Economic Trends

February 2019 Empire State Manufacturing Survey

The results for the February 2019 Empire State Manufacturing Survey are in and they’re much more positive than January. Find a link to the full-report for a more detailed look at the results in this post. 

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Manufacturing Alliance to Focus on Workforce and Taxes this Legislative Session

The New York State Manufacturing Alliance, of which the Council of Industry is a founding partner, is focusing on two issues of vital importance to manufacturing businesses across the Hudson Valley and the State – Workforce Development and Taxes. Learn more about how we're advocating for continued support in this post. 

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Manufacturing Alliance to Focus on Workforce and Taxes this Legislative Session

The New York State Manufacturing Alliance, of which the Council of Industry is a founding partner, is focusing on two issues of vital importance to manufacturing businesses across the Hudson Valley and the State – Workforce Development and Taxes.

On the Workforce development front, we are advocating for continued support of the P-TECH program, Career and Technical Education programs, and community colleges. Of particular importance to the Alliance is the expansion of the hugely successful Manufacturers Intermediary Apprenticeship Program (MIAP).

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Cuomo’s Budget: A Fiscal First Take

E.J. Mc Mahon, founder and research director for the Empire Center describes Gov. Cuomo's budget as "largely a stay-the-course affair—for better and worse."  

The budget includes a striking new fiscal yellow flag: a sharp decline in personal income tax receipts, now expected to fall $500 million below mid-year projections. The budget narrative says the drop-off  “appeared abruptly” at the end of December and has continued through early January, “a period that is typically marked by a relatively heavy flow of PIT receipts compared to the rest of the fiscal year.”

So what’s going on?  The governor’s financial plan narrative cited “increasing [financial market] volatility in the second half of 2018 [during which major stock indexes dropped 10 percent], driven in part by rising interest rates, trade tensions, and instability in government institutions at home and abroad.” It also pointed to “behavioral changes by individual taxpayers and firms” in response to the new federal tax law and its cap on state and local tax (SALT) deductions.

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NAM Outlook Survey Results Show Record Breaking Optimism in 2018

For the last 20 years the National Association of Manufacturers (NAM) has conducted the Manufacturers’ Outlook Survey. This year manufacturers reported record breaking optimism, with 92.4 percent of manufacturers surveyed reporting a positive outlook for their companies. Link to full survey results inside. 

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Wage and Benefit Survey Results Suggest Moderate Growth in 2019 for Hudson Valley Manufacturers

The Council of Industry and Marist College’s Bureau of Economic Research and School of Management along with Ethan Allen Workforce Solutions have compiled and analyzed the results from the 2018 Annual Wage and Benefits survey of Hudson Valley manufacturing companies. Twenty-five companies participated in the survey this year with a combined total of 2,869 reported employees.

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Preparing for the New Era of Manufacturing

The fourth Industrial Revolution is in full-swing and manufacturers are spending billions on IIoT initiatives. When planning for this new era of manufacturing there are several steps you can take to build a more successful digital strategy. Read more in this post. 

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New York’s Uneven Economic Recovery

By any standard, upstate New York’s economic recovery has been among the weakest of any region in the country. Indeed, parts of upstate have yet to “recover” from the recession at all. The tale of two states is illustrated by data trends in three key measures of economic activity—payroll employment, unemployment rates and Gross Domestic Product—as summarized in this article.

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Empire State Manufacturing Survey: The Good News Continues

Federal Reserve

Great news for manufacturers in the Hudson Valley: The August 2018 results for the Empire State Manufacturing Survey once again indicate robust growth, and the optimistic projections for the future imply more good news is on the way. Learn more, and find a link to the full report in this post.

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New York Manufactures Forecast Continued Growth

Federal Reserve

Each month the Federal Reserve Bank of New York distributes the Empire State Manufacturing Survey to about 200 manufacturing companies throughout New York State to analyze industry performance. Around 100 of the 200 companies contacted complete the questionnaire, which asks them to report on specific performance indicators and offer their projections for the upcoming months. The respondents are  

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NAM Poll Shows Americans Want a Simpler and Fairer Tax Code

The National Association of Manufacturers is a leader in the tax reform effort to create a national tax climate that promotes manufacturing in America and enhances the global competitiveness of manufacturers in the United States. Manufacturers are calling on lawmakers on both sides of the aisle to work together on tax reform.

The NAM recently drew attention to the significance of tax reform to Americans  

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