Wednesday, January 12, 2011
Tuesday, October 27, 2009
Forty Strongest U.S. Metro Economies: Rochester, NY - BusinessWeek
Rochester, NY
Overall rank: 20
The Rochester metropolitan area, near Lake Ontario, is home to Eastman Kodak and the University of Rochester. Employment in the Rochester metro peaked in the third quarter of last year. Gross metropolitan product in the fourth quarter was down 5% from the peak in the fourth quarter of last year. Home prices grew 3.1% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 8.4%, up 3.1 points from a year earlier. (Please see below for the various criteria used by the Brookings Institution to determine the overall ranking.)
Job growth (since peak) rank: 10
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Gross Metro Product (since peak) rank: 67
Unemployment change (year over year) rank: 32
Home price change (year over year) rank: 9
Home values will hold well in Rochester. See the related post
The U.S. Metros Least Touched by Recession - BusinessWeek
The U.S. Metros Least Touched by Recession
A combination of stable home prices and sizable sectors in health care, energy, government, and education kept these metropolitan areas relatively stable
America's strongest economies have one thing in common—home prices that never got too hot or too cold.
Home prices in metros such as San Antonio, Oklahoma City, Pittsburgh, Rochester, Little Rock, Ark., and Baton Rouge, La., remained steady through boom and bust. Although no metropolitan area entirely avoided the economic downturn, the most resilient metros were protected by a potent mix of recession-resistant jobs.
The upstate New York areas of Syracuse, Rochester, Albany, and Buffalo suffered from declining jobs in manufacturing, but got significant boosts from sizable health-care, education, and government sectors. Construction is booming in Baton Rouge, Louisiana's capital, as firms take advantage of financing for post-Katrina hurricane recovery work and service-related companies expand to meet the needs of a growing population. Omaha and the state of Iowa have relatively strong insurance sectors.
Texas, the last state to enter recession, has been bolstered by its oil and gas industries—which have also helped Oklahoma, North Dakota, and Louisiana. Texas also has many other things going for it, including affordable home prices and relatively low wages, which attract corporations.
BusinessWeek.com used data and analysis from the Brookings Institution's new MetroMonitor to come up with the nation's 40 strongest economies. The MetroMonitor, which measures the nation's health on a quarterly basis, ranks the top 100 metros based on job growth, unemployment, gross metropolitan product, and home prices.
A relative boom in Baton Rouge
"No place has been untouched by this recession. This is a change from previous recessions," said Alan Berube, a senior fellow and research director of the Brookings Metropolitan Policy Program. "But there's a big difference in losing one-tenth of a percentage and losing 15% of jobs."
Baton Rouge, which was ranked No. 6, "grew jobs every month until August 2009 and in August it only lost nine-tenths of a percent, compared to 5.1% nationally," said Lauren C. Scott, professor emeritus of economics at Louisiana State University.
Scott said $5.1 billion of construction projects have been announced or are under construction in the Baton Rouge metro, including a new plant for French chemical company SNF and the expansion of an ExxonMobil (XOM) chemical plant.
"One nice thing after another thing happened that has countered what's happening in the rest of the country," Scott said.
Ernie Goss, an economist at Creighton University in Omaha, who studies much of the nation's energy and farm belts, said the strong dollar early this year hurt farm exports. "But the dollar has now weakened significantly and that will be good for the farm sector and energy commodities," Goss said. "I think 2010 is going to be much better than 2009. But we are still not going to have a lot of job gains.
A 22-year unemployment high in Texas
Although the metros in the ranking are strong by relative standards, their unemployment rates in many cases are now peaking because they entered the recession late. Texas, which had 5 metros in our top 10, including No. 1 San Antonio, is a good example.
The unemployment rate in Texas hit 8.2% in September, rising above 8% for the first time in 22 years. But that's a very low unemployment rate, compared to the national rate of 9.8% or to Nevada's 13.3% rate.
Texas is unlikely to face a prolonged downturn, said Terry Clower, an economist at the University of North Texas. The state's affordable cost of living make it attractive to new residents and corporations, the largest of which tend to be based near Houston and Dallas.
"It's perceived as a low-cost place to do business," Clower said. "Because housing is affordable, the wage rates reflect that."
Marisa Di Natale, a director at Moody's Economy.com, said late arrivals to the recession will generally face mild downturns.
These metros "haven't had a big erosion in housing wealth, which has kept consumer spending stronger than it would otherwise be," Di Natale said.
Click here to see the 40 strongest metros in the U.S.
Gopal writes about real estate for BusinessWeek in New York.
See details about Rochester NY
Thursday, March 5, 2009
Economic Recovery - SATISH KUMAR
here are some wise words. they are not mine.
------ THERE ARE TWO roads to economic recovery. The first is the conventional road; to bail-out the banks and fuel consumerism, put more money in mortgages and hope to get back to business as usual. But the second, more genuine option is to think holistically and invest in land and agriculture, in renewable energy and practical skills. The Earth is our true bank. We are at a crossroads – which path are we going to choose? The answer should be obvious.
Economics of place is the key to a steady state economy of which Herman Daley writes so eloquently in this issue. The economy of place is also the solution to the planet crunch of which Andrew Simms is warning us in no uncertain terms. The economics of place will also prevent the nuclear nightmare about which Mark Dowie is so rightly concerned.
Let us celebrate our place and build and economics place.
