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Le Moyne announces commencement speakers, honorary degree recipients
SYRACUSE, N.Y. — A columnist with the Washington Post and a Central New York congressman will deliver remarks to the Le Moyne College Class of
Greater Binghamton Chamber to host State of Our Industries event on May 6
BINGHAMTON, N.Y. — The Greater Binghamton Chamber of Commerce will hold its 2022 Community Building Series: State of our Industries next Friday, May 6 from
IAED’s McDaniel appointed chair of Tompkins County Air Service Board
ITHACA, N.Y. — The Tompkins County Air Service Board (ASB) — an advisory group to the Ithaca Tompkins International Airport (ITH) — has a new
Wolfspeed formally opens as Marcy Nanocenter’s first tenant
MARCY, N.Y. — For two years, Mohawk Valley residents have watched a building take shape on the hills alongside SUNY Polytechnic Institute in the town of Marcy. On April 25, Oneida County Executive Anthony J. Picente, Jr. stood with Gov. Kathy Hochul and an array of area leaders to celebrate the grand opening of that
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MARCY, N.Y. — For two years, Mohawk Valley residents have watched a building take shape on the hills alongside SUNY Polytechnic Institute in the town of Marcy.
On April 25, Oneida County Executive Anthony J. Picente, Jr. stood with Gov. Kathy Hochul and an array of area leaders to celebrate the grand opening of that building — the Wolfspeed 200mm silicon-carbide fabrication facility at the Marcy Nanocenter.
Wolfspeed (NYSE: WOLF) is a silicon-carbide technology and manufacturing firm headquartered in North Carolina. Its products are used in power devices and RF devices in electric vehicles, fast chargers, 5G applications, and the renewable energy, aerospace, and defense industries.
“It’s one hell of a view,” Picente said of the Wolfspeed facility.
Wolfspeed’s opening is the culmination of a process that started in 1998, he said, and represents the future of the Mohawk Valley.
Its opening dovetails with Gov. Hochul’s April 22 announcement that the state is going after billions in federal funding to establish the state’s Albany Nanotech Complex as a primary research and development hub and headquarters of a proposed National Semiconductor Technology Center.
During the COVID-19 pandemic, supply-chain issues heavily impacted certain industries, especially auto manufacturers that could not obtain the microchips they needed to build new cars.
The solution to that, Gov. Hochul said at the Wolfspeed grand opening, is to make the chips here in New York. There are already 88 semiconductor-based businesses in the state generating a $5 billion economic impact with 34,000 jobs, she said. That’s why with up to $52 billion in federal funding at stake, “we’re really laser focused on semiconductors,” the governor stressed.
When asked about a proposed plan she announced at the beginning of the year to relocate SUNY Poly’s College of Nanoscale Science and Engineering to SUNY Albany and whether that plan will change now that Wolfspeed has opened, Hochul would only say that she has engaged in “productive conversations” with area leaders on the subject.
Oneida County is currently hosting a petition on change.org, asking the governor to leave the College of Nanoscale Science and Engineering at SUNY Poly, where it will benefit Wolfspeed, as well as potential future tenants of the Marcy Nanocenter.
Wolfspeed’s products are already in use in electric vehicles. At the April 25 event, Wolfspeed CEO Gregg Lowe announced the company signed a multi-year agreement to supply silicon-carbide semiconductors to Lucid Motors for use in its Lucid Air luxury electric vehicle. The company will produce those semiconductors in Marcy.
A Lucid Motors official told the crowd that Wolfspeed is the best choice because, simply put, its silicon-carbide power module chargers faster and converts energy more efficiently. The end result is longer range for the electric vehicle. A Lucid Air vehicle was used to “cut the ribbon” at the grand opening by driving through a Wolfspeed banner.
Production is already underway at Wolfspeed, which currently has 265 employees. The plant is running 24/7 at about 10 percent of its full capacity. Wolfspeed expects to have 400 employees by the end of 2026 and 600 workers by the end of 2029. In addition, the company will also provide internship and research positions for SUNY Poly students, helping to create a skilled manufacturing workforce.
Gov. Hochul also promised to work with Wolfspeed to ensure it has the workforce it needs. “Tell us those skills,” she said, “and I’ll make sure that the world-class institutions of higher education that are right here in the Mohawk Valley are teaching those skills.”
Building at 600 Montgomery St. in Syracuse sold for $1.15 million
SYRACUSE, N.Y. — Werock Properties recently bought the 37,000-square-foot-office building at 600 Montgomery St. in Syracuse for $1.15 million. Bill Colucci of Cushman & Wakefield/Pyramid Brokerage Company helped arrange the transaction. The six-story office building is situated on about one-sixth of an acre at the corner of Montgomery and Harrison Streets in downtown Syracuse. The
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SYRACUSE, N.Y. — Werock Properties recently bought the 37,000-square-foot-office building at 600 Montgomery St. in Syracuse for $1.15 million.
