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Economic Development News
January 2025
Hudson Valley | New York | U.S. & Beyond
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Resources for Businesses, Nonprofits, and Municipalities | |
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ECONOMIC DATA
USEFUL RESOURCES & FUNDING OPPORTUNITIES
ARTIFICIAL INTELLIGENCE
HOUSING
COMMERCIAL DEVELOPMENT
NEWS & ANNOUNCEMENTS
STRATEGY & BUSINESS DEVELOPMENT
POLICY CONSIDERATIONS
WORKFORCE DEVELOPMENT
CYBERSECURITY
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Developments in the Hudson Valley Labor Market
New York State Department of Labor
Private sector jobs in the Hudson Valley rose over the year by 10,300, or 1.3 percent, to 831,200 in November 2024. The largest gains were in private education and health services (+9,600), other services (+3,600) and financial activities (+1,200). Job losses were centered in trade, transportation and utilities (-1,600), mining, logging and construction (-1,300), information (-700), leisure and hospitality (-400) and professional and business services (-200).
In November 2024, job count in the region’s private employment sector continued trending upward, reaching 831,200 – a record high for the month. Two sectors posted gains of at least 4.3 percent. Aided by strength in its healthcare and social assistance component, the region’s private education and health services sector grew by 4.3 percent – its highest year-over-year November growth rate on record (series dating back to 1990).
Private sector job growth was spread throughout the region. Year-over-year, Sullivan County posted the strongest gains, up 5.7 percent. The second fastest growth was recorded in the Kingston MSA (+1.3 percent), followed by the Orange-Rockland-Westchester labor market area (+1.2 percent), and the Dutchess-Putnam Metropolitan Division (+0.6 percent).
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State Labor Department Releases Preliminary November 2024 Area Unemployment Rates
New York State Department of Labor
The seven-county Hudson Valley Region demonstrated strong employment performance in November 2024, with all counties showing lower unemployment rates compared to November 2023:
November 2024 Unemployment Rates (compared to November 2023):
- Dutchess County: 3.1% (down from 3.4%)
- Orange County: 3.2% (down from 3.7%)
- Putnam County: 3.0% (down from 3.3%)
- Rockland County: 3.0% (from 3.4%)
- Sullivan County: 3.0% (down from 3.6%)
- Ulster County: 3.1% (down from 3.6%)
- Westchester County: 3.2% (down from 3.6%).
The region's performance remains significantly better than New York State's overall November 2024 unemployment rate of 4.2% (also 4.2% in November 2023). Total employment in the Hudson Valley reached approximately 1.13 million workers, though this represents a slight decrease from the previous year's figures.
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| USEFUL RESOURCES & FUNDING OPPORTUNITIES | |
Governor Hochul Announces ConnectALL is Accepting Applications for $644 Million to Expand Affordable Broadband Access in New York State
Governor Kathy Hochul
The ConnectALL Deployment Program has released a Request for Applications (RFA) making $644 million in federal funding available to expand affordable broadband access across New York State. The program targets 69,111 locations currently lacking reliable broadband service or existing commitments for service. The funding, sourced from the U.S. Department of Commerce's National Telecommunications and Information Administration Broadband Equity, Access, and Deployment Program, will support projects in 308 designated areas. Applications are due by February 7, 2025, with awards expected to be announced in spring 2025. The initiative is part of New York's broader $1 billion investment in digital infrastructure through ConnectALL, which includes several complementary programs: a $224 million Municipal Infrastructure Program, a $50 million Digital Equity Program, and a $100 million Affordable Housing Connectivity Program. Projects must be completed within four years of commencement.
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Affordable Child Care: Governor Hochul Launches Business Navigator Program to Make Child Care More Affordable for Working Families
Governor Kathy Hochul
Governor Hochul has announced the launch of a Business Navigator Child Care toolkit designed to help employers assist their employees in securing affordable child care services. Developed by the Early Care & Learning Council using $1 million in state funding, this initiative is part of the Governor's $7 billion investment in child care accessibility. The 56-page toolkit will be introduced through workshops across New York's ten economic development regions, with the first workshop held in the Capital Region at Schenectady's Rivers Casino. The program addresses a critical need, as more than 800,000 children under age six in New York have working parents. The toolkit includes information on determining employee child care needs, finding care resources, federal and state tax incentives, and examples of potential employee benefits. The initiative builds on the Governor's historic $1.8 billion investment in the Child Care Assistance Program secured in the FY25 Enacted Budget.
