Through our regional outreach, the New York Fed is looking to identify and understand the dominant economic themes in the Second District. Recognizing that economic realities can vary significantly by region, we meet with business, community, and government leaders to get on-the-ground insights to help inform our understanding of the national and regional economies. We support our external stakeholders by drawing attention to emerging or prominent themes, attending and convening events or roundtables to share information and potential solutions, and making crucial connections in support of our mission of economic prosperity for all.
Our team meets with business, community, and government leaders throughout the Federal Reserve’s Second District. Some highlights of our recent conversations:
April, Brooklyn – Panelists at an Earth Day Forum at the Brooklyn Navy Yard discussed New York City’s recently released Green Economy Action Plan, which includes plans to invest in “green talent” that officials say would result in 400,000 green jobs by 2040. Officials said the plan would grow the city’s green economy and provide jobs with a “family sustaining” wage. To attract young people to these jobs, panelists said it’s important for students to see and experience the jobs on site and in learning centers. Private-public partnerships are also critical to the success of the plan, officials said.
April, Staten Island – A conversation with economic development leaders focused on overall population growth. Notably, leaders said Staten Island was the only New York City borough to experience growth each decade between 1950 and 2000. Leaders expressed concern about a perception that residents and small business are leaving for lower-cost areas in the U.S. They also noted that transportation, including the high cost of tolls to get on and off the island, remains a primary concern for residents. Finally, they said progress is underway for mixed-use development of the North Shore that, when completed, may result in thousands of new homes and jobs.
March, Shelton, CT – In meetings with civic, community, and business leaders, employers said they are having trouble hiring due to the area’s high cost of living, especially for housing. Leaders said they see strong regional cooperation, with vibrant partnerships between businesses and nonprofits. For instance, a local wholesale food distributor supplies food to several food pantries, using another local company’s loading dock and volunteer help from other local businesses. Leaders said it was difficult to spread the word about community services without a local newspaper.
February, New York City – At a recent infrastructure conference, New York State and city officials discussed the continued redevelopment of the area’s three main airports and major projects underway at the Midtown bus terminal, subway stations, and subway lines. Participants discussed efforts to improve broadband access, reliability, and affordability throughout New York City, with one official noting that public school students were given devices for remote learning on a recent snow day but, without internet access, “you might as well have a brick.” Another key theme was procurement enhancements, like cutting down time and cost in awarding bids, including more minority- and women-owned businesses, and encouraging community involvement and “overcommunication” throughout the process.
January, North Country, NY – The North Country Regional Economic Development Council recently won a New York State competition to build a workforce pipeline for transitioning soldiers and their spouses. About 3,600 service members from the area retire each year, most of whom have job skills that are in high demand locally, including law enforcement officers, accountants, and maintenance workers. The program aims to provide training and degrees to keep retiring service members–and their families--in the area and add an estimated 46,000 people to the region’s workforce over the next decade. Separately, economic development leaders say the North Country is marketing itself as an optimal U.S. location for Quebec-based businesses that want to grow in the U.S market. Municipal officials also observed an influx of federal grants for rural areas to expand broadband access. One official noted, “It’s a once-in-a-lifetime opportunity for rural areas to be able to apply for grant money and create their own destiny from a broadband perspective.”
November, Westchester County – Speaking at an event in White Plains, several Westchester mayors covered population growth, jobs, and transit. New Rochelle, now the fastest-growing city in New York State, is redesigning its MTA station to provide better access. A new Target in Yonkers is expected to create 300 jobs, the vast majority of which will go to Yonkers residents. Mount Vernon is developing a comprehensive plan to help reimagine its downtown and add housing options. In Peekskill, there is proposed development of parcels of waterfront land, with a pier under construction that might allow for tour boat services and connect the city’s downtown with the Hudson River. In White Plains, residential leases are in high demand, and the city is requiring that 12% of new units built are affordable.
November, Long Island – Leaders of the MTA and Long Island Rail Road said Grand Central Madison, a commuter terminal that opened in January 2023 in Manhattan’s East Side, has been a “game changer,” providing more trains at peak hours and offering a faster commute to the East Side. Transit leaders said the hub gives workers better reverse-commuting options to Long Island. Separately, transit leaders also indicated interest in developing affordable housing near train stations, including by developing current parking lots.
November, St. John – Residents noted the high cost of living on the island, with many workers unable to afford to live there and instead commuting from St. Thomas. Community leaders also said administrative challenges continue to block community and small business development on the island. One entrepreneur said she has been trying for two years, unsuccessfully, to get a permit for a restaurant. A local council said that because it is a nonprofit, it has been unable to obtain insurance for projects, including a proposed children’s playground.
October, Long Island – Black and Latino business owners said the business community was not prepared for the pandemic. For instance, several said they did not know who to turn to for guidance on PPP loans and other emergency needs. Several owners noted that many still struggle with start-up fundamentals, including corporate formation, state registration, and obtaining an employer identification number. Top challenges the business owners see for 2024 include access to and cost of capital, growing their business, and finding qualified workers.
October, Norwalk, CT – The city’s real estate market remains active, with development progressing. City officials say the retail and office markets have been stable. Smaller office users and the movement of companies into leased space rather than owned properties are offsetting Class A office vacancies. The area’s economic development discussions covered the first rezoning effort in more than thirty years and the adoption of a waterfront development plan along the Norwalk Harbor, which has drawn concern over adding density in an area with flooding challenges. The city will take on a resiliency study to further unlock development potential within the flood plain.
