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According to this report, Rochester's metropolitan area has shown a decline in gross metropolitan product to the point where Buffalo's metro has once again surpassed our economy as the 2nd largest in New York State. We rank at #56 with a GMP of $48.2 billion in 2014, showing that our economy is slightly smaller than that of Ethiopia.
As for growth rates among the top 100 metros, Rochester came in at number 99 out of 100, barely beating out Poughkeepsie-Newburg's metro.
The table showing anticipated average annual growth of metro area economies from 2013-2020 shows that Rochester is ranked at number 343 out of 363.
On top of that, Rochester's anticipated return to peak employment rates is shown to be later than 2018. In comparison, Buffalo's and Syracuse's recovered already in the early 2010s.
According to this report, Rochester's metropolitan area has shown a decline in gross metropolitan product to the point where Buffalo's metro has once again surpassed our economy as the 2nd largest in New York State. We rank at #56 with a GMP of $48.2 billion in 2014, showing that our economy is slightly smaller than that of Ethiopia.
As for growth rates among the top 100 metros, Rochester came in at number 99 out of 100, barely beating out Poughkeepsie-Newburg's metro.
The table showing anticipated average annual growth of metro area economies from 2013-2020 shows that Rochester is ranked at number 343 out of 363.
On top of that, Rochester's anticipated return to peak employment rates is shown to be later than 2018. In comparison, Buffalo's and Syracuse's recovered already in the early 2010s.
Overall, these are not good numbers for us.
I looked at that report and it had different recovery dates for those other 2 metros on the map and the list later in the report.
What is also telling is that a housing boom is fueling the growth in Southern and Western metros. So, I wonder how much of a recovery and how sustainable of an economy that really is. It says that Austin, Raleigh and Fayetteville AR will have the highest projected growth into 2020.
I wonder how many cities Upstate can truly support. I personally see Upstate being able to support 3 cities- Albany, Syracuse, and Buffalo. I think Utica and Rochester are too close to the other cities to really grow. I'm curious but not optimistic about Binghamton or Elmira. I wonder if they will remain relevant cities or become less important. As technology changes, I am curious to see how older cities will reform, or if they even can be relevant in the future.
Like these old Erie canal cities, NJ has towns that really no longer exist. They served a purpose in the 1800's, some were even big but now they are gone, places on ancient maps that are now either suburban developments with no trace of the past, or ruins in a forest, or basically abandoned villages. I always enjoy finding these historic places.
I wonder how many cities Upstate can truly support. I personally see Upstate being able to support 3 cities- Albany, Syracuse, and Buffalo. I think Utica and Rochester are too close to the other cities to really grow. I'm curious but not optimistic about Binghamton or Elmira. I wonder if they will remain relevant cities or become less important. As technology changes, I am curious to see how older cities will reform, or if they even can be relevant in the future.
Like these old Erie canal cities, NJ has towns that really no longer exist. They served a purpose in the 1800's, some were even big but now they are gone, places on ancient maps that are now either suburban developments with no trace of the past, or ruins in a forest, or basically abandoned villages. I always enjoy finding these historic places.
What helps Rochester is that its economy has/had been growing at a faster rate than Buffalo's for quite a while. I see what you are getting at, as I do think that some of these cities are close enough to form some type of economic alliance similar to the Raleigh-Durham are with the RTP.
What helps Rochester is that its economy has/had been growing at a faster rate than Buffalo's for quite a while. I see what you are getting at, as I do think that some of these cities are close enough to form some type of economic alliance similar to the Raleigh-Durham are with the RTP.
I've been saying this for a long time. I actually think that Rochester is in the perfect location between Buffalo and Syracuse. Follow 390 south to the southern tier and you are within 2 hrs of 4 million people.
1st thing on the agenda- remove the thruway tolls.
In the 60's Rochester had about 750,000 people and Buffalo had about 1.5 million.
Today Rochester has about 1,080,000 and Buffalo has about 1,130,000.
The momentum is with Rochester, and mostly without the HUGE government (taxpayer) grants Buffalo gets. Amazingly there are 80,000 more jobs here now than when Kodak was at it's peak in the 80's.
What helps Rochester is that its economy has/had been growing at a faster rate than Buffalo's for quite a while. I see what you are getting at, as I do think that some of these cities are close enough to form some type of economic alliance similar to the Raleigh-Durham are with the RTP.
I'm also wondering how they will be able to compete for population and business when all of the Upstate cities in this report are bottom-loaded in the last 30 metro areas in this report. Albany scores the best but still is like 330/363.
With RTP cities and Austin growing at 4%, and Upstate cities growing at 1%, I actually think the best scenarios are going to be within the moderate growth areas like Boston, Philly, Manchester area growing at 2.5 %, to avoid booms and busts.
I wonder if a Buffalo-Rochester MSA and a Syracuse-Utica MSA would be beneficial.
I've been saying this for a long time. I actually think that Rochester is in the perfect location between Buffalo and Syracuse. Follow 390 south to the southern tier and you are within 2 hrs of 4 million people.
1st thing on the agenda- remove the thruway tolls.
In the 60's Rochester had about 750,000 people and Buffalo had about 1.5 million.
Today Rochester has about 1,080,000 and Buffalo has about 1,130,000.
The momentum is with Rochester, and mostly without the HUGE government (taxpayer) grants Buffalo gets. Amazingly there are 80,000 more jobs here now than when Kodak was at it's peak in the 80's.
Good info and a lot of people may not realize that the Rochester area has gained that many jobs since then.
I wonder if somewhere in the Finger Lakes like Canandaigua could be a good location for a large research center? You could have more than one too.
One thing upstate New York has is lots of water. If California, Nevada and other parts of the southwest don't get some real significant rainfall in the next five years, upstate New York will be looking a lot better.
Amazingly there are 80,000 more jobs here now than when Kodak was at it's peak in the 80's.
I'm curious to know what Rochesters working-population was at the peak of Kodak compared to now, and if those 80,000 more jobs we have now are actually a net gain. For example, did Roc have 900,000 eligible workers in lets say 1984, and now we have 1,080,000? If that's the case, we're still far behind where we need to be for job availability. Or is the working population around the same, and we have more jobs available for the same amount of people? If so, that's a plus.
I'd also be curious as to what kinds of jobs these are, as far as pay, benefits, long term career oriented, etc. If 20,000 of those jobs are temporary line worker positions, I wouldn't really consider that a triumph over the jobs that Kodak provided.
I'm curious to know what Rochesters working-population was at the peak of Kodak compared to now, and if those 80,000 more jobs we have now are actually a net gain. For example, did Roc have 900,000 eligible workers in lets say 1984, and now we have 1,080,000? If that's the case, we're still far behind where we need to be for job availability. Or is the working population around the same, and we have more jobs available for the same amount of people? If so, that's a plus.
I'd also be curious as to what kinds of jobs these are, as far as pay, benefits, long term career oriented, etc. If 20,000 of those jobs are temporary line worker positions, I wouldn't really consider that a triumph over the jobs that Kodak provided.
These are the key questions in discussions like these. One can look at the unemployment rate and that doesn't even scratch the surface.
What I want to know is the labor force participation rate as well as salary distribution data,
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