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Governor Hochul Announces Additional $28.5 Million is Now Available to Install Electric Vehicle Fast Chargers Along Major Travel Corridors Across New York State
Governor Kathy Hochul
New York State has announced $28.5 million in federal funding through the National Electric Vehicle Infrastructure (NEVI) formula program to expand EV fast-charging infrastructure across major travel corridors south of Interstate 84. The competitive Downstate Direct Current Fast Charger (DCFC) program, administered by NYSERDA in partnership with NYSDOT, requires charging stations to be within one mile of Federal Highway Administration-designated Alternative Fuel Corridors and capable of charging at least four vehicles simultaneously at 150 kilowatts per vehicle. This initiative builds on September's $21 million Upstate NEVI program and complements other recent developments, including the installation of over 100 new EV fast chargers in New York City. The state has seen a 660% increase in EV purchases over the last five years and currently maintains more than 15,500 chargers across 4,500 public locations. Proposals are due March 18, 2025, with priority given to sites offering amenities and multiple connector types.
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New York Emerging Technology Advisory Board Publishes First Report Outlining Vision to Elevate Leadership in AI
IBM Newsroom
The Emerging Technology Advisory Board (ETAB), co-chaired by IBM CEO Arvind Krishna and Girls Who Code CEO Dr. Tarika Barrett, has released its inaugural report on advancing New York's position in AI leadership. The report, developed with input from over 40 stakeholders, outlines three key ambitions: enabling responsible AI deployment at scale across New York businesses, supporting the AI ecosystem through upskilling initiatives, and ensuring workforce success in the AI landscape. The board, established by Governor Hochul in June 2024, emphasizes New York's strong positioning for AI advancement due to its robust economy, extensive tech talent pool, academic excellence, and existing investments in AI industries. The report addresses workforce preparation challenges and proposes nine recommendations designed to foster public-private partnerships. These recommendations aim to balance immediate impact with long-term scale requirements for responsible AI adoption across New York State.
Business leaders share 5 ways they're taking AI from pilot to use case
Business Insider
Business leaders from major companies including IBM, Mastercard, JLL, Infosys, and AARP shared insights on successfully implementing AI across their organizations. The article outlines five key strategies: identifying early adopters (particularly in HR departments), investing in comprehensive training programs, facilitating peer-to-peer learning, addressing specific customer pain points, and emphasizing responsible leadership. Companies like IBM have implemented AI solutions such as AskHR, which successfully handles 94% of employee inquiries, allowing HR staff to focus on higher-value work. Organizations are developing tiered learning approaches, from basic AI literacy to role-specific training and reskilling programs. The report highlights the importance of hands-on experience, with companies establishing AI communities of practice, running idea pitch competitions, and identifying "super users" who can help develop effective prompts. Leaders emphasized that successful AI implementation requires a coherent business case and transformation strategy, rather than just scattered pilot programs.
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Governor Hochul Announces Construction Underway on 315-Unit Affordable Apartment Complex in Mount Vernon
New York State Homes and Community Renewal (HCR)
Construction has begun on Opal 115, a $223 million mixed-use affordable housing development in Mount Vernon. The 315-unit complex will include a community facility and ground-floor retail space near the Mount Vernon West Metro North station. The development, designed for households earning up to 90% of Area Median Income, will feature nearly half of its units as two- and three-bedroom apartments to accommodate families. The project includes sustainable design elements targeting LEED Silver certification, such as solar panels, electric heat pumps, and ENERGY STAR® appliances. Financing comes from multiple sources, including $83 million in federal tax credits, $39 million from HCR's New Construction Program, and $8.7 million from Empire State Development's Mid-Hudson Momentum Fund. The development complements New York State's $150 million investment in Mount Vernon's water infrastructure and environmental justice initiatives, and advances Governor Hochul's $25 billion five-year Housing Plan.
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Regional Food Bank Hudson Valley Opens New Distribution Center in Montgomery
Hudson Valley Magazine
The Regional Food Bank Hudson Valley has inaugurated a new 50,000-square-foot distribution center in Montgomery, Orange County. The state-of-the-art facility, funded through a combination of public and private investments totaling $25.3 million, will serve over 179,000 people through more than 400 local food programs across the Hudson Valley. The project received $10.7 million from the Community Development Block Grant CARES program, $3.7 million from Empire State Development, $1.9 million from the Regional Food Bank, and $9 million in private donations. Located at 574 State Route 416, the center features expanded cold storage capacity and enhanced sorting areas to handle fresh produce, dairy, and meat. According to CEO Tom Nardacci, the facility comes at a crucial time as the Food Bank anticipates distributing 55 million pounds of food this year, their second-highest distribution year since 2020. The center will also facilitate new partnerships with local farmers, producers, and retailers to strengthen regional food security infrastructure.
