Economy

Economy
1:40 pm
Wed April 23, 2014

Wegmans To Build Two Stores Near Richmond, Virginia

Wegmans has confirmed that it plans to build two stores in the suburbs of Richmond, Virginia.  The Rochester-based supermarket chain says they will be similar in size to Wegmans' current Virginia stores, which range in size from 120,000 to 140,000 square feet.  The two new stores are about 11 miles apart. There's no schedule yet for when they will open.

Company officials say they have had numerous requests to put stores in the Richmond area.

Wegmans is also opening a store in Chestnut Hill, Massachusetts, near Boston, this coming Sunday, April 27.

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Economy
11:00 am
Wed April 23, 2014

Developer Submits $1 Million Casino Application Fee

Credit Google Images

A Rochester based developer has submitted the required $1 million fee to the New York State Gaming Commission to compete for a casino license. Wilmorite wants to build a $350 million casino, hotel, resort and spa in the Seneca County Town of Tyre.  

Application fees for anyone seeking one of the four upstate casino licenses had to be submitted by Wednesday.

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Economy
1:13 pm
Tue April 22, 2014

Unemployment Rate Drops In March In The Rochester Region

The unemployment rate in the Rochester area in March was 6.7 percent. That is a full point lower than it was at this time last year, and down a half point from February.

State Labor Analyst Tammy Marino notes that during the height of the recession, the local unemployment rate exceeded nine percent.

"Since that time the local job market has made substantial gains. Since the end of the recession employers have created more than 19,000 new jobs and the unemployment rate has pulled back to a much more modest 6.7 percent.”

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Economy
8:34 am
Tue April 22, 2014

Valeant Involved In Major Pharmaceutical Deal To Buy Allergan

(AP)  Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.  Valeant is the Canadian company that bought Rochester’s Bausch + Lomb last year for about $8.7 billion giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices.

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Economy
8:01 am
Tue April 22, 2014

Xerox Profits Drop, Partly Due To Healthcare Changes

Credit Xerox

Xerox is reporting first quarter earnings which show a decline in profits, partly due to changes in health care.

The company earned $281 million for the quarter, five percent less than last year. Earnings per share of 27 cents beat expectations, but after special charges, they were essentially flat with last year.

Xerox spokesman Karen Arena says profits were impacted by changes in the healthcare system which affected the company's government healthcare business.

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Economy
2:50 pm
Fri April 18, 2014

Better Business Bureau with Advice on "Heartbleed" Bug

Credit heartbleed.com

  Heartbleed is a bug that can exploit encryption software, exposing personal data such as passwords and credit card numbers.

Businesses and consumers should take steps to protect themselves, and the Better Business Bureau of Upstate New York has some advice.

Spokesperson Peggy Penders says businesses should check to see if their site is vulnerable, and work with their IT department to install more secure encryption software.

And consumers should change their passwords.

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Energy Costs
2:33 pm
Fri April 18, 2014

Some billing relief for National Grid customers after bitter winter

Originally published on Fri April 18, 2014 2:33 pm

National Grid customers should get some relief from their next energy bill, after prices skyrocketed during a frigid winter because supply costs for electricity ticked down slightly.

The company says customers can expect their next electric bills to be 40 percent cheaper than the month before.

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Economy
3:26 pm
Thu April 17, 2014

Employment Rises In The Latest Rochester Numbers

Credit PBS.org

The latest numbers out from the New York State Labor Department show continued modest growth in jobs in the Rochester area.

There was a gain of 2900 private sector jobs in March compared to March of last year.  State Labor Analyst John Slenker says the parts of the local economy that saw gains include financial services, private education and health care, leisure and hospitality.

He says one part of the economy that saw a job loss was construction, but that's not a surprise given the weather.

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Economy
12:08 pm
Thu April 17, 2014

A Harsh Winter Helps Dampen Home Sales

Credit www.teamgalt.com

New numbers out from local realtors and home builders show that the bitterly cold winter probably had an impact on home buying in the first quarter.

The Greater Rochester Association of Realtors says that overall in this area, home sales declined 8.3 percent compared to last year at this time.  The president of the association, Andy Burke, says that the nasty winter may have deterred some people from either getting their home ready to sell or going out looking for a house. He says another reason for home sales decline is a lack of inventory.

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Economy
5:57 pm
Wed April 16, 2014

Rochester Officials Choose High-Rise Option For Charlotte Development

Edgewater illustration of proposed Charlotte development.
Credit Edgewater Resources

Despite objections from some people living in the Charlotte area, Rochester Mayor Lovely Warren's administration is moving forward with a proposal for a $77 million high rise development in that neighborhood.

City Hall officials are pursuing the plans laid out by Edgewater Resources, instead of a plan proposed by CEA International and Morgan Management. The Edgewater proposal would involve a hotel and conference center, about 120 condos, 50 townhouses and other amenities. The other plan would have been for a smaller, four story building.

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