Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
New York closed, pending home sales jump in January
ALBANY, N.Y. — The hot residential-housing market in the state did not cool off in the first month of the new year, despite a lack of inventory. New York realtors sold 11,153 previously owned homes in January, up 16.7 percent from 9,557 homes sold in January 2020. And pending sales in January climbed nearly 23 […]
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ALBANY, N.Y. — The hot residential-housing market in the state did not cool off in the first month of the new year, despite a lack of inventory.
New York realtors sold 11,153 previously owned homes in January, up 16.7 percent from 9,557 homes sold in January 2020. And pending sales in January climbed nearly 23 percent. That’s according to the New York State Association of Realtors (NYSAR)’s January housing-market report issued Feb. 19.
“A robust winter housing market continued into 2021 with both pending and closed sales remaining strong,” NYSAR said in the report.
Sales data
Pending sales totaled 10,588 in January, up 22.9 percent from the 8,612 pending sales posted in the same month in 2020, according to the NYSAR data.
The January 2021 statewide median sales price soared more than 20 percent to $355,000 from $295,000 a year ago.
The months’ supply of homes for sale at the end of January stood at 3.1 months, down about 34 percent from 4.7 months a year earlier. NYSAR says a 6 month to 6.5 month supply is a balanced market.
The number of homes for sale totaled 38,885 in January, down from 53,054 in January 2020.
Central New York data
Realtors in Onondaga County sold 336 previously owned homes in January, up 2.4 percent from the 328 sold in the same month in 2020. The median sales price jumped 12.2 percent to $165,000, from $147,000 a year ago, according to the NYSAR report.
NYSAR also said realtors sold 146 homes in Oneida County in the first month of 2021, up 4.3 percent from 140 in January 2020. The median sales price increased 18.4 percent to $152,740 from $129,000 a year earlier.
Realtors in Broome County sold 134 existing homes in January, up 13.6 percent from 118 a year prior, according to the NYSAR report. The median sales price rose 27.1 percent to $136,000 from $107,000 in the year-ago month.
In Jefferson County, realtors closed on 101 homes in January, up 31.2 percent from 77 in January 2020, and the median sales price of $164,500 was up 33.7 percent from $123,000 a year before, according to the NYSAR data.
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.
SBA makes five changes to PPP loan rollout
The U.S. Small Business Administration (SBA) on Feb. 24 started implementing the first of five changes to the Paycheck Protection Program (PPP) that the Biden-Harris Administration says will promote “equitable relief for America’s mom-and-pop businesses.” The PPP is a forgivable-loan initiative that seeks to help small companies survive the economic dislocations of the COVID-19 pandemic. The
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
The U.S. Small Business Administration (SBA) on Feb. 24 started implementing the first of five changes to the Paycheck Protection Program (PPP) that the Biden-Harris Administration says will promote “equitable relief for America’s mom-and-pop businesses.”
The PPP is a forgivable-loan initiative that seeks to help small companies survive the economic dislocations of the COVID-19 pandemic. The SBA in January rolled out the third round of the program. As of Feb. 21, more than 1.9 million loans, totaling over $140 billion, had been approved through more than 5,100 lenders nationally in the 2021 round of the program, per SBA data. In New York state, more than 126,000 loans had been approved, totaling more than $11.1 billion, in this latest round.
The five new changes the SBA is going to implement to the PPP are as follows:
• Establish a 14-day, exclusive PPP loan-application period for businesses and nonprofits with fewer than 20 employees;
• Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants;
• Eliminate an “exclusionary restriction” on PPP access for small-business owners with prior non-fraud felony convictions;
• Remove PPP-access restrictions on small-business owners who have “struggled to make federal student loan payments” by eliminating federal student-loan debt delinquency and default as disqualifiers to participating in the PPP; and
• Ensure access for non-citizen small-business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
The 14-day exclusivity period started the morning of Wednesday, Feb. 24, while the other four changes will be implemented by the first week of March, the SBA said.
The February 2021 Zumper National Rent Report found the median rental price for most apartments in the Syracuse metro area was up just over 1 percent compared to the previous month, but up 5 percent from the year-prior month. The median rental price of one-bedroom apartments in the Syracuse region was $840 in the latest month, up
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
The February 2021 Zumper National Rent Report found the median rental price for most apartments in the Syracuse metro area was up just over 1 percent compared to the previous month, but up 5 percent from the year-prior month.