Bill Colucci of Cushman & Wakefield/Pyramid Brokerage Company helped arrange the transaction.
The six-story office building is situated on about one-sixth of an acre at the corner of Montgomery and Harrison Streets in downtown Syracuse. The property is assessed at $750,000 for 2022 and listed with a full market value of $1.09 million, according to Onondaga County’s online real-estate records.
New York home sales slide in March amid tight inventory
New York realtors sold 10,350 previously owned homes in March, down 9.3 percent from the 11,412 homes they sold in the year-ago month as housing supply remained constrained. However, pending sales, which represent homes under contract, increased more than 3 percent in March, pointing to a possible rebound in closed sales in the next month or
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New York realtors sold 10,350 previously owned homes in March, down 9.3 percent from the 11,412 homes they sold in the year-ago month as housing supply remained constrained.
However, pending sales, which represent homes under contract, increased more than 3 percent in March, pointing to a possible rebound in closed sales in the next month or two.
That’s according to the New York State Association of Realtors (NYSAR)’s March housing-market report issued April 20.
“Median sales prices rose once again in the Empire State in March while the number of homes available for sale has reached critically low levels,” NYSAR said to open its report.
New York sales data
The March 2022 statewide median sales price in New York was $410,000, up more than 13 percent from the March 2021 median sales price of just over $362,000.
The months’ supply of homes for sale at the end of March stood at 2.4 months, down 25 percent from 3.2 months a year ago, per NYSAR’s data. A 6-month to 6.5-month supply is considered to be a balanced market, the association says.
The number of homes for sale in New York totaled 30,724 in March, down almost 23 percent from 39,707 in March 2021.
Pending home sales totaled 13,919 in March, up 3.1 percent from 13,507 in the same month in 2021, according to the NYSAR numbers.
Central New York data
Realtors in Onondaga County sold 274 previously owned homes in March, down 13.8 percent from the 318 homes they sold in the same month in 2021. The median sales price rose 12.3 percent to $185,250, up from $165,000 a year ago, per the NYSAR report.
Realtors sold 127 homes in Oneida County in March, off 18.1 percent from 155 in March 2021. The median sales price increased 19 percent to $175,000 from $147,000 a year prior.
NYSAR also reported 108 existing homes were sold in Broome County in March, down 22.3 percent from 139 a year ago. The median sales price rose 17.5 percent to more than $142,000 from over $121,000 a year earlier.
In Jefferson County, realtors closed on 117 homes in March, up 4.5 percent from 112 a year before, and the median sales price of nearly $160,000 was down over 6 percent from $170,000 in March 2021, per the NYSAR report.
All home-sales data is compiled from multiple-listing services in New York state, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.
I-81 project on track for fall start after FEIS release
SYRACUSE, N.Y. — The final environmental-impact statement (FEIS) on the $2.25 billion Interstate 81 (I-81) viaduct-replacement project is now available for public viewing. It is posted on the project’s website (i81.dot.ny.gov) for anyone interested in reviewing the report, according to Marie Therese Dominguez, commissioner of the New York State Department of Transportation (NYSDOT). “We believe
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SYRACUSE, N.Y. — The final environmental-impact statement (FEIS) on the $2.25 billion Interstate 81 (I-81) viaduct-replacement project is now available for public viewing.
It is posted on the project’s website (i81.dot.ny.gov) for anyone interested in reviewing the report, according to Marie Therese Dominguez, commissioner of the New York State Department of Transportation (NYSDOT).
“We believe that the I-81 project represents a truly historic opportunity to correct a major wrong from the past and create a modern transportation network that benefits the users of the entire transportation system and all the communities in Central New York,” Dominguez said in making the announcement April 14 at Syracuse’s Inner Harbor.
The FEIS release triggers a 30-day wait period for the public to continue to review the document, the office of Gov. Kathy Hochul said in a separate announcement the same day.
In her remarks, Dominguez also said the FEIS is a key project milestone that keeps it on track to break ground in the fall. The document confirms the community grid as the preferred method for replacing the aging I-81 viaduct to carry vehicle traffic through downtown Syracuse.
The FEIS is a product of NYSDOT’s efforts to listen to the concerns of people living in Central New York, Dominquez noted.
Following the release of the draft environmental impact statement (DEIS) last summer, the NYSDOT received about 8,000 public comments focusing on various details about the plan.
“We read. We reviewed. We thoroughly analyzed all of them,” Dominguez said.
The comments helped convince the NYSDOT that the proposed roundabout near Dr. King Elementary School in the I-81 project should move to a different location in the Van Buren Street area near Renwick Avenue, which is near the Syracuse University campus.
The project will remove the existing elevated-highway structure and replace it with a new business loop and an integrated community grid that will disperse traffic along local north-south and east-west streets, Hochul’s office said.
