WXXI AM News

Economy

Economy and Business news

Alex Crichton

Gas prices have dipped lately, but that trend is not expected to continue, according to AAA.

The auto club expects national prices as high as $2.70 a gallon this spring -- a price not paid since the summer of 2015 when prices hit $2.81 a gallon.

Spokesperson Elizabeth Carey says factors like high oil prices, an unusually high demand for gasoline, and a switch to the more expensive summer blend all add up to drivers paying much more at the pump this spring.

New microbrewery is a breakfast spot, too

Feb 28, 2018
Alex Crichton

The newest microbrewery in Rochester also brews its own coffee and serves home-made meals, as well.

Officials cut the ribbon today to welcome Fifth Frame Brewing Company at 155 Saint Paul Street downtown.

Co-owner Jon Mervine says they're different from the other breweries.

"The idea behind the whole business model is that you can start your day with us, come in and have a mid-day pick me up, and you can also end your day with us," he said.

Mervine and co-owners Wade Reed and Jarred Foster share another passion: bowling. 

A Wayne County manufacturer plans to undertake a big expansion and add hundreds of jobs.

The announcement came from Governor Andrew Cuomo on Wednesday who says that IEC Electronics will invest more than $20 million to relocate and construct a new state of the art facility in Newark. They also plan to create up to 362 new jobs.

Alex Crichton

Members of the restaurant industry are speaking out against a proposal to eliminate the minimum wage tip credit, saying it would negatively impact restaurants and their employees.

Governor Cuomo announced in his State of the State address that he wants the State Department of Labor to examine the tip credit, possibly replacing tips with an increased minimum wage.

Courtney Wyckoff is a server at the Rohrbach Beer Hall in Rochester.

She says without tips, she would have to reconsider her line of work.

A new report on economic growth around the U.S. shows a mixed picture for the Greater Rochester area.

The Metro Monitor report is done annually by the Washington-based think-tank, the Brookings Institution.  This latest report actually covers a one-year period from 2015 to 2016.  It shows growth in the U.S. economy overall, with most of the larger metro areas showing an increase in jobs and other expansion in their local economies.

Nextcorps bringing the next corp.'s to Rochester

Feb 16, 2018
Alex Crichton

Nextcorps, formerly High Tech Rochester, is open for business in downtown Rochester.

Local, state and federal officials cut the ribbon on the new business incubator located in the Sibley Building.

Part of the downtown innovation zone, Nextcorps, an affiliate of the University of Rochester, houses 25 startups, with plans to launch 100 new tech companies from that space, according to company president James Senall.

Office of NY Gov. Cuomo

During a stop in Rochester on Thursday, Governor Andrew Cuomo committed $50 million in state funding to help redevelop the area along the Genesee River in downtown Rochester.

Speaking at the Joseph A. Floreano Rochester Riverside Convention Center, Cuomo noted that other cities around the U.S. have seen great success in taking advantage of their waterfronts and he wants to see Rochester do the same.

Emily Hunt for WXXI News

Industry experts and retirees are weighing in on Wednesday's news that Fuji and Xerox will merge, with the Japanese company taking a controlling interest in the new venture.

A question on the minds of many in Rochester is how many jobs could be lost during the transition to the new company, Fuji Xerox.

ALBANY, N.Y. (AP) _ New York City's subway system handles about 5.7 million riders every weekday, more than 10 times the combined daily ridership of all other public transportation systems in the rest of New York state.

Even though their ridership is nowhere near the Big Apple's, upstate New York's largest public transit face many of the same challenges their big-city counterparts at the Metropolitan Transportation Authority deal with on a regular basis, including aging infrastructure and increased demand for service.

Home sales were strong in 2017, despite an ongoing low inventory.

Housing market statistics for the year were released today during an economic breakfast event at Locust Hill Country Club.

Overall, the number of homes sold in 2017 was down by less than 3 percent, despite a 12 percent decrease in the number of homes for sale.

CEO for the Greater Rochester Association of Realtors, Jim Yockel says the story for 2017 is a strong market with many buyers, but the number of homes for sale continues to drop.

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