The median rental price of one-bedroom apartments in the Syracuse region was $840 in the latest month, up 1.2 percent from $830 a month ago and 5 percent higher than $800 a year earlier, according to Zumper, an apartment-rental listings website.
The median rental rates for two-bedroom units in the area was $970 in the February report, unchanged from the previous month and up 2.1 percent from $950 a year ago.
Syracuse now ranks tied for the 80th most expensive rental market (or tied for 20th least expensive) in the nation of the top 100 markets, per the report.
The Zumper National Rent Report analyzes rental data from more than 1 million active listings across the U.S. The company aggregates the data on a monthly basis to calculate median asking rents for the top 100 metro areas by population.
Onondaga County hotel occupancy rate falls nearly 25 percent in January
SYRACUSE, N.Y. — Hotels in Onondaga County had significantly more vacancies in January than in the year-prior month, as the COVID-19 pandemic continued to stunt the hospitality business, according to a recent report. The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county fell 24.6 percent to 31.4 percent in
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
SYRACUSE, N.Y. — Hotels in Onondaga County had significantly more vacancies in January than in the year-prior month, as the COVID-19 pandemic continued to stunt the hospitality business, according to a recent report.
The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county fell 24.6 percent to 31.4 percent in January compared to the year-ago period, according to STR, a Tennessee–based hotel market data and analytics company.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, plunged 39.2 percent to $23.37 in January from January 2020.
Average daily rate (or ADR), which represents the average rental rate for a sold room, declined 19.4 percent to $74.39 in January from the same month last year.
Oneida County hotels post smallest occupancy drop since pandemic’s start
UTICA , N.Y. — Oneida County’s hotel occupancy rate (rooms sold as a percentage of rooms available) in the county fell 14 percent to 35.8 percent in January, compared to a year prior, according to STR, a Tennessee–based hotel market data and analytics company. The decline was the smallest since the COVID-19 pandemic started last
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
UTICA , N.Y. — Oneida County’s hotel occupancy rate (rooms sold as a percentage of rooms available) in the county fell 14 percent to 35.8 percent in January, compared to a year prior, according to STR, a Tennessee–based hotel market data and analytics company.
The decline was the smallest since the COVID-19 pandemic started last March. The average year-over drop in hotel occupancy in the county had been 35 percent over the last 10 months.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, fell 21.3 percent to $33.23 in this year’s first month, compared to January 2020.
Average daily rate (or ADR), which represents the average rental rate for a sold room, dropped 8.5 percent to $92.93 this January.
Schumer, Gillibrand introduce bill to strengthen unions
New York’s U.S. senators announced they have reintroduced the protecting the Right to Organize (PRO) Act, a measure that would strengthen workers’ rights to organize and bargain for fairer wages, better benefits, and safer workplaces. The pro-union legislation would “bolster” workers’ rights and address the “income inequality crisis that has been exacerbated” by the pandemic, U.S. Senate
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
New York’s U.S. senators announced they have reintroduced the protecting the Right to Organize (PRO) Act, a measure that would strengthen workers’ rights to organize and bargain for fairer wages, better benefits, and safer workplaces.
The pro-union legislation would “bolster” workers’ rights and address the “income inequality crisis that has been exacerbated” by the pandemic, U.S. Senate Majority Leader Charles Schumer (D–N.Y.) and U.S. Senator Kirsten Gillibrand (D–N.Y.) contended in a Feb. 19 news release.
The PRO Act seeks to protect workers’ rights by establishing solutions and “implementing safeguards” against violations of workers’ rights by penalizing employers who violate workers’ rights; supporting workers who suffer retaliation for exercising their rights; and authorizing a private right of action for violation of workers’ rights.
The bill would also reinforce workers’ rights to join together and negotiate for better working conditions by providing rights to secondary boycotts, collecting “fair share” fees, modernizing the union election process, and facilitating initial collective-bargaining agreements.
The senators also say the bill would address ambiguous wording that they contend allows employers to misclassify their employees as supervisors and independent contractors.
