Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.

Partners launch Syracuse Surge job-training programs
SYRACUSE, N.Y. — The partners involved on Thursday announced the launch of a series of training programs as part of a technology-workforce strategy to help

Walsh announces $1 million in lending programs for Syracuse small businesses
SYRACUSE, N.Y. — The Syracuse Economic Development Corporation (SEDCO) on Friday started accepting applications for a minimum of $1 million as part of the first

2021 CNY Business Journal Family Business Awards honor seven businesses
SYRACUSE, N.Y. — Nearly 100 people gathered for the 2021 CNY Business Journal Family Business Awards on Thursday at the Embassy Suites Destiny in Syracuse.

Hochul signs bills focused on state-agency support of small businesses
New state laws creating a small-business liaison at certain state departments and one requiring New York’s secretary of state to confirm receipt after receiving a

East Syracuse Chevrolet sold to Buffalo-area auto group
DeWITT, N.Y. — A prominent automotive group in the Buffalo area is entering the Syracuse market for the first time with its purchase of East
Five Star Bank parent company to pay Q4 dividend in early January
WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced that its board of directors has approved a quarterly cash dividend of 27 cents per share of its common stock for the fourth quarter. Financial Institutions said it will pay its quarterly dividend on Jan. 3, to shareholders of record
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WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced that its board of directors has approved a quarterly cash dividend of 27 cents per share of its common stock for the fourth quarter.
Financial Institutions said it will pay its quarterly dividend on Jan. 3, to shareholders of record on Dec. 17.
The dividend is the same amount that the banking company paid in each of the prior three quarters but is one cent higher than the payment of 26 cents it made in the year-ago quarter. At the company’s current stock price, the dividend yields about 3.4 percent on an annual basis.
Five Star Bank, based in Warsaw in Wyoming County, has more than 45 branches throughout Western and Central New York. Its CNY branches include offices in Auburn, Seneca Falls, Geneva, Ovid, Horseheads, and Elmira.
Financial Institutions and its subsidiaries employ about 600 people.
Lockheed’s Salina plant to perform more than half the work on nearly $16M Navy contract modification
SALINA, N.Y. — Lockheed Martin Corp. (NYSE: LMT) recently won a $15.9 million modification to a firm-fixed-price order against a previously issued basic-ordering agreement with the U.S. Navy. This modification exercises an option to procure seven retrofit advanced-radar processor systems for the E-2D aircraft. Work will be performed in Salina (54 percent) and Andover, Massachusetts
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SALINA, N.Y. — Lockheed Martin Corp. (NYSE: LMT) recently won a $15.9 million modification to a firm-fixed-price order against a previously issued basic-ordering agreement with the U.S. Navy.
This modification exercises an option to procure seven retrofit advanced-radar processor systems for the E-2D aircraft. Work will be performed in Salina (54 percent) and Andover, Massachusetts (46 percent), and is expected to be completed in February 2026.
Fiscal 2022 aircraft procurement (Navy) funds totaling $15,896,254 will be obligated at time of award — none of which will expire at the end of the current fiscal year. The Naval Air Systems Command in Patuxent River, Maryland is the contracting authority.
Broome County hotel occupancy jumps nearly 44 percent in October
BINGHAMTON, N.Y. — Broome County hotels welcomed substantially more guests in October than in the year-ago month, according to a recent report. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county increased 43.9 percent to 59 percent in October, according to STR, a Tennessee–based hotel market data and analytics company.
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BINGHAMTON, N.Y. — Broome County hotels welcomed substantially more guests in October than in the year-ago month, according to a recent report.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county increased 43.9 percent to 59 percent in October, according to STR, a Tennessee–based hotel market data and analytics company. It was the eighth consecutive monthly increase in occupancy in the county as the year-over-year comparisons were to a month in 2020 affected significantly by the COVID-19 pandemic. Year to date, occupancy is up 37.6 percent to 53.3 percent.
Broome County’s revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, soared 85.7 percent to $58.96 in October. Through the first 10 months of this year, RevPar is up 63.5 percent to $48.66.
