October 27, 2010
How Goes the Recovery? Challenges for the
Nation, the Region and the Fed
University at Buffalo, New
York
April 13, 2012
The National and Regional Economic Outlook
Buffalo-Niagara Partnership, Buffalo, New York
Across Upstate New York, the cycle of recession and recovery has been much less pronounced than in the nation, which means that the region has been more stable in recent years than many other places around the country. This has been particularly true in Buffalo, which experienced an employment decline of about 3½ percent during the downturn—a significant loss, to be sure—but well below the over 6 percent decline that occurred nationally.
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October 26, 2010
How Goes the Recovery? Challenges for the
Nation, the Region and the Fed
University of Rochester, New
York
November 18, 2011
The National and Regional Economic Outlook
University
at Albany
October 7, 2014
The National and Regional Economy
Rensselaer Polytechnic Institute, Troy, New York
The Capital region, on the other hand, is a true bright spot. While Upstate New York as a whole has gained back only a little more than half of the jobs lost during the Great Recession, Albany is close to regaining all of the jobs that were lost. Though the Capital region?s public sector has exerted some downward pressure on job growth during the recovery, the education and health care sectors have been an ongoing source of stability and strength for the region.
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October 25, 2010
How Goes the Recovery? Challenges for the
Nation, the Region and the Fed
Cornell University, Ithaca,
New York
May 20, 2011
The Road to Recovery: Hudson Valley
Dutchess County Regional Chamber of Commerce, Fishkill
In the near-term, the regional economy, and indeed the economy of the entire state, faces a number of challenges. Among them is the need to address the large state budget gap. New York is not alone in having seen its tax revenue decline as the economy weakened and, thus, facing hard choices. As I mentioned, state and local government employment has already weakened in many areas. Going forward, further contraction in this sector continues to pose some risks to the recovery.
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November 17, 2011
Securing the Recovery and Building for the
Future
United States Military Academy at West Point
If we are to achieve the best possible recovery and build for the future, we will also need ongoing efforts across four broad fronts: financial stability, housing policy, fiscal policy and structural adjustment to foster more sustainable U.S. growth and a more balanced global economy.
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May 19, 2011
The Road to Recovery: Hudson Valley
State
University of New York at New Paltz
August 18, 2011
The National and Regional Economic Outlook
New Jersey Performing Arts Center, Newark
August 19, 2011
The National and Regional Economic Outlook
Meadowlands Chamber of Commerce, Lyndhurst, New Jersey
March 11, 2011
Economic Overview: Queens and the Region
Queens Chamber of Commerce and Queens Economic Development
Corporation, Flushing
April 16, 2013
The Outlook for the National and Local Economy
Staten Island Chamber of Commerce
Here on Staten Island job creation has not been quite as robust over the past couple years. It should be recognized, however, that Staten Island's economy was actually more resilient than Manhattans during the recession, experiencing only minimal job losses. Staten Island's key industries—local-market sectors like health, education and retail trade—tend to be less susceptible to sharp economic downturns than more cyclical sectors, like manufacturing, construction and finance.
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March 19, 2011
Remarks at the Long Island Association,
Melville, New York
June 10, 2011
The Road to Recovery: Brooklyn
Brooklyn
Chamber of Commerce Brooklyn Borough Hall
March 7, 2014
The National and Regional Economy
Brooklyn College
Now let’s focus on Brooklyn. The borough’s economy has been particularly strong in recent years. Compared with the other boroughs, Brooklyn has seen generally stronger job growth, a stronger housing market, and stronger trends in wage and salary earnings. This strength is exemplified by the transformation of industrial neighborhoods—such as DUMBO, Red Hook, Greenpoint, East Williamsburg, Gowanus and Bushwick—into increasingly diversified residential and commercial neighborhoods; and the recent development of the Atlantic Yards and Brooklyn Navy Yard. This changing landscape has helped spur economic activity which has created many new jobs in the borough.
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April 12, 2012
The National and Regional Economic Outlook
Center for Economic Development, Syracuse, New York
Like much of Upstate New York, Syracuse's housing market has been relatively stable and did not experience a boom-bust cycle like much of the rest of the nation. In fact, since the peak of the national housing market in early 2006, home prices in Syracuse have increased by close to 10 percent, compared with a decline of more than 30 percent nationally. As a result, the drop off in economic activity that is connected, directly and indirectly, to the performance of the housing sector has not been as severe here as it was in many other places.
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September 18, 2012
Regional and National Economic Conditions
Morris County Chamber of Commerce, Florham Park
Although there are some recent signs that home prices in the state are starting to firm, nevertheless, the housing crisis continues to take a toll on our homeowners. As of June, 9.3 percent of all mortgage debt in New Jersey was 90-plus days delinquent, three percentage points above the national rate. And that delinquency rate is actually a little higher here in northern New Jersey.
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October 24, 2011
The National and Regional Economic Outlook
Bronx Chamber of Commerce at the New York Botanical Garden
July 2, 2013
The National and Regional Economy
Business Council of Fairfield County
And at the end of October, Superstorm Sandy hit the region, causing major damage and disruption. While most of the news focused on New York City, Long Island and New Jersey, parts of Fairfield and New Haven counties—cities and towns like Bridgeport, Stamford, Milford, and Fairfield—were severely affected as well. Thankfully, Sandy's disruptive effect on the region's economy seems to have been short-lived. Fairfield County did see some job losses during the winter months, and Sandy likely contributed to that. But, in the spring this area saw a strong and broad-based rebound in employment. In fact, in May employment in Fairfield County surged to a more than four-year high.
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April 1, 2011
The Road to Recovery: Puerto Rico and the
Mainland
E-3 Summit of the Americas: Export Trade Basics
Forum 101, San Juan, Puerto Rico
June 24, 2014
Update on Economic and Fiscal Conditions in Puerto
Remarks to the Association of Certified Public Accountants of Puerto Rico, San Juan, Puerto Rico
The clear challenge going forward will be for the Commonwealth government to continue to make progress on its efforts to raise its economic growth rate while at the same time to take credible steps to constrain the buildup of debt. The demanding choices Puerto Rico makes today will affect its long-run economic prospects and the future livelihood of its residents.
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