Tagged: economy

The recent growth in New York's manufacturing sector has slowed, but economists say it's not all bad news.

"I wouldn't make too much out of just one month. It still is indicating growth," says Richard Deitz, senior economist at the Federal Reserve Bank of New York.

On Monday, the New York Fed released the April edition of its Empire State Manufacturing Survey [PDF].

After four months of steady growth, the Fed's "business conditions index" saw a 14-point drop. Still, the overall outlook remains positive. 

Deitz says manufacturing employment continued to increase, though unevenly in different parts of the state.

A new survey by the Federal Reserve Bank of New York found optimism among the state's manufacturers in January.

According to the monthly survey of 200 manufacturing executives (about 100 respond according to the Fed):

• General business climate improved by 5 points.
• New orders rose 8 points.
• Optimism about the six-month outlook rose 9 points.
   

Most encouraging, according to Randy Wolken, president of the Manufacturing Association of Central New York, were improvements in the number of manufacturers that expect to hire new workers.

Yesterday, the Innovation Trail followed Governor Andrew Cuomo's State of the State Address closely to find out what his 2012 agenda may mean for upstate New York.

So if you didn't have time to watch the nearly two-hour program yesterday, we've condensed it into less than two and a half minutes:

The Southern Tier's economic development council presented its five-year strategy in Albany on Tuesday.

According to council co-chair Tom Tranter, who's also the CEO of Corning Enterprises, the Southern Tier's plan is focused on transportation technology, the energy efficiency industry, health care, rural development and local infrastructure.

"We were told right from the beginning by the lieutenant governor, this is all about job creation," says Tranter.

The council's plan focuses on strengthening the region's large businesses and research institutions - and it responds to a dramatic projected increase in the local senior citizen population, by supporting the health care industry.

In total, the plan is seeking $122 million during the next five years.

Steuben Glass of Corning officially closed its doors on Tuesday - but the demise of the maker of decorative glass was a long time coming.

The quality of the company's design, a top priority for the firm since its founding in 1903, had deteriorated, says glass dealer Jeffrey Purtell.

"I think the last ten years, a lot of the designs were an embarrassment and they certainly don't compare to the wonderful pieces from the '40s, '50s, '60s and '70s," says Purtell.

The company had tried to change with the times, bringing in young marketing consultants, but according to Purtell:

"They had no clue what they were doing."