Environmental benefits
The I-81 project also has environmental benefits, Dominguez contended, with improved water quality as “one of the biggest,” which is why NYSDOT held the April 14 announcement at the Inner Harbor.
The project includes improvements to the sewer and stormwater-management system that will reduce runoff and help prevent overflows during heavy rains that threaten the water quality of Onondaga Creek and Onondaga Lake.
The construction of 18,000 linear feet of storm sewer trunk lines and other enhancements will “increase the efficiency” of the current stormwater-management infrastructure by 20 percent and reduce the volume of runoff flowing to the combined sewer system by an average of 173 million gallons per year, Hochul’s office said.
Stormwater from the downtown sections of I-690 and I-81 currently flows into the local combined stormwater and sewer system, which is owned by the City of Syracuse and Onondaga County. Periods of heavy rain can cause stormwater overload, which results in “untreated discharges” into local tributaries, such as Onondaga Creek, which then flows into Onondaga Lake.
Frechette on the FEIS
The mid-April release of the FEIS is really a culmination of all the changes that have been made since last July when the DEIS was released, Mark Frechette, NYSDOT’s I-81 project director, said to begin his remarks at the Inner Harbor.
“And it includes responses to all 8,000 comments that we received,” he added.
In those comments, “many people” were “very supportive” of the community grid as the preferred alternative. In addition, many of those commenting had advocated for job creation in relation to the I-81 project, and specifically for local hiring, Frechette noted.
“To have people who live here in Central New York work on this project, we will create jobs,” he said. “There will be a lot of need for jobs.”
NYSDOT was asked to accelerate apprenticeship and training programs for people to become heavy-equipment operators, masons, iron workers, and laborers.
CEO FOCUS: Mitigation Plans Needed to Limit Disruptions during I-81 Project
The final environmental-impact statement for the I-81 project [has been released] by the New York State Department of Transportation and the Federal Highway Administration (FHWA). This is a critical next step in advancing this $2.2 billion investment in our community to transform a major transportation asset and reconnect parts of our city that have been
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The final environmental-impact statement for the I-81 project [has been released] by the New York State Department of Transportation and the Federal Highway Administration (FHWA). This is a critical next step in advancing this $2.2 billion investment in our community to transform a major transportation asset and reconnect parts of our city that have been disconnected for too long.
The forward progress of this project creates an imperative for leaders to implement mitigation measures to limit the disruptions created by construction. It is important to remember that, while the focus of the project is on the elevated section of I-81, the project also includes work on I-690, I-81, and I-481. It is expected, at times, that all three highways will be under construction simultaneously. Therefore, the state should invest in and incentivize traffic alternatives during the construction period to reduce driver delays and emissions from cars slowed by construction, as well as enhance the safety of workers. As the Thruway runs parallel to I-690, it is a strong alternative to bypass construction and achieve all these outcomes.
While I fully believe that eliminating tolls during construction is the right decision, I also recognize the challenges raised by NYS Thruway Authority Executive Director Matt Driscoll, including the need to meet revenue projections to protect the Thruway’s bond rating. Under Driscoll’s leadership, the Thruway is well-run, fiscally stable, and making leading-edge investments in technology, including cashless tolling and the use of drones for bridge inspections, accident recreation, and more. Given the transformative nature of this project, we must apply similar innovative thinking to develop data-driven solutions, including utilizing the Thruway’s technology to turn off the toll charges in the Syracuse area during I-81 project construction. New York State, which has the resources, should make up the difference.
The stability and strength of the Thruway Authority means it can serve as an important asset for the region to mitigate construction impacts of the I-81 project. Furthermore, it will demonstrate Central New York’s leadership for using data to drive solutions for real-world challenges, aligning with the region’s smart-systems efforts.
As with all projects of this scale, there will be challenges and we pledge to work cooperatively with the state, local municipalities, and affected businesses on a comprehensive plan for the region. This support includes a commitment to working with Assemblyman Magnarelli to advance his legislation to temporarily pause certain Thruway tolls during the I-81 project. Additionally, we will work with Driscoll to ensure the Thruway Authority can continue its operations without loss of critical revenue.
Later this summer, we anticipate a final record of decision on I-81, the last step in a decade-plus evaluation of the project. Now is the time to come together to develop solutions that will enable our community to seize this opportunity in a way that limits disruptions and advances its potential.
Robert M. Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This article is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on April 14.
N.Y. manufacturers see strong rebound in orders & shipments
April Empire State index returns to positive territory Responses indicating a strong rebound in orders and shipments helped boost the general business-conditions index of the Empire State Manufacturing Survey back into positive territory in April, rising 36 points to 24.6. The survey results indicate a return to expansionary business conditions in the manufacturing sector. The index
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April Empire State index returns to positive territory
Responses indicating a strong rebound in orders and shipments helped boost the general business-conditions index of the Empire State Manufacturing Survey back into positive territory in April, rising 36 points to 24.6.
