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Key portion of the article: "Faster growing areas have economies that follow suit. Is it the chicken or egg? Is it growing because people are moving there. Or are people moving there because of economic growth," Keith said. "The service-based economy is driving much of the growth and the more people you have, the more service industry there will be. It's clearly benefitting those areas like Austin, Nashville and Denver."
In the Buffalo, Rochester and Albany regions, jobs and the labor force grew less than 1% in 2019. The labor force is the number of people who are employed plus the unemployed who are looking for work.
Keith said upstate communities are doing as well as can be expected given a stagnant and aging population. He said the median age is getting older because people are not having as many children.
"We're seeing wage growth and job growth, albeit at much less than those faster growing areas," Keith said. "Our biggest problem is the lack of people. We don’t know how to solve that to some degree. It's an issue across the regions."
The last portion of the article doesn't fit Upstate NY in terms of overall cost of living though.
Key portion of the article: "Faster growing areas have economies that follow suit. Is it the chicken or egg? Is it growing because people are moving there. Or are people moving there because of economic growth," Keith said. "The service-based economy is driving much of the growth and the more people you have, the more service industry there will be. It's clearly benefitting those areas like Austin, Nashville and Denver."
In the Buffalo, Rochester and Albany regions, jobs and the labor force grew less than 1% in 2019. The labor force is the number of people who are employed plus the unemployed who are looking for work.
Keith said upstate communities are doing as well as can be expected given a stagnant and aging population. He said the median age is getting older because people are not having as many children.
"We're seeing wage growth and job growth, albeit at much less than those faster growing areas," Keith said. "Our biggest problem is the lack of people. We don’t know how to solve that to some degree. It's an issue across the regions."
The last portion of the article doesn't fit Upstate NY in terms of overall cost of living though.
Wow, I thought Gary Keith was an economist. Here, twice he says he doesn't understand how economies grow. He also says that upstate has been losing population for a long time. That's also not a true statement. Certain parts of upstate has been loosing population, but not all.
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