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New York Department of State Awards Nearly $20 Million to 56 Communities for Community Planning and Economic Development Efforts Through Round XIV of the Regional Economic Development Council Initiative
New York State Department of State
The New York State Department of State has announced $19.7 million in funding to support 56 communities through three key programs: $14.2 million for the Local Waterfront Revitalization Program (21 communities), $3 million for the Brownfield Opportunity Area Program (15 communities), and $2.5 million for the Smart Growth Community Planning Program (20 communities). The funding, part of Round XIV of the Regional Economic Development Council Initiative, will support waterfront revitalization, transform brownfield sites into community assets, and promote smart growth planning principles. Notably, 63% of the awards will serve communities designated as "disadvantaged." The initiative emphasizes walkable neighborhoods, transit-friendly design, mixed-use development, and diverse housing options. All awards are funded through the State's Environmental Protection Fund, which Governor Hochul increased from $300 million to $400 million in the 2022 Fiscal Year budget.
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TD Bank Appoints Ralph Bumbaca Regional President of Metro New York
TD Stories (TD Bank)
TD Bank has named Ralph Bumbaca as Regional President of Metro New York, overseeing operations across New York City, Long Island, Hudson Valley, Upstate New York, Northern New Jersey, and Fairfield County, CT. In this role, Bumbaca will supervise approximately 310 stores and multiple lending teams while directing community involvement and charitable giving initiatives. A 14-year veteran of TD Bank, Bumbaca previously served as Regional Vice President of Brooklyn and Manhattan regions before becoming Commercial Market President of New York City in 2019. During his tenure, he played a key role in expanding NYC's commercial business development for LGBTQ2+ and minority customers, and led during the pandemic's Paycheck Protection Program rollout. Bumbaca serves on several nonprofit boards, including the Boys and Girls Club of Metro Queens, Business Initiative Corp of NYC, Manhattan Chamber of Commerce, Brooklyn Chamber of Commerce, Carroll Garden Association, and The Anne Saxelby Legacy Fund.
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Michael Murphy of Murphy Brothers Contracting Elected 2025 President of Building and Realty Institute; New Leadership Team Announced
The Building and Realty Institute (BRI) News
The Building and Realty Institute (BRI) has announced its leadership team for 2025, with Michael Murphy of Murphy Brothers Contracting elected as President. Stacey Tompkins of Tompkins Excavating will serve as Secretary, and Christine McCabe has been re-elected as Treasurer. Murphy brings 17 years of experience as Director of New Project Development at Murphy Brothers Contracting and has previously led BRI's Remodelers Advisory Council. Tompkins, who transformed her company into a woman-owned full-service excavation contractor, played a key role in launching BRI's Hudson Valley Women in Construction group. McCabe, who became the first Condominium and Cooperative Advisory Council member elected to a top officer position in 2022, continues her role advocating for co-op and condo owners. The new leadership team will focus on shaping the future of the Mid-Hudson Region's building and real estate sectors.
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WMCHealth Names David Lubarsky, MD, MBA, FASA, as Network President and Chief Executive Officer
Westchester Medical Center Health Network (WMCHealth)
Following a nationwide search, the Westchester County Health Care Corporation Board of Directors has appointed David Lubarsky, MD, MBA, FASA, as the next President and CEO of WMCHealth, effective February 17th. Dr. Lubarsky joins from UC Davis Health, where he served as Vice Chancellor of Human Health Sciences and CEO, managing an annual budget of nearly $5 billion and increasing medical center revenues by over 75% during his tenure. At UC Davis, he oversaw programs including a top-10 ranked medical school for primary care and diversity, and expanded care for underserved populations. Dr. Lubarsky has close regional ties, having graduated from Edgemont High School in Scarsdale and started his medical career as an intern at Westchester Medical Center. He succeeds Michael D. Israel, who is retiring after nearly two decades of leadership that transformed WMCHealth from a three-hospital campus into a 1,700-bed healthcare system with nine hospitals across seven campuses.
