Greater Rochester Enterprise (GRE) is celebrating 15 years of growing the local economy and increasing awareness of the nine county region. Coinciding with the organization’s 15th-year celebration, GRE conducted an economic impact study. The study highlights that more than 14,200 direct, indirect and induced jobs were created since GRE’s inception, and that the organization has an economic footprint of $2.4 billion in direct and indirect capital investments, as well as job creation. This number has doubled in the five years since GRE’s 10th anniversary in 2012.
“GRE owes its past, present and future successes to the quality of the Greater Rochester, N.Y. workforce,” GRE President and CEO Mark S. Peterson said. “We are attracting bigger projects and the GRE-led pipeline is improving due to the caliber of talent in the region. These successes are proof positive that we are making tremendous progress in our mission to affect economic growth.”
As companies expand, Greater Rochester, N.Y. also is seeing an increase of talent in the pipeline. In fact, millennials are the fastest-growing segment of our population, increasing by more than 15,000 people in just six years, according to the U.S. Census Bureau.
The report includes 14 regionally significant, GRE-led projects which provide a cross-section of industry strengths and regional diversity. Since 2006 alone, Barilla America, Alpina Foods, FedEx Freight, LiDestri Foods, Maximus, Muller Quaker Dairy, Brand Networks, Unither, Love Beets USA, Pride Pak, American Packaging Corp., Klein Steel and Seisenbacher Rail Interiors have spent $629.25 million in new capital investments throughout the Greater Rochester region, constructing and outfitting manufacturing plants and distribution centers, or retrofitting existing facilities. These projects resulted in the direct creation of approximately 3,724 jobs, which include line workers, engineers, mechanics, technicians, and customer service and sales positions.
GRE’s analysis shows that the 3,724 direct jobs are responsible for supporting an additional 4,804 jobs from labor required for related construction, as well as 5,734 jobs in services supported by new income flowing through the region. As a result, more than 14,200 total direct, indirect and induced jobs were created. In sum, the new direct jobs generated an additional economic output of more than $787 million in labor income and productivity.
The local industries most heavily impacted include business support services, construction, food and beverage processing and manufacturing, advanced manufacturing, information technology, trucking, wholesale trade, hospitals and restaurants/drinking places, which all experienced direct, indirect and induced benefits.
Ultimately, between initial capital investments and job creation, the 14 companies included in the report have had a $2.4 billion economic impact on Greater Rochester, N.Y.
In addition, the GRE Regional Economic Gardening program, designed to provide tailor-made strategic research to local companies primed for growth, enrolled 93 companies, creating 685 net new jobs in the region since 2012. Cumulatively, their contributions resulted in an economic impact of $381 million, with fiscal benefits of more than $46.6 million. Economic Gardening touched industries such as telecommunications; optics, photonics and imaging; data processing; computer services; advanced manufacturing; and food and beverage processing and manufacturing.
The Greater Rochester, N.Y., Region includes Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming and Yates counties. GRE actively promotes the region’s assets, such as its highly-skilled workforce, natural resources, exceptional R&D facilities, and world-class colleges and universities through marketing to site selectors, social media, national public relations efforts, and the award-winning Eyes on the Future radio show. These efforts are fully funded by voluntary support from more than 110 local businesses and government entities.
“GRE has made incredible progress in promoting our region’s assets and growing the local economy over the past 15 years,” said GRE Board Chair Dr. Anne Kress, president of Monroe Community College. “As an investor and GRE board chair, I am excited that we continue to buck the trend, encouraging outstanding growth throughout our region’s key sectors.”
To see a complete version of the economic impact study, click here.