SATISH KUMAR
Thursday, February 26, 2009
10 Reasons It’s Awesome the Economy Sucks
10 Reasons It’s Awesome the Economy Sucks
OK, I don’t really think it’s awesome that the economy sucks. I’d prefer everyone has a job. But that’s just not reality. Instead we’re faced with two choices: a.) Worry and complain or b.) See reality from a different angle and benefit from this experience. Not sure how to change your perception? Allow me to offer some suggestions.
It’s awesome the economy sucks because:
10. You’ll become more resourceful. I started to return bottles and cans for the nickel. So. far, I'm up to $15, - a pizza dinner. I combine car trips to save gas and save time. Saving time gives me more time for other stuff. Sell some of your exccessive stuff for spending money. see #8.
9. You can redefine success. Most people file this type of thinking right next to, “My mom thinks I’m special” and “Money can’t buy love.” But really, if you lose your job or take a pay cut, count all your other successes. You have friends and family who love you. You’re awesome at poker. You make a mean bratwurst—whatever! Anything you do well other than earn and buy stuff, appreciate that right now.
8. You have an opportunity to minimize. Buying, having, and keeping to much stuff consumes a lot of energy. A bad economy is the perfect opportunity to rethink what you really need. Don't be a slave to your stuff.
7. It shuffles around the balance of power. Maybe you had a nice job. Now all of a sudden your sister wants to buy you lunch. That’s fantastic! This gives her the chance to look out for you like she never needed to before.
6. It invites humility. I’m not saying you have an out-of-control ego (though you may—I don’t know you.) I’m saying humility is a virtue worth nurturing, and falling down presents a perfect opportunity. Charles de Montesquieu said it perfectly: “To become truly great, one has to stand with people, not above them.”
5. You’ll become more creative. Instead of filling your planner with endless dinners and outings, maybe you’ll have board game nights or go to the library. I prefer these events anyways. It reminds me of the simplicity of childhood, when a game meant meant chess not Nintendo.
4. It might force you into better habits. If you lived paycheck-to-paycheck and then you lost your job, you’ve likely learned the value of saving. Times will be tough while you get over the hump, but it will be worth it if you start planning better for your retirement as a result.
3. You can reconnect with your intentions. Many people fall out of their dreams and into careers because they let life happen to them. Unemployment is an opportunity to reassess what you love in life. Dont be afraid to see work differently, see it as a series of projects or gigs. Take on different projects see what you like to do. You can be rewarded with a new career more fufulling carreer path.
2. It serves as the best teacher. Our kids will become the future leaders, so we’ve done them a great service by screwing things up. When we pick ourselves up and forge ahead, our kids will have that experience under their belt and learn from our mistakes.
1. We can redefine happiness. I know many people who have everything but seem deeply discontent. Shift your thinking paradigm.
From defining happiness as what you own or do
To making relationships that are deep and meaningful. Surround yourself with happy people and see what makes them happy. Learn from happy people, they are doing something right.
10 Reasons It’s Awesome the Economy Sucks
OK, I don’t really think it’s awesome that the economy sucks. I’d prefer everyone has a job. But that’s just not reality. Instead we’re faced with two choices: a.) Worry and complain or b.) See reality from a different angle and benefit from this experience. Not sure how to change your perception? Allow me to offer some suggestions.
It’s awesome the economy sucks because:
10. You’ll become more resourceful. I started to return bottles and cans for the nickel. So. far, I'm up to $15, - a pizza dinner. I combine car trips to save gas and save time. Saving time gives me more time for other stuff. Sell some of your exccessive stuff for spending money. see #8.
9. You can redefine success. Most people file this type of thinking right next to, “My mom thinks I’m special” and “Money can’t buy love.” But really, if you lose your job or take a pay cut, count all your other successes. You have friends and family who love you. You’re awesome at poker. You make a mean bratwurst—whatever! Anything you do well other than earn and buy stuff, appreciate that right now.
8. You have an opportunity to minimize. Buying, having, and keeping to much stuff consumes a lot of energy. A bad economy is the perfect opportunity to rethink what you really need. Don't be a slave to your stuff.
7. It shuffles around the balance of power. Maybe you had a nice job. Now all of a sudden your sister wants to buy you lunch. That’s fantastic! This gives her the chance to look out for you like she never needed to before.
6. It invites humility. I’m not saying you have an out-of-control ego (though you may—I don’t know you.) I’m saying humility is a virtue worth nurturing, and falling down presents a perfect opportunity. Charles de Montesquieu said it perfectly: “To become truly great, one has to stand with people, not above them.”
5. You’ll become more creative. Instead of filling your planner with endless dinners and outings, maybe you’ll have board game nights or go to the library. I prefer these events anyways. It reminds me of the simplicity of childhood, when a game meant meant chess not Nintendo.
4. It might force you into better habits. If you lived paycheck-to-paycheck and then you lost your job, you’ve likely learned the value of saving. Times will be tough while you get over the hump, but it will be worth it if you start planning better for your retirement as a result.
3. You can reconnect with your intentions. Many people fall out of their dreams and into careers because they let life happen to them. Unemployment is an opportunity to reassess what you love in life. Dont be afraid to see work differently, see it as a series of projects or gigs. Take on different projects see what you like to do. You can be rewarded with a new career more fufulling carreer path.
2. It serves as the best teacher. Our kids will become the future leaders, so we’ve done them a great service by screwing things up. When we pick ourselves up and forge ahead, our kids will have that experience under their belt and learn from our mistakes.
1. We can redefine happiness. I know many people who have everything but seem deeply discontent. Shift your thinking paradigm.
From defining happiness as what you own or do
To making relationships that are deep and meaningful. Surround yourself with happy people and see what makes them happy. Learn from happy people, they are doing something right.