The survey results indicate a return to expansionary business conditions in the manufacturing sector.
The index — the monthly gauge of New York’s manufacturing industry — had declined nearly 15 points in March to -11.8.
The April reading — based on firms responding to the survey — indicates business activity “picked up significantly” in New York, the Federal Reserve Bank of New York said in its April 15 report.
A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.
The survey found 40 percent of New York manufacturer respondents reported that conditions had improved over the month, while 15 percent said conditions had worsened, the New York Fed said.
Survey details
The new-orders index climbed 36 points to 25.1, and the shipments index rose 42 points to 34.5, pointing to a “strong rebound” in orders and shipments after both declined the prior month, the New York Fed said.
The unfilled-orders index came in at 17.3. The delivery-times index moved down 11 points to 21.8, pointing to “ongoing increases” in delivery times, and inventories grew modestly.
The index for number of employees posted a second monthly decline, dropping 7 points to 7.3, and the average-workweek index came in at 10.0, pointing to a “small increase” in employment levels and the average workweek.
The prices-paid index climbed 13 points to 86.4, a “record high,” and the prices-received index retreated 7 points from the prior month’s record high, signaling “ongoing substantial increases” in both input prices and selling prices.
Optimism about the six-month outlook “declined noticeably,” the New York Fed noted.
The index for future business conditions fell 21 points to 15.2, its lowest level since early in the pandemic.
Longer delivery times, higher prices, and increases in employment are all expected in the months ahead, and capital-spending plans remained firm.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
sfcu expands membership area into four new counties
SIDNEY, N.Y. — Sidney Federal Credit Union is looking for new members as it expands its field of membership into Onondaga, Cortland, Essex, and Hamilton counties. The credit union is capitalizing on 2020 changes to field-of-membership rules for chartered community credit unions, allowing them to offer membership in areas of population of up to 1
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SIDNEY, N.Y. — Sidney Federal Credit Union is looking for new members as it expands its field of membership into Onondaga, Cortland, Essex, and Hamilton counties.
The credit union is capitalizing on 2020 changes to field-of-membership rules for chartered community credit unions, allowing them to offer membership in areas of population of up to 1 million, says CEO Jim Reynolds.
“We played with all the different scenarios, and we decided on Cortland, Onondaga, Essex, and Hamilton counties,” Reynolds says, adding that half of the allowed population is in Onondaga County. Membership is now open to anyone who lives, works, worships, or attends school in those counties.
Those are areas where the credit union, which has rebranded itself as sfcu, already does some business, particularly with auto loans. Reynolds is confident sfcu can convince some of those auto-loan customers to use the credit union for all their banking needs.
“We’ve got a great value proposition,” he says. “We’ve got a low/no fee, fee-adverse mentality.” The credit union primarily generates revenue through lending, which allows it, as a not-for-profit financial institution, to keep fees to a minimum.
Along with current loan customers, Reynolds says the credit union’s target audience for growth in the new membership areas is low- to mid-income individuals who are looking for an alternative to banks with a lot of fees. Also, sfcu is hoping to entice small businesses as customers as well, he adds.
One thing Reynolds hopes will give sfcu an advantage over the competition is its digital offerings. Not only did sfcu open a virtual branch last fall, but it also has started to install interactive teller machines (ITM) at branches. These machines function like a traditional ATM, but have the added function to summon a teller via video, if necessary, he says.
The Amsterdam branch already has an ITM, and sfcu plans to install one in the Oneida area this summer.
While virtual banking is handy — and was especially so during the height of the pandemic — Reynolds realizes the need for a brick-and-mortar branch that can serve members in the counties into which sfcu is expanding.
“We’re looking to secure a location in Onondaga County in the next year,” he says. He is hoping to have a branch there by the end of 2023 “if we can find a good location that makes sense.”
In the meantime, sfcu has a regional sales team at work in the new counties, reaching out to businesses such as auto dealerships and others to raise awareness of the credit union.
“We’re just looking to find our niche and serve member needs,” Reynolds says.
Currently, sfcu has about 190 employees and Reynolds expects to add about 10 new employees over the next two years to support the expanded field of membership. That would include employees necessary to staff a new branch.
Headquartered in Sidney, sfcu currently has 10 branches located in Sidney, Oneonta, Greene, Norwich, Walton, Delhi, Hancock, Bainbridge, and Amsterdam. Its full membership area now includes Chenango, Cortland, Delaware, Essex, Fulton, Hamilton, Madison, Montgomery, Onondaga, Otsego, and Schoharie counties, as well as parts of Broome, Oneida, and Herkimer counties.
With $700 million in assets, sfcu (www.sfcuonline.org) currently serves more than 60,000 members as a full-service financial institution.
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