Upstate NY economy recovering, new report finds

ITHACA, NY – Upstate New York's economy is on the mend. So says the President and CEO of the New York Federal Reserve Bank.

William Dudley believes that Upstate NY is doing better than many areas because it didn't suffer as badly during the recession.

"Upstate did not participate in the housing boom or the housing bust," Dudley told WRVO before a speech at Cornell University Monday. "The uplift that you're getting now that (interest) rates have come down and the economy is starting to recover is greater here than in some other places."

In a new report on the Upstate economy, the New York Fed found that home sales are moving upwards while foreclosures have remained much lower than in other areas of the country.

Dudley believes that while the loss of public sector jobs to state budget cuts may slow down economic growth, the regional economy will be driven by the current increase in private sector jobs.