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Economy and Business news

Rochester Genesee Regional Transportation Authority

A new coalition has been launched with the goal of a 50 percent increase in public transit funding over the next five years.

CEO of Regional Transit Service, Bill Carpenter, is part of the group calling itself "New Yorkers for Better Public Transit."

He says millions of New Yorkers rely on the service of transit operators across the state on a daily basis.

PBS.org

The latest numbers from the NYS Labor Department show more job growth in the Rochester area. 

Officials say that the metro area saw an increase of 4,100 private sector jobs in October, compared to this time last year.

State Labor Analyst Tammy Marino says this has been a trend we’ve seen all year long.

A local company will be adding about 100 jobs. 

Senator Chuck Schumer (D-NY), says ConServe, which specializes in doing collection work for colleges and universities, will be adding a total of 200 positions, between its locations in Henrietta and Cheektowaga. The company says about half of those jobs will be located in Henrietta.

The head of the Greater Rochester Chamber of Commerce says his organization didn’t get any warning about the decision by Thomson Reuters to close its Rochester offices, but Bob Duffy says the chamber stands ready to help displaced workers.

Thomson Reuters has provided little information about the move except to say it routinely looks at ways to run its operations more efficiently and that sometimes includes reviews of its real estate portfolio.

The company has not said how many workers are affected, but Duffy believes it may be around 425.

New numbers are out for local home sales, and they show it continues to be a seller's market.  That's because of the low inventory of existing homes, which is helping to push prices up.

For the third quarter, sales in Monroe County were down 2.4% compared to a year ago.  But for the region overall, sales in September were down 18 % compared to last year.

The median sales price in September was up 6% to $142,000 compared to a year ago. New listings for the Rochester region in September were down 6.7%.

An official with the Association of Retired Xerox Employees ( ARXE ) says that thousands of former Xeroxers likely got the letters that started going out earlier this month.

The letter talks about returning Xerox to the forefront as a leading technology company, and it says that, “In  order to succeed, we must make some difficult, but necessary decisions.”

Alex Crichton

Senator Charles Schumer made a stop at the Sibley Building in downtown Rochester Monday to lend his support to the first-ever food business incubator in Rochester.

Schumer, speaking in an empty first-floor space in the iconic building, says he'll seek a nearly $1 million  U.S. Economic Development Administration grant to build the Commissary Downtown Kitchen Incubator.

He says already, over 150 food entrepreneurs have expressed interest in using the proposed incubator's planned facilities and services to start and grow their businesses.

Nolan's on Canandaigua Lake is back in business

Oct 12, 2018
Dixon Schwabl

The Finger Lakes community is welcoming back a popular eatery with the reopening of "Nolan's on Canandaigua Lake" 15 months after a fire destroyed the restaurant.

Owner Nick Violas says the community came together to support the rebuild, including hundreds of residents attending a fundraiser to benefit employees, help from contractors, crucial loans from the local bank, and a $416 thousand dollar economic development grant from the state.

www.stern.nyu.ed

(WXXI News and AP) There is another Nobel Prize-Rochester connection.

On Monday, it was announced that two researchers at American universities have been awarded the Nobel Prize for economics.   Yale University's William Nordhaus was named for integrating climate change into long term macroeconomic analysis and New York University's Paul Romer was awarded for factoring technological innovation into macroeconomics.  

Romer was an Assistant Professor of Economics, University of Rochester, from 1982-1988.  

freeimages.com/G. Schouten de Jel

New York dairy farmers should see some advantage from a revamped trade deal with Canada.

That’s the hope, anyway, with news that Canada will be  linked again with the U.S. and Mexico in a revamped North American free trade deal after weeks of negotiations.  The new deal, replaces NAFTA, which President Trump had called a job killing disaster.

The new pact should help open up dairy markets for U.S. farmers. That according to Lauren Williams, Senior Associate Director for National Affairs for the New York Farm Bureau.

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