Economy

New York To Close Two State Prisons

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“Jobs are very important to us in Livingston County and these were jobs  that were well paying and jobs, which the individuals spent money; some of the folks do live here in our county and they spend dollars at businesses and help sales tax.”

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GM New York Plant Will Manufacture Advanced V-8 Engine

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BUFFALO, NY (WBFO) – General Motors’ Tonawanda Engine Plant has been selected as the first of the automaker’s plants to produce a new V-8 engine line that utilizes a cylinder deactivation technology that helps the engine produce only the power that is needed, in order to increase efficiency.

Economy

Historic Remington Arms Files For Bankruptcy

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SYRACUSE, NY (WRVO) – Remington Arms, a firearms manufacturer that was founded in the Mohawk Valley, is filing for Chapter 11 bankruptcy protection, raising concerns about what will become of the company’s Herkimer County plant.

Economy

Seneca Falls Company To Lay Off 36 people

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ROCHESTER, NY (WXXI) – A company with operations in Seneca Falls is laying off  about  a quarter of its workforce. Xylem, a water technology company, recently informed the NYS Labor Department it is laying off 36 of its 138 employees for economic reasons.

Economy

Retirees, Industry Experts React To Xerox-Fuji Merger

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ROCHESTER (WXXI) – Industry experts and retirees are weighing in on Wednesday’s news that Fuji and Xerox will merge, with the Japanese company taking a controlling interest in the new venture.

Economy

Economist: Region On A Positive Path, Despite Potential Roadblocks

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SYRACUSE (WRVO) – Economic forecasters expect central New York to continue the slow but steady growth seen in the past few years. While that growth should continue, there are potential roadblocks keeping the region from reaching the robust growth found in other parts of the country. M&T Bank Regional Economist Gary Keith says the future of central New York’s economy hinges on the workforce. “It’s one thing to be able to put up buildings, and attract businesses, and retain businesses, but if they don’t have the right mix of labor to move forward, that’s just going to keep one foot on the break,” Keith said. Keith worries about the exodus of older workers retiring and taking their skills with them.

Economy

Centerstate CEO Encouraged By Economic Trends In Upstate New York

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SYRACUSE (WRVO) – Central New York economic development boosters are hoping some positive trends from 2017 continue this year. One that CenterState CEO director Rob Simpson expects to hold course in 2018 is a change in something that’s plagued the area for years: brain drain. “We have seen the latest census department estimates that the population 18-25 in central New York is actually growing at a more rapid rate than we’ve seen in recent memory,” Simpson said. Simpson says more college-aged students are staying in the area in part because there are more job opportunities out there. He also cites a low cost of living that’s attractive for young people and suggests the improved qualities in upstate cities also has something to do with it.

Economy

Gillibrand Legislation Would Help Women And Minority Small Businesses Get Little Loans

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ROCHESTER (WXXI) – Senator Kirsten Gillibrand was in Rochester Monday announcing bipartisan legislation to expand the Small Business Administration’s microloan program, helping women and minority owned businesses succeed. The Microloan Modernization Act will strengthen the current program, Gillibrand said, by raising the total limit on outstanding loans from intermediary lenders, which would allow for more loans to be made. “The lending organizations aren’t making enough loans. And they’re not reaching enough entrepreneurs to actually reflect the population of incredibly diverse communities like the ones here in Rochester. And they’re not reaching enough women entrepreneurs.”

Economy

Central New York At Top Winner In Regional Economic Development Council Awards

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SYRACUSE (WRVO) – Central New York was a big winner once again at this year’s Regional Economic Development Council awards, announced last week in Albany. The state will funnel more than $86 million to projects in five central New York counties. It includes things like $140,000 for a new park in East Syracuse and a half-million dollars for an expansion of the Apple Acres apple orchard in LaFayette. In all, incoming REDC co-chair Randy Wolken says there are 112 projects in line for state funding. “Central New York has been a top performer, this year receiving the most dollars of all the regions.

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Finger Lakes Region To Share Nearly $64 Million In State Economic Development Funds

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ROCHESTER (WXXI and Associated Press) Communities in New York state are splitting $755 million in state economic development funding. State officials announced the awards Wednesday at an event in Albany. The money will support hundreds of local economic development efforts, including job training, subsidies for expanding businesses and funding for community organizations. This year’s big winners include central New York, the Mohawk Valley, the Albany region, the mid-Hudson Valley and Long Island, which each received more than $80 million. The Finger Lakes got this lowest amount this time around, receiving the lowest amount at $63.9 million dollars.