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September 23, 2010

 

DiNapoli: Syracuse Area Slowly Recovering From Recession



After losing nearly 12,000 jobs during the recession, employment is beginning to stabilize in the Syracuse metropolitan area, according to a report issued today by State Comptroller Thomas P. DiNapoli. While the education, health care services, and leisure and hospitality sectors added a total of nearly 1,800 jobs between August 2008 and December 2009, every other sector lost jobs.

“The Syracuse region has added about 740 jobs so far this year, and that’s a step in the right direction,” DiNapoli said. “The area is slowly turning the corner towards recovery after the difficult recession. Unemployment remains high here—at 8.1 percent, it’s higher than the statewide average outside of New York City. But we’re seeing growth in high-tech jobs as schools and businesses in the region focus on developing renewable energy technology.”

The region’s 44 colleges and universities educate more than 215,000 students, according to DiNapoli’s report. Syracuse University and the State University of New York (SUNY) Upstate Medical University are the largest employers in the region. Several area educational institutions are partners in the $20 million Central New York Biotechnology Research Center, a 60,000-square-foot facility that will be home to medical manufacturing, research, and biotechnology firms once completed.

Despite a 21.7 percent drop in home sales between 2007 and 2009, median sale prices in the region showed only modest declines. While sales this year have continued to fall, prices rose in Onondaga and Oswego counties. The foreclosure rate has also been less severe in the region than in many other parts of New York. Economic development programs targeted at rejuvenating downtown Syracuse include the $28 million Washington Station office building, the $25 million Pike Block mixed-use complex and a $16 million refurbishment of the Landmark Theater.

Click here to read a copy of the report.


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