The U.S. House of Representatives previously passed the PRO Act in February 2020, but the then-Republican-controlled Senate did not take up the measure. The Democrats are now in control of the Senate with a 50-50 breakdown of seats, because Vice President Harris can cast tiebreaking votes.
Business and free-enterprise groups such as the Competitive Enterprise Institute have previously criticized the PRO Act’s proposals as damaging to the economy, workers, and consumers (https://cei.org/onpoint/the-case-against-the-protecting-the-right-to-organize-act/).
New York sweet-corn production declined 17 percent in 2020
New York farms produced an estimated 288 million pounds of sweet corn in 2020, down 17 percent from the 2019 estimate, according to a USDA National Agricultural Statistics Service (NASS) 2020 vegetable production-summary report issued on Feb. 12. The average yield per acre was estimated at 11,500 pounds last year, almost 12 percent below the 2019 average
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
New York farms produced an estimated 288 million pounds of sweet corn in 2020, down 17 percent from the 2019 estimate, according to a USDA National Agricultural Statistics Service (NASS) 2020 vegetable production-summary report issued on Feb. 12.
The average yield per acre was estimated at 11,500 pounds last year, almost 12 percent below the 2019 average yield of 13,000 pounds per acre.
Empire State farmers harvested 25,000 acres of sweet corn in 2020, down 6 percent from the year before, according to NASS. The value of production totaled $36.9 million last year, off 9 percent from 2019.
NO NONSENSE MARKETING: Will Employers or Workers Have the Upper Hand After the Pandemic?
It’s been a year now since we came under the relentless domination of the coronavirus. After all this time, the picture isn’t pleasant. The end is uncertain and the implications for the future are far from clear. McKinsey reports that “75 percent of employees in the United States and close to a third in the Asia–Pacific region
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
It’s been a year now since we came under the relentless domination of the coronavirus. After all this time, the picture isn’t pleasant. The end is uncertain and the implications for the future are far from clear.
McKinsey reports that “75 percent of employees in the United States and close to a third in the Asia–Pacific region report symptoms of burnout. European nations are reporting increasing levels of pandemic fatigue in their populations. The number of those who rate their mental health as ‘very poor’ is more than three times higher than before the crisis, and mental health issues are still likely to rise.” [Because of] their severity, such figures should get our attention, but do they?
Perhaps the most dangerous part of the coronavirus is its divisiveness. More often than not, outside attacks — wars, famines, and natural disasters bring us together to slay the dragon. But the pandemic has driven us further apart. Who would have thought life could take such a painful turn?
Overnight, workers were told to leave their jobs and work from home. Not only did they do it, but they also liked it. Now, many are ready to refuse to go back to claustrophobic cubicles or vacuous open spaces where they lacked privacy. To express their pleasure of working from home, they remodeled their bedrooms, kitchens, and basements, upgraded the Internet connection, purchased all sorts of digital devices and office equipment, and didn’t miss a beat.
They’re choosey, too. “You want me in the office? I don’t think so.” Some moved to Boise or some other place in the middle of nowhere that welcomed them with open arms and lower living costs. They donned their sweats, popped open a laptop, jumped on virtual meetings, adjusted the lighting, turned on a monitor or two, and went to work in their new $999 office chair or decided to stay in bed and make it their office that day. To the utter surprise to everyone, productivity went up.
That’s just the first chapter. The McKinsey report also notes, “There is a veritable flood of new small businesses. In the 3rd quarter of 2020 alone, there were more than 1.5 million new-business applications in the United States — almost double the figure for the same period in 2019.” That’s not all. The 4th quarter found Apple ripe for success with the highest revenue in its history, and the company wasn’t alone.
All this adds up to an amazing, but totally counter-intuitive story. But what does it mean to all of us who must live it? Literally, what in the world is going on? Even more to the point, what’s the message about the future — our future? Here are four thoughts about that.
1. The genie is out of the bottle
It’s finally happened. To put it another way, like no other phenomenon in modern history (perhaps in all of history), the pandemic released a level of momentum sufficient to turn the world and everything in it upside down in an instant. It may also be the catalyst that changes everything — from politics to public policy, health and medicine, education, work-life balance, business, entertainment, culture, industry, science, and government. When Jeff Bezos, the CEO of Amazon, steps back, we can be sure profound change is in the air.
