Syracuse Economy

provided photo / M & T Bank

An M&T Bank survey of Upstate New York businesses and manufacturers seemingly reflects the increase of U.S. GDP announced last week of 4.1% during the second quarter of 2018.  Ahead of that news, the M&T survey was conducted in May and found that 57% of Upstate businesses anticipated the economy would continue to improve.  However, Manager of Small Business Banking, Lee DeAmicis of Syracuse said that these businesses wanted to be certain of the fate of the economy.

Chris Bolt/WAER News

An investment of $315 million dollars in Downtown Syracuse construction projects, the addition of 440 new hotel rooms within three years and a thriving arts, entertainment and sports scene are all positive signs of Downtown’s resurgence. 

Katie Zilcosky / WAER News

A new report released Wednesday by the State Comptroller shows that Central New York’s post-recession economy remains in a state of transition when factoring in unemployment, poverty and large employers moving out.  However, there are bright spots including a workforce of young adults who attended college locally, a technically experienced workforce, and a lower cost of living.  Tom DiNapoli has been focused on auditing economic development programs such as Start-Up New York and others which aims to lure new companies and create new jobs. He says there’s room for improvement.