Economy

Economy and Business news

A regional banking company is out with an economic survey that is generally positive for Upstate New York as well as other parts of the Northeast and Mid-Atlantic states.

The semi-annual survey of M&T bank's business customers shows that mid-sized companies remain optimistic about near-term growth prospects.

About a third of the companies surveyed plan to hire additional workers within the next six months, with just three percent of them planning to lay off employees.

The latest monthly Paychex |HIS Small Business Jobs Index shows that the numbers have declined a bit compared to this time last year. But Paychex CEO Marty Mucci tells WXXI News, that  overall, the trend is still positive.

“We’re about a half a percent less than last August ... it’s still steady, positive job growth above our base year , but it’s down about a half a percent and I think you’d expect, as we go through a long recovery that it does start to normalize at some point.  It’s still positive job growth, but it’s a little less than it was.”

The state is awarding RIT nearly a million dollars to establish a a New York State Center for Advance Technology in Additive Manufacturing and Functional Printing.

Additive manufacturing refers to printing or adding one layer of material on top of another, commonly referred to as 3D printing.

It'll be called the AMPrint Center for Advanced Technology, and it's director, Denis Cormier, says there's enormous potential.

Battle Against Emerald Ash Borer Continues

Aug 31, 2015

There are measures homeowners can take to save their trees from the emerald ash borer that is killing trees throughout the region.

Laurie Broccolo, owner of Broccolo Tree and Lawn Care Center, says trees can be treated and protected from the insect through an injection in into the trunk.

"If we can protect these trees over the next few years, the emerald ash borer will continue to move out of our neighborhood, and what we have protected will continue to be fine for many years to come."

"Race for Space" in Downtown Rochester

Aug 27, 2015
Alex Crichton

A new business competition aims to spur the growth of retail in downtown Rochester.

Organizers announced details of the "Race for the Space" contest this morning.

The plan gives applicants the opportunity to work with coaches and industry experts on a business plan, which they will pitch to a panel of judges.

The winner will get five thousand square feet of retail space at 127 East Avenue downtown, rent-free for a year.

The contest was developed by the team that formed the Young Entrepreneurs Academy.

newyorkfed.org

The recent downturn in the financial markets may have some impact on the Fed's decision on whether to raise interest rates. But a top Fed official says they still need more data.   

There has been widespread speculation the Federal Reserve would raise interest rates this year, maybe as soon as September. But the recent gyrations on Wall Street may be causing some second thoughts about that.

New York’s economic development agent was in Rochester Tuesday to certify minority and women owned businesses. At least one board member wants to see more of these trainings across Upstate.

Empire State Development gave a morning training seminar at the Ibero-American Action League that went over the process for businesses to get certified for government contracts.

Governor Cuomo set a goal that the state contract with 30 percent minority and women-owned businesses.

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The latest numbers from the NYS Labor Department show a drop in unemployment for July compared to a year ago. The July jobless rate was 5.4 percent, up slightly from 5.1 percent in June, but down from 5.9 percent in July of 2014.

State labor analyst Tammy Marino says the unemployment numbers have steadily been declining in the last few years, partly due to more jobs being added, but also because the size of the labor pool is shrinking.

freeimages.com/Kelly K

Some parts of the country could be paying less than $2.00 for a gallon of gas by the end of the year.

That's the prediction of Jeff Pelton, a senior petroleum analyst with GasBuddy.com

"We'll be looking at prices at the pump stalling 10 to 12 cents a month starting in September and continuing through the New Year. We're talking about coming into Christmas with a national price average of probably $2.09," he said.

In Rochester today, a gallon of gas averages $2.60, but GasBuddy.com is reporting prices as low as $2.30.

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ALBANY, N.Y. (AP) — Eight months after a small Finger Lakes farm town was recommended for one of three New York casino licenses, the battle over the $425 million development is ratcheting up again.

A recent appeals court ruling involving state environmental review law has suspended site construction in Tyre, between Rochester and Syracuse along the Thruway. Lago Resort &Casino supporters say the ruling was based on a procedural misstep that is being addressed by restarting the review.

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