Economy and Business news

Study Puts Price Tag on Elder Financial Abuse

3 hours ago
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A new study from the New York State Office of Children and Family Services puts a price tag on a specific form of elder abuse.

The statewide study says the financial exploitation of older and vulnerable adults results in at least $1.5 billion in annual costs associated with stolen cash and property, benefits that are paid to the victims, and the price of investigating the crimes.

Art Mason, director of the Elder Abuse Prevention program at Lifespan, says just 5 percent of the victims report these crimes.           


Representatives from the local housing industry say it was another strong quarter for the real estate market in our region.

President of the Greater Rochester Association of Realtors, Toni Connors, notes there was a slowdown in sales in the quarter, but things are picking back up again.


WASHINGTON (AP) Manufacturing in New York state contracted for the third straight month in October. 

The Federal Reserve Bank of New York says its Empire State index slid to a reading of minus 6.8 this month, lowest since May and down from a minus 2 reading in September. Anything below zero signals contraction. Economists had expected the survey to show growth this month. 

New orders, shipments and employment all fell this month, but at a slower pace than they did in September. 

Prices paid and received by manufacturers grew modestly. 


The Rochester economy has gone through some growing pains, but better days are ahead. That was one of the themes that came out of an annual event held Thursday on The State of Rochester's Economy hosted by the Rochester Downtown Development Corporation and Greater Rochester Enterprise.

The President of GRE,  Mark Peterson, was among the panelists addressing the need for more private investment in companies and other ventures in the Rochester area.

He says he understands why sometimes that capital investment has been slow to come here.

Zombie Homes Task Force Releases Recommendations

Oct 13, 2016
monroe county

A task force formed by Monroe County Clerk Adam Bello has issued its first report addressing a problem Bello calls one of the most concerning and frustrating issues facing homeowners: vacant or "zombie" properties.

He says those abandoned properties can contribute to crime and a have a serious, negative impact on property values.

Bello, who co-chairs the committee, says their recommendations can make a difference.


A nonprofit organization that was formed to protect forests, farmlands, gorges and shorelines in the region has released a new report that calls for a $100 million investment in the Finger Lakes.

Finger Lakes Land Trust Executive Director Andy Zepp says toxic algae and sprawling development are chief concerns.

"Last year we had five of 11 lakes experiencing these outbreaks. And just last week, for the first time, in Auburn it was documented that the toxins were present in treated drinking water," he said.

Apple Harvest Celebration Underway

Oct 7, 2016

A month-long celebration of the apple harvest is underway in western New York.

Wayne County tourism is partnering with 12 local businesses to host the 19th Wayne County Apple Tour, starting with a "Tasting Weekend" October 7th to the 10th, according to director of tourism, Christine Worth.

She says there's a good reason for the annual celebration of the apple in Wayne County.

"We're the number one apple producer in New York State, so we grow over a third of all the apples. And really, a lot of the farms are multi-generational," she said.

First Niagara Transitions to Key This Weekend

Oct 6, 2016

Officials at KeyBank say they have been working to make the transition for customers at First Niagara Bank as seamless as possible.

Key completed its acquisition of First Niagara this summer, and customers will make the switchover starting this weekend, according to KeyBank Rochester Market President Jim Barger.

"First Niagara branches shut down at 3 o'clock on Friday, and they will reopen Tuesday morning as KeyBank branches," he said.

Barger adds some services will be impacted.                                                                                    

Developers Outline the Fourth Parcel 5 Proposal

Sep 29, 2016

The city of Rochester is considering four development proposals for Parcel 5, the vacant land where Midtown Plaza once stood.

The latest was outlined Thursday morning by developers Andy Gallina and Patrick Dutton.

Gallina says the four main components in the 85 thousand square foot, 14-story tower proposal are retail, condominiums, an underground parking garage, and an urban park.

Gallina says research has shown that such parks are valuable.


Members of the Finger Lakes Regional Economic Development Council held their first public meeting since it was announced that several people connected with the Buffalo Billion project  and other projects are facing fraud and bribery charges.

Regional director for Empire State Development,Vincent Esposito, chaired the meeting, telling its members the events of last week won't jeopardize AIM Photonics in Rochester, and the work of economic development and the work of revitalizing New York is too important to not continue to move forward, despite some setbacks.