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STRATEGY & BUSINESS DEVELOPMENT | |
Adapting Your Business Development Strategy To The Changing Political Landscape
Forbes Business Development Council
As the U.S. transitions to new political leadership, Forbes outlines key strategies for businesses to adapt their messaging and operations. The article, authored by FINN Partners' Barry Reicherter, emphasizes reframing sustainability initiatives to focus on efficiency and cost savings rather than climate impacts alone. It recommends highlighting domestic supply chain resilience and security, positioning digital transformation as a driver of global competitiveness, and promoting advanced manufacturing as crucial to economic growth. For energy companies, the guidance suggests emphasizing cost-effectiveness and national benefits rather than focusing solely on renewable aspects. The article also addresses tariff pressures, advising manufacturers and suppliers to emphasize value beyond price, maintain transparent communication about pricing changes, and highlight domestic investments. Companies are advised to update their marketing, PR, and sales channels to align with anticipated policy shifts while maintaining focus on stability, resilience, and growth.
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How To Use the Digital Customer Journey To Increase Sales
Shopify
Shopify has released a comprehensive guide on maximizing sales through digital customer journey optimization. The framework outlines five key stages: awareness, consideration, decision, retention, and advocacy. The article emphasizes that successful digital customer journeys require understanding both "intuitive" and "rational" customer decision-making processes. To optimize the journey, businesses should create detailed buyer personas, test user experiences, reduce friction points (noting that 70% of online shopping carts are abandoned), and implement personalization strategies. The guide recommends mapping customer touchpoints across all digital channels, including paid ads, social media, organic search results, and email communications. It stresses the importance of continuous improvement, noting that customer expectations evolve with digital trends. The approach emphasizes that acquiring new customers can be five to 25 times more expensive than retention, highlighting the importance of post-purchase engagement strategies.
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Sustaining America's new industrial policy: Pathways to extend place-based economic development
Brookings Institution
Brookings reports on the growing challenge of sustaining place-based economic development initiatives amid changing federal support. The study examines three case examples: Tulsa Innovation Labs (managing federal awards for advanced air mobility), Pittsburgh's Southwestern Pennsylvania New Economy Collaborative (focusing on AI and robotics), and Minneapolis-Saint Paul's GREATER MSP (succeeding without major federal grants). The research identifies key sustainability strategies, including securing state investment, engaging philanthropic support, leveraging university resources, and attracting corporate participation. The report emphasizes that while federal place-based awards have successfully catalyzed regional growth, they cannot alone drive complete transformation. Successful regions are developing diverse funding "capital stacks" combining public, private, philanthropic, and institutional resources. The study suggests that regardless of federal policy changes, these asset-based regional growth strategies and their institutional coalitions are gaining traction and becoming permanent features of economic development.
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AI and the Future of Workforce Training
Georgetown University Center for Security and Emerging Technology
A new CSET report examines how artificial intelligence will transform workforce development across industries. The analysis reveals that up to 80% of U.S. workers might have at least 10% of their work activities affected by large language models, with 19% potentially seeing half or more of their work impacted. Unlike previous technological shifts that primarily affected blue-collar workers, AI's impact could be more pervasive across all occupational categories. The study highlights that while technical skills remain important (27% of in-demand skills), the majority of crucial future skills are non-technical, including foundational skills, social skills, and critical thinking, together comprising 58% of skills needed in growing occupations. Community colleges emerge as pivotal institutions in addressing these challenges, particularly when integrated into regional ecosystems with employers and intermediaries. The report emphasizes the need for a balanced approach to AI integration in training programs, maximizing benefits while mitigating risks to skill development and learning outcomes.
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14 strategies to eliminate the dangers of cyberattacks in 2025
Fast Company Executive Board
The Fast Company Executive Board presents comprehensive cybersecurity guidance from industry leaders, emphasizing that cybersecurity strategy is now a necessity rather than an option for businesses. The report outlines 14 key strategies focusing on organizational culture and employee engagement. Key recommendations include establishing shared responsibility for security from top leadership down, providing consistent open communication about threats, creating a "blame-free" reporting culture, and implementing gamified security awareness training. The guidance stresses integrating cybersecurity into daily operations through regular security fire drills, random phishing tests, and incorporating security metrics into employee performance reviews. The strategies emphasize proactive measures like mandatory 45-minute online training courses, incorporating cybersecurity into daily work routines, and recognizing exemplary security practices. The report notes that successful implementation requires executive buy-in, cross-functional mandates, and continuous reinforcement of cybersecurity principles throughout the organization.
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HVEDC is the leading economic development agency for the seven-county region of Westchester, Putnam, Dutchess, Rockland, Orange, Ulster and Sullivan counties.
To learn more, call 845-220-2244 or visit hvedc.com
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42 Catharine Street Poughkeepsie, NY 12601
T: 845-220-2244
F: 845-393-2122
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