and improvement project at the Rochester Public Market.

Improvements at the 111 year old market include a new outdoor shed, new indoor shed to allow for vending year round, new food stand structures, additional restrooms, improvements to the pavement and sidewalks, and more.

Mayor Lovely Warren says the public market has been a hub of commerce and culture for all its 111 years, and it serves customers and vendors from the whole region.

MCC President Anne Kress is getting ready to fill the role held by University of Rochester President Joel Seligman for the last several years, as co-chair of the Finger Lakes Regional Economic Development Council, along with Wegmans CEO Danny Wegman.

Kress hopes that her appointment will help reinforce the emphasis that community colleges put on connecting people with training and jobs. And she also looks at the recent granting of $500 million for this area as part of the Upstate Revitalization Initiative as an incredible opportunity for the region.

University of Rochester President Joel Seligman is stepping down as co-chair of the Finger Lakes Regional Economic Development Council.

That announcement comes from Governor Andrew Cuomo, who also announced that MCC President Anne Kress will replace him.

Seligman has been on the council since 2011, and issued a statement saying that it's been an "honor and a privilege" to have led the council with Wegmans CEO Danny Wegman, as co-chair. Seligman says he's proud of the region's successes to date including the recent $500 million from the Upstate Revitalization Initiative.

Defining a Vision for Young Professionals

Apr 27, 2016
roccitycoalition.org

A coalition of organizations dedicated to attracting, retaining and empowering young professionals is out with a new report.

The group RocCity Coalition is made up of about 50 organizations now, according to the chair of the advisory group, Clement Chung.

He says the draft of its Vision 2025 report is out, outlining the current conditions of the young professional community in Greater Rochester.

Chung says while there are many opportunities for that demographic, there are also many challenges.

Alex Crichton / WXXI

Officials cut the ribbon today on a new refuse and recycling center, which is also part of a controversy surround I-Square in Irondequoit.

The new recycling and refuse collection center will facilitate the recycling and refuse collection program for the entire I-Square site, which has the potential to house over 25 businesses.

Mike Nolan, co-owner of the project along with his wife, Wendy, said the entire site is built with a green footprint, starting with a parking lot that's entirely pervious.

Strong Start for Home Builders, Sellers

Apr 21, 2016
npr.org

Home sales are up, and local home builders are predicting a strong year ahead, too.

First quarter results are out from the Greater Rochester Association of Realtors and the Rochester Home Builders Association.

GRAR president Toni Connors says the mild winter helped and closed sales are up nearly 16 percent.

Trends include more empty-nesters downsizing, and more renters looking to become first time buyers.

Connors says interest rates remain low, and that's good for buyers.

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The Rochester area unemployment rate fell in March to 4.9 percent,  down from 5.1 percent in February and down from  5.7 percent a year ago.

That’s according to new numbers from the NYS Labor Department, and market analyst Tammy Marino says that latest figure is the lowest it has been for March in quite a while.

BUFFALO, N.Y. (AP) — More than 5,000 prospective students have mistakenly been notified by email that they've been accepted into an upstate New York university.

University at Buffalo spokesman John DellaContrada says the mistaken email was sent Wednesday to students whose applications hadn't been fully reviewed. He says the university sent a second email about three to four hours later notifying the students of the gaffe and apologizing for it.

ALBANY, N.Y. (AP) — A new government panel is taking a look at New York state's business climate to search for ways to make it easier for companies to start and operate.

Gov. Andrew Cuomo and top lawmakers on Thursday announced the creation of the Business Regulation Council, which will recommend ways the state can reduce the regulatory burden imposed on businesses.

npr.org

WASHINGTON (AP)  Factory activity in New York expanded in April at the fastest pace in more than a year, a sign U.S. manufacturing may be picking up after a tough 2015.

The Federal Reserve Bank of New York said Friday that its Empire State manufacturing index jumped to 9.6 in April from 0.6 in the previous month. It was only the second positive reading since July. Any reading above zero indicates growth. 

A gauge of new orders rose to 11.1 from 9.6 in the previous month, suggesting output may rise again next month. A measure of shipment slipped. 

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