Average daily rate (or ADR), which represents the average rental rate for a sold room, rose 29 percent to $99.93 in the county in the 10th month of the year. Year to date, ADR is up 18.8 percent to $91.23.
Jefferson County hotel-occupancy rate jumps almost 24 percent
WATERTOWN, N.Y. — Hotels in Jefferson County were substantially fuller in October than in the year-ago month, continuing the lodging industry’s recovery from the pandemic, according to a recent report. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 23.7 percent to 56.7 percent this October, according to STR,
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WATERTOWN, N.Y. — Hotels in Jefferson County were substantially fuller in October than in the year-ago month, continuing the lodging industry’s recovery from the pandemic, according to a recent report.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 23.7 percent to 56.7 percent this October, according to STR, a Tennessee–based hotel market data and analytics company. Year to date, hotel occupancy was up nearly 37 percent to 52 percent.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, soared 46.6 percent to $60.17 in October compared to a year prior. Through the first 10 months of the year, RevPar increased more than 55 percent to $54.40 compared to the same period last year.
Average daily rate (or ADR), which represents the average rental rate for a sold room, rose 18.5 percent to $106.14 in October from October 2020. ADR was up more than 13 percent to $104.65, year to date through October.
This was the eighth-consecutive strong monthly hotel-occupancy report for Jefferson County. These are the first eight months in which the year-over-year comparisons were to a month affected significantly by the COVID crisis. The 12 reports before that each featured double-digit declines in occupancy as the comparisons were to a pre-pandemic month.
CNY regions post lower jobless rates, add jobs in October
Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions fell in October compared to a year ago as the regions continued to recover from the impact of layoffs in the COVID-19 pandemic. The figures are part of the latest New York State Department of Labor data released Nov. 23. In addition, the Syracuse,
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Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions fell in October compared to a year ago as the regions continued to recover from the impact of layoffs in the COVID-19 pandemic.
The figures are part of the latest New York State Department of Labor data released Nov. 23.
In addition, the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, and Ithaca regions gained jobs in four-digit figures between October 2020 and this past October. The Elmira area gained jobs in three-digit figures in the same period.
That’s according to the latest monthly employment report that the New York State Department of Labor issued Nov. 18.
Regional unemployment rates
The jobless rate in the Syracuse area was 4.3 percent in October, down from 5.7 percent in October 2020.
The Utica–Rome region’s rate fell to 4.4 percent from 5.6 percent a year prior; the Watertown–Fort Drum area’s number dipped to 4.2 percent from 5.1 percent; the Binghamton region posted 4.4 percent, down from 5.8 percent; the Ithaca area’s rate fell to 3.5 percent from 4.4 percent; and the Elmira region had unemployment of 4.5 percent in October, down from 6.1 percent in the same month a year ago.
The local-unemployment data isn’t seasonally adjusted, meaning the figures don’t reflect seasonal influences such as holiday hires.
The unemployment rates are calculated following procedures prescribed by the U.S. Bureau of Labor Statistics, the state Labor Department said.
State unemployment rate
New York state’s unemployment rate fell to 6.9 percent in October from 7.1 percent in September and 8.7 percent in October 2020, according to department figures.
The federal government calculates New York’s unemployment rate partly based upon the results of a monthly telephone survey of 3,100 state households that the U.S. Bureau of Labor Statistics conducts.
October jobs data
The Syracuse region gained 1,800 jobs in the past year, an increase of 0.6 percent.
The Utica–Rome metro area picked up 2,700 positions, a rise of 2.3 percent; the Watertown–Fort Drum region gained 1,400 jobs, up 3.6 percent; the Binghamton area added 2,000 jobs, an increase of 2.1 percent; the Ithaca region gained 1,200 jobs, up 2.1 percent; and the Elmira area picked up 900 positions in the past year, an increase of 2.6 percent.
New York state as a whole gained nearly 289,000 jobs, an increase of 3.3 percent, in that 12-month period. The state economy also gained 41,300 jobs, up 0.5 percent, between September and October of this year, the labor department said.
The number of unemployed New Yorkers decreased over the month by 23,500, from 663,200 in September to 639,700 in October, the department said.
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