Ongoing Coverage:

Economy

Economy
6:25 am
Thu November 27, 2014

A Reminder About Sales Tax On Clothing

 ALBANY, N.Y. (AP) — New York tax officials are reminding shoppers and merchants that purchases of clothing and footwear for less than $110 are exempt from the state's 4 percent sales tax and from the local sales tax in New York City and eight counties.

The local taxes range from 3.5 percent to almost 5 percent.

Counties with exemptions are Chautauqua, Chenango, Columbia, Delaware, Greene, Hamilton, Tioga and Wayne.

Tax Commissioner Thomas Mattox says the exemptions are in effect every day, but especially relevant heading into the holiday shopping season.

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Economy
3:16 pm
Tue November 25, 2014

Unemployment Rate Drops To 5.5 Percent

Credit Google Images

The State Labor Department says that the unemployment rate in the Rochester area  dropped in October. The rate for the metro area was 5.5  percent, down one percent from this time last year.

State Labor Analyst Kevin Jack says there are a number of reasons why the rate fell, including the fact that the labor force is shrinking, partly due to demographic and other factors.

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Economy
12:07 pm
Mon November 24, 2014

Most New Yorkers Won't Increase Holiday Budget, According to Survey

Credit shutterstock.com

Consumer confidence is up both in New York State and nationally, but that is not translating into more holiday spending, according to the latest survey by Siena College.

Siena Research Institute Don Levy says most New Yorkers plan on spending about the same amount that they did last year, and 64-percent say they want to hold their holiday expenses to under $600.

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Economy
4:23 pm
Wed November 19, 2014

RBA Board Chair: Duffy's the Right Man for the Job

RBA Board Chair Daan Braveman talking to reporters about the RBA's new president and CEO, Bob Duffy
Credit Alex Crichton

The chairman of the board of the Rochester Business Alliance says they chose Bob Duffy as their new CEO because of Duffy's wide-ranging experience as chief of police, Mayor, Lt. Governor, and as someone heavily involved in economic development.

Daan Bravemen says Duffy brings a lot to the job.

Braveman says Duffy was a top contender for the job when he first applied for the position.
Duffy later withdrew his name, but Braveman says Duffy expressed interest in the job again, and was a unanimous choice of the executive committee.

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Economy
9:11 am
Wed November 19, 2014

Bob Duffy Named To Head Up The Rochester Business Alliance

In a move that has been rumored for months now, the Rochester Business Alliance has named Bob Duffy to take over as President and CEO after Sandy Parker retires at the end of this year.

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Economy
11:30 am
Mon November 17, 2014

Valeant's Bid For Allergan May Be Over

(AP & WXXI News) Actavis will pay $66 billion to buy fellow drugmaker Allergan in a deal that could finally end a months-long takeover push from Valeant Pharmaceuticals for the Botox maker. Valeant is the parent company of Bausch+Lomb.

Actavis said Monday that it will spend $219 in cash and stock for each share of Allergan.

Valeant said separately that the Actavis bid was a price it "cannot justify to its own shareholders."

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Economy
4:58 pm
Fri November 14, 2014

Union Rallies In Front Of RG&E Building

Credit Michelle Faust / WXXI News

Dozens of people crowded the sidewalk Friday in front of the RG&E  building on East Avenue near Chestnut Street, in a rally organized by local labor groups.

They are upset over demolition work at the Russell and Beebee stations, because union officials say the California contractor doing work there is not hiring local workers.

Daniel Kuntz is a business manager for Laborers' Local 435, and he says the contractor has not been responsive to their request.

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Economy
1:13 pm
Fri November 14, 2014

Bausch+Lomb Building To Be Renamed "Legacy Tower"

Credit Buckingham Properties

The former Bausch+Lomb headquarters building in downtown Rochester is being renamed Legacy Tower.

The building is owned by Buckingham Properties, which, along with Morgan Management, purchased the building last June.  Buckingham CEO Larry Glazer and his wife Jane Glazer died in a plane crash last September.

Buckingham officials say the name Legacy Tower was selected to pay tribute to Bausch+Lomb's significant contribution to Rochester's heritage and growth as well as to honor Larry and Jane Glazer's lasting legacy to the downtown landscape.

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Connections
3:32 pm
Thu November 13, 2014

Connections: The Cost of Child Care

It’s no surprise that child care for struggling working families remains in short supply, but the exact numbers may surprise you. The Center for Governmental Research is out with a new study on just how much it costs, and what help is available. We’ll talk with CGR Project Director Erika Rosenberg, and Carolyn Lee Davis from The Children's Agenda.  Then we’ll hear from WXXI’s Michelle Faust about her coverage of the Affordable Care Act.
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Economy
1:50 pm
Wed November 12, 2014

Cybersecurity Panel Series for Consumers, Businesses and Students

RBA President and CEO Sandy Parker and other partners involved in the Cybersecurity Panel Series
Credit Alex Crichton

Elected officials joined representatives from LIFESPAN, Rochester Business Alliance and RIT to announce a three part Cybersecurity Panel Series to educate consumers and business owners about cybersecurity threats, and ways to protect against identity theft and internet fraud.

State Assembly Majority Leader Joe Morelle and Monroe County Legislator Justin Wilcox announced the panel series.

Morelle says in the past five years, one in four Americans has been a victim of identity theft, making it America's fastest growing crime.

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