Economy

Economy and Business news

Martin Kaufman / WXXI News

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Officials with the Greater Rochester Association of Realtors are very positive about prospects for the local housing market this year, even with the fact that sales of existing homes in the 2nd quarter were six percent lower than they were a year ago.

President of the association, Andy Burke, says the lower number on sales is due mainly to the fact that there just wasn't enough inventory out there to satisfy demand.

PBS.org

The latest numbers from the NYS Labor Department show a strong increase in private sector jobs in the Rochester area for the month of June. There was an increase of nearly 11,000 jobs in June compared to this time last year.

State Labor Analyst Tammy Marino says even with some steady increases in local employment in recent months, June had a particularly good showing.

pinnaclenorth.com

Ground was broken Wednesday for the Pinnacle North Project on  the north shore of Canandaigua Lake, and the first phase will include 135 apartments and more than 25,000 feet of commercial space.

That’s according to Bill Goodrich who  is CEO for LeChase Construction Services.

"There is interest in a restaurant, interest in a brewery, in New York State the breweries have become more popular and there's already been discussions with folks in that regard. Other than that we're exploring a number of different interests at this time."

Harris Corporation

The recent merger involving two local companies is resulting in more jobs for Rochester. It’s an outgrowth of the acquisition of  Exelis by Harris Corporation.

Both Harris and Exelis have operations locally. Harris makes military and public safety communications equipment here, and Exelis has operated its Geospatial Systems division in Rochester.

Harris spokesman Jim Burke tells WXXI News that Exelis was making a military radio in Indiana, but it made sense to move that operation to a more modern facility on Jefferson Road in Henrietta.

Finger Lakes Economic Development Council

At a public meeting at Wegman's Conference Center, leaders from over 15 workgroups pitched some of their best projects so far to the Finger Lakes Regional Economic Development Council.

Though they are still accepting applications until the end of the month, the workgroups have already identified some of their priority projects and this meeting gave them an opportunity to show them off.

A high tech company that already has some operations in Rochester now says it will move its headquarters here as well.

Natcore Technology already had offices on Water Street in Rochester, and research and development operations at the Eastman Business Park. But  the headquarters for the solar technology company has been in Red Bank New Jersey. Now, CEO Chuck Porvini says, it just makes sense to consolidate operations and move the headquarters to downtown Rochester as well.

TYRE, N.Y. (AP & WXXI News) Construction at the site of a proposed $425 million casino in the Finger Lakes has been suspended after an appeals court voided its local approval plan. 

Lago Resort & Casino developer Thomas Wilmot on Monday described the court decision as a ``detour'' and said he is confident the casino will still get a license in the fall. 

Wilmot is a Rochester-area developer whose company, Wilmorite, operates the local shopping malls.

rocwiki.org

There are plans to renovate the Cadillac Hotel in Rochester. City officials say the  90 year old building could become part of a downtown renaissance.

Rochester Mayor Lovely Warren is asking City Council to give its backing for using a half-million dollars in state money for the project. A private developer, who has not been named yet, is proposing a nearly $8 million project to turn that building on Chestnut Street into apartments.

The city's Deputy Commissioner of  Neighborhood and Business Development, Kate Washington, says more than 50 apartments would be developed.

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ALBANY, N.Y. (AP) — Gov. Andrew Cuomo says the total economic impact of New York state's tourism topped $100 billion last year for the first time.

The governor says Thursday an economic impact report conducted by the research firm Tourism Economics found that tourism's overall impact on the Empire State hit an all-time high of $100.1 billion in 2014. He says New York was the most visited state by overseas travelers for the 14th year in a row.

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