DiNapoli Releases Economic Snapshot of Mohawk Valley
New opportunities in technology, healthcare, financial services and the public sector have overtaken the Mohawk Valley economy’s traditional focus on manufacturing, according to a report on the region New York State Comptroller Thomas P. DiNapoli released today.
“Utica and Rome are economic anchors for the Mohawk Valley region, but both cities have been through tough times recently,” DiNapoli said. “We are seeing encouraging signs of recovery in the real estate sector and with new job opportunities. It’s a model for other upstate communities trying to emerge from the recession.”
Job prospects in manufacturing, a long-established cornerstone of the region, have declined in the area surrounding the cities of Utica and Rome during the past two decades. However, the losses have been offset by significant job growth in educational and health services, which now account for 19.4 percent of the area’s jobs.
Three-quarters of Mohawk Valley residents live and work in the Utica-Rome metropolitan area. The region’s largest employers include the Turning Stone Resort and Casino, St. Elizabeth Medical Center, Utica National Insurance Group and Defense Finance and Accounting Services. Griffiss Air Force Base, covering more than 1,600 acres, has been transformed into a commercial airport and technology park employing more than 4,000 people. A planned expansion of the facility’s research laboratory, scheduled to open in 2011, will also add more jobs to the area.
The report also noted that:
- Real estate prices have performed better than in most areas of New York State, with a 60 percent decline in foreclosures during the second quarter of 2009;
- The Utica-Rome region lost 6,300 jobs in manufacturing between 2000 and 2008, but gained 9,400 jobs in education, health services and the public sector over the same period;
- The Marcy NanoCenter, a new research facility located near the State University of New York Institute of Technology in Utica, will form part of a high-tech research and manufacturing corridor in central New York;
- Rome is constructing and rehabilitating its downtown neighborhood to provide 33 low-income housing units and a new community facility.
To read a full copy of the report, visit http://www.osc.state.ny.us/osdc/rpt11-2010.pdf.