Central New York Economic Report Points to Good News on Employment,
Smaller Manufacturing Sector
The Central New York economy shows signs of strength as well as significant
challenges, according to a report released today
by State Comptroller Alan G. Hevesi.
“It is no secret to Central New Yorkers that the past couple
of years have been tough, and it is good news that overall employment
is increasing this year,” Hevesi said. “However, Syracuse
is no longer upstate’s manufacturing center, and the region is
expected to continue to lose manufacturing jobs in the coming years.”
The report, “Spotlight on Central New York,” includes
recent data for employment, personal income, wages, unemployment, population,
and the economic outlook for the next four years.
The report notes the following trends:
- Total employment in Central New York increased by 1.1 percent in
the first five months of 2003, compared with the same period one year
earlier. This is a notable improvement from the 1.2 percent decline
from 2001 to 2002.
- During the 1990s, Central New York went against statewide and national
trends with an increase in manufacturing employment of 4.4 percent.
However, jobs in this sector declined 6.4 percent in 2002, and Central
New York is now less dependent on manufacturing employment than either
Buffalo or Rochester.
- Although the unemployment rate increased in 2002, the first five
months of 2003 showed improvement, with unemployment averaging 5.7
percent, down from 6.1 percent a year earlier.
- Forecasts indicate small annual gains in employment through 2006,
but manufacturing employment is expected to continue to decline.
Click here for a copy of the report
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