New York Regional Economy

New York Regional Economy

The Regional Economic Development Council initiative (REDC) is a key component of Governor Andrew M. Cuomo’s transformative approach to New York State’s investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth in each of their regions. The Councils are public/private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations.

The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources.

These Regional Councils are established in the following 10 regions:

1. The North Country – The North Country region of Upstate New York spans an area of 11,420 square miles from the eastern shore of Lake Ontario to the western edge of Lake Champlain and from the shared border with Canada in the north to the southern end of Hamilton County.

2. Finger Lakes – Named for the 11 long, narrow lakes that run through the southern counties, the Finger Lakes also includes the City of Rochester, the third largest city in New York State.

3. Central New York – Central New York is the heart of New York, and includes the Syracuse metropolitan area (Onondaga County), and Cayuga, Cortland, Madison, and Oswego counties. Historic trade routes, such as the Native American Mohawk Trail and the Erie Canal, intersected here and encouraged the sharing of ideas while fostering a sense of community.

4. Mohawk Valley – This region is the geographic center of Upstate New York along the scenic Erie Canal. It is within 100 miles of major markets in every direction including Albany (90 miles), Syracuse (50 miles), Binghamton (80 miles), and the Canadian border (100 miles). The region includes the historic urban centers of Utica, Rome and Amsterdam.

5. Capital Region – The Capital Region is an attractive place to do business. Among its assets are: a strategic location with proximity to all major markets in the northeast; an extraordinary quality of life with a mix of suburban rural communities and medium sized cities, including the Capital City; a highly skilled workforce and the many world renowned academic and research institutions.

6. Western New York – Western New York is the westernmost region of the state of New York. It includes the cities of Buffalo, Rochester, Niagara Falls, the surrounding suburbs, as well as the outlying rural areas of the Great Lakes lowlands and the Genesee Valley.

7. Southern Tier – The Southern Tier lies along the Pennsylvania border, with the cities of Elmira, Hornell, Ithaca, Corning and Binghamton. Binghamton is the birthplace of IBM, Endicott-Johnson, Dick’s Sporting Goods and Link Simulators, and home to the fifth oldest zoo in the country

8. Mid Hudson – This region borders New York City, Connecticut, Pennsylvania and New Jersey. It is near the center of the country’s busiest rail corridor, boasts six interstate highways, and easy access to six international airports. With over 30 colleges and universities, the Hudson Valley maintains a highly educated labor force.

9. Long Island – Composed of Nassau and Suffolk counties, Long Island is more populous than 38 states. This region is a world leader in technology development, home to several research campuses and laboratories including Cold Spring Harbor Laboratory and Brookhaven National Laboratory. The largest industrial park on the East Coast is Hauppauge Industrial Park, with over 1300 companies and 55,000 employees.

10. New York City – Most of New York City is built on the three islands of Long Island, Manhattan, and Staten Island and consists of five boroughs; Brooklyn, Queens, Manhattan, the Bronx, and Staten Island. NYC is the home of one out of every 16 residents in the U.S. It is the largest city in the nation, and one of the 10 largest cities on the planet. New York City continues to lead the regions of New York State when it comes to economic growth and job creation, thanks to expansion in the high tech, creative and tourism sectors, stability in financial services and significant increases in venture capital and real estate investment. Dozens of Fortune 500 companies are headquartered in NYC, a global center for financial services, life sciences, entertainment, media, fashion, and the arts. Media conglomerates including four major national broadcast companies, Time Warner, Viacom, and Newscorp are headquartered in NYC, as well as three of the Big Four record labels (Sony Music Entertainment, Universal Music Group, and Warner Music Group).

Chesterfield Associates is one of the biggest contributors to New York’s Regional development. One of the Chesterfield Associate’s most interesting and ambitious recent projects is actually the largest project this contractor has ever undertaken: the Glen Cove Ferry Terminal on Long Island, N.Y.

With a price tag of over $10 million, the federally funded project has involved the construction of a ferry terminal building, marine and waterside improvements, public access, pedestrian spaces and a parking facility. The short-term aims are to remove excess automobile traffic from the roadways and to establish a public presence on the waterways as an alternative. Long-term goals include the redevelopment and revitalization of this area of New York through increased job availability, tourism, and mercantilism.