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Setbacks in New York's Financial Progression
kpa32@cornell.edu
| February 3, 2012
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The state of New York has regained 46% of the jobs lost during the national recession.

Though this news is optimistic, the job increase, which was previously in recovery, has begun to slow down considerably. In Ithaca and Binghamton combined, a total of 1,700 jobs have been lost, and Ithaca maintains the highest unemployment rate in the state.

Thomas DiNapoli, the New York State Comptroller, shared these findings in a report entitled, “Economic Trends in New York.” The report establishes that, in general, the New York state recovery has been fruitful; New York has the 16th highest job recovery rate among all the states.

In terms of specific areas, Rochester, New York City and Glenn Falls have both exceeded the state average. Independently, Rochester regained 98.1% of the jobs it had lost. This success is credited to the economic success in business and professional services in the area.

Fortunately for Binghamton and Broome County, sales prices for housing rates have risen 2.8% in 2011. Though New York City Suburbs are declining, there has been an increase in most of the residential markets in upstate New York.

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