SYRACUSE -- Signs of progress and challenges are in the economic forecast for Central New York this year. That was the message at this year's Economic Forecast breakfast at the OnCenter in Syracuse.
More than 500 people attended Thursday's event with business and community leaders gathering to hear what is in store for Central New York's economy in 2012. The report generated by more than 140 CenterState CEO member-executives and community participants, representing 12 counties.
"Our members doing business in our region every day, in a time of transition in our economy, continue to find new ways to become more efficient and cost-effective, develop new products and services, and find new customers and markets," said CenterState CEO President, Rob Simpson. "Based on their input, the next 12 months - through modest but steady growth - have the potential to be a year in which confidence returns to the marketplace, and to our region."
Among the signs of optimism:
- Employment in our region is up by 1% or 8,253 jobs; with the largest employment growth in higher education and health service sectors.
- The CenterState New York 12-county region is poised to make significant progress as the result of receiving $193.8 million in funding from the state's Regional Economic Development Councils to support economic development.
- More businesses expressed the need to invest in both human and capital infrastructure to be competitive.
- Businesses are seeing opportunities for growth from outside the region and are increasingly looking at ways to export services and goods.
- A renewed focus by consumers for "buying local" has supported industries from agriculture, to manufacturing, to retail.
There are challenges that lie ahead as well for 2012. Among them are:
- New York State legislative, regulatory, and policy issues still dominate businesses' concerns.
- Rising health and energy costs and high taxes are a burden to businesses that cause them to hold off on major investments.
- Misalignment of skills in the local workforce, especially in our growth sectors of education and health care, and a consistent message that retaining talent is difficult.
Overall, modest growth is expected this year, according to Gary Keith, regional economist for M&T Bank.
Are you optimistic about the economy this year? What are the greatest challenges you think we face? Leave your thoughts below.
