Economy

Economy and Business news

Rochester Seeking $40 Million in Airport Funds

Jul 7, 2016

County officials say they've successfully applied for millions of dollars in state grants the governor is making available to upstate airports through the Upstate Airport Economic Development and Revitalization competition.

It allocates $190 million dollars to support new economic development and revitalization at airports in the upstate region.

www.rochestertechpark.com

A couple of thousand jobs are coming to the town of Gates.

That according to Town Supervisor Mark Assini who says he's learned the healthcare company Maximus plans to put a call center at the Rochester Tech Park.

Assini says this call center will be up and running very soon.

“They plan on bringing over 2,000 jobs into the facility at Building 5, and those jobs are going to be filled starting August 1st. This is not a down-the-road, two thousand jobs estimate, these requisitions have to be filled now.”

A new monthly survey from Paychex and IHS  on job growth in small businesses showed a rebound in June.

That according to Paychex CEO Marty Mucci, who says that nationwide, the growth in small business jobs in June revered a decline that was seen in May.

“We had a nice bounce back in June, from a drop last month. It’s interesting that the small business index has sort of foreshadowed the bigger jobs report and so it will be interesting at the end of the week to see if the jobs report bounces back as well, we tend to be a leading indicator on that.”

An analysis released Tuesday by Excellus Blue Cross Blue Shield says that the health insurer and its parent company pumped $852 million into the Upstate NY economy last year.

That's on top of the $5.1 billion in medical benefits it paid out on behalf of 1.5 million members.

The analysis by Excellus showed the company employed more than 5,600 people spread out across the upstate area.  It also showed that the spending on payroll and purchases from thousands of vendors supported an additional 1,700 jobs in upstate NY.

Record Number of Travelers Expected This Weekend

Jul 1, 2016

AAA is forecasting a record number of Americans will travel 50 miles or more this holiday weekend.

"AAA expects about 43 million Americans for the Independence Day weekend. That's going to be the highest on record," said Elizabeth Carey, Public Affairs Manager for AAA of Western and Central New York.

She says the vast majority of them are driving, thanks to gas prices in Rochester that are about 50 cents a gallon lower than a year ago.

A group that includes representatives from the engineering, construction and highway industries has issued a new report on the nation's Interstate Highway System, calling it an aging and underfunded network of roads and bridges.

The report from the Washington, D.C. based transportation research group TRIP comes as the U.S. Interstate marks its 60th anniversary this week.

Carolyn Kelly is Associate Director of Research and Communications for TRIP.

She says the report includes some bad news for New York.

freeimages.com/Kelly K

Last Friday's decision by British citizens to opt out of the European Union may have an effect on how much you pay for a gallon of gas.

Gregg Laskoski, senior petroleum analyst for the gasoline price website GasBuddy.com, says Brexit's influence -- a stronger U.S. dollar and weakening European currencies -- is driving global crude oil prices down. He does not see that course shifting anytime soon, despite record-setting demand for gas.

wnyc.org

NEW YORK (AP)  Stocks plunged in the U.S. and worldwide Friday after Britain voted to leave the European Union. The result stunned investors, who reacted by rushing to the safety of gold and U.S. government bonds as they wondered what will come next for Britain, Europe and the global economy. 

U.S. stocks gave up all their gains from earlier in the year. The Dow Jones industrial average tumbled 611.21 points, or 3.4 percent, to 17,399.86. The Standard & Poor's 500 dropped 76.02 points, or 3.6 percent, to 2,037.70. Both indexes took their biggest loss since August.

Britons in Rochester React to Brexit

Jun 24, 2016

Some local Brits are reacting to England’s vote to leave the European Union.

The Old Toad English-style pub and restaurant recruits students from England each year.

Telford, England native Zach Botfield says he was shocked to hear the results of the vote.

“I knew it was going to be close, but I didn’t think it would sway that way, and I woke up this morning to BBC news, adds on my phone popping up saying Britain have left the EU, and I was shocked,” he said.

Since the referendum isn’t legally binding, Botfield is hoping Britain will stay in the EU.

Ashley Angello, Tipping Point Communications

A  New York City-based chemical company is locating manufacturing operations at the Eastman Business Park.

SiGNa Chemistry, which makes what are described as more environmentally-friendly products for use in in industries such as oil and gas, pharmaceuticals and food and agriculture, will be creating 37 jobs in Rochester.  That will happen over a three-year period and officials expect the spin-off effect to create another 75 jobs.

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