2. Far more people have seats at the table
We talked for so long, but nothing changed. Then, suddenly, we became keenly aware of those who had long been invisible to us. We raised our hands and called them “Heroes,” but never raised their wages. Overnight, our TV screens and advertisements changed color to black and white. All of a sudden, we’ve finally figured out that when everyone has a seat, we have better health care, better jobs, stronger families, and happier communities. Could it possibly be that it took a painful pandemic to make more room at the table?
3. Everything is under a microscope
Again, counter-intuitive but nevertheless true, the number of applications for fall 2021 admission at the University of California are breaking all records. It’s happening at the same moment when millions of young Americans are questioning the value of a college education, particularly if it will take decades for them to free themselves from the sobering shackles of student debt. Those who went before them, the Millennials, are dogged in determining their own way in the world. Don’t be surprised. The lens of the microscope may never rest.
4. Don’t drink the Kool-Aid
There are dangers in the tension-filled, stressful times like where we find ourselves. Someone has aptly described it as “hitting the pandemic wall” that’s felt at home and at work. It’s when we reach out for relief so we can get our lives on a better path. Simple, quick, and easy answers are what sell in turbulent times: “Buy this or do that and your problems vanish and your dreams come true.” We’re too resilient to let us do that to ourselves.
Now, go back to where we started, the original question: “Who will have the upper hand after the pandemic, employers or employees?
All this leads up to the final question. Through the pandemic frenzy, who will come out ahead, the workers or employers? The way it looks at the moment, it just may be the workers. But, as we all know, things can change.
John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. He is the creator of “Magnet Marketing,” and publishes a free monthly eBulletin, “No Nonsense Marketing & Sales Ideas.” Contact him at jgraham@grahamcomm.com or visit: johnrgraham.com
Rehabilitation commercial tax credit spurs 150 area projects since 2011
Project managers have sought the use of New York’s rehabilitation commercial tax credit in 150 projects in four upstate New York regions since 2011. That includes 43 projects that cost more than $401 million in Central New York, 21 projects costing nearly $49 million in the Mohawk Valley, 38 projects costing more than $121 million in the
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Project managers have sought the use of New York’s rehabilitation commercial tax credit in 150 projects in four upstate New York regions since 2011.
That includes 43 projects that cost more than $401 million in Central New York, 21 projects costing nearly $49 million in the Mohawk Valley, 38 projects costing more than $121 million in the North Country, and 48 projects with investment of more than $251 million in the Southern Tier, per a Feb. 12 news release from the office of Gov. Andrew Cuomo.
The regional details were part of Cuomo’s broader announcement that New York has approved use of the rehabilitation commercial tax credit for more than 1,000 historic properties, “catalyzing” more than $12 billion in private investment since 2011.
In addition to the completed projects, 403 additional commercial projects remain in active development, with a projected investment of $4.4 billion in private funding.
That includes 26 in Central New York with a projected investment of more than $169 million, 10 in the Mohawk Valley with projected costs totaling more than $58 million, three projects in the North Country with a projected investment of more than $36 million, and 26 in the Southern Tier with costs totaling more than $46 million, per Cuomo’s office.
A study by the National Park Service details the impact of the tax credit on jobs and tax revenue in New York state. For the five-year period covering the years from 2015 through 2019, historic tax-credit program activity in New York generated 67,578 jobs nationally and more than $195 million in local, state and federal taxes.
Qualifying investments in commercial properties have been approved in 60 counties across New York since Gov. Andrew Cuomo signed legislation to “bolster” the state’s rehabilitation tax credits. Federal and state tax credits each offer a 20 percent tax credit for qualified rehabilitation expenditures for the owners of income-producing properties listed — or in the process of listing — on the National Register of Historic Places.
Cuomo signed legislation in 2013 to improve the commercial credit by enabling property owners to partner with investors who do not have New York State tax liability and take the credit as a refund. The ability to take a refund helped expand the pool of investors willing to participate in New York State projects.
In 2019, the governor signed legislation to extend the state credit through 2024 and protect the value of the state credit from changes made in federal tax code. Since then, investors have completed 678 projects, totaling $7.7 billion in historic-resource investment, Cuomo’s office said.
Carