Economic forecasters expect central New York to continue the slow but steady growth seen in the past few years. While that growth should continue, there are potential roadblocks keeping the region from reaching the robust growth found in other parts of the country.
M&T Bank Regional Economist Gary Keith says the future of central New York’s economy hinges on the workforce.
"It’s one thing to be able to put up buildings, and attract businesses, and retain businesses, but if they don’t have the right mix of labor to move forward, that’s just going to keep one foot on the break,” Keith said.
Keith worries about the exodus of older workers retiring and taking their skills with them. He says the key will be continuing to attract a younger workforce.
Keith also says the intangibles are important, suggesting the community working together promotes significant change in the economy. Keith says that could be one by-product of a new mayoral administration in the city of Syracuse. New Mayor Ben Walsh says he senses an optimism around town that could feed into that intangible.
"If we work together across sectors, we have the opportunity to take this community to the next level, and begin to accelerate this growth we so desperately want to see,” Walsh said.