Economy

Economy and Business news

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.

University of Rochester

A state photonics board has taken a step that will lead to the first major round of funding for that technology in Rochester.

The New York State Photonics Board of Officers  has unanimously approved a payment of $106 million for the AIM Photonics effort.

The money will be used to establish a testing, assembly and packaging facility.

The $106 million in funding voted on by the board during a meeting at Eastman Business Park represents  the first major portion  of the $250 million over five years that New York State has committed to the project.

Greg Cotterill / Finger Lakes Public Radio

The Seneca County Industrial Development Agency has announced its choice for the winning bidder to take over the former Seneca Army Depot.

He is Earl Martin, who bid $900,000  for the 7,000 acres that are being sold. The depot is a former World War II weapons storage facility, and may be best known as being home to a herd of white deer.

Martin says it’s important for him to protect the deer and he will devote at least 1,500 acres for the white deer.

rochester.edu

A new report from the Center for Governmental Research indicates the University of Rochester continues to grow and its economic impact expands across the state.

It indicates it employs nearly 29,000 people, and overall, the university is responsible for generating about 56,000 jobs and $3.2 billion in total wages across New York state.

If you’re an RG&E or NYSEG customer you’ll be paying more for electric and gas service over the next few years.

The New York State Public Service Commission has approved increases in what’s called the ‘delivery charge’ for both electricity and natural gas for customers of those two utilities.

The increases occur over a three year period, so for instance, for those customers who use both electricity and gas from R G and E, they will be paying  $12.27 more more per month by July of 2018.  NYSEG customers would be paying $15.32 more a month by that time.

npr.org

WASHINGTON (AP)  Factory activity in New York expanded in June, rebounding from a May decline as manufacturer orders and shipments rose. 

The Federal Reserve Bank of New York said Wednesday that its Empire State manufacturing index rose to 6 in June, after slumping to minus 9 the previous month. Any reading above zero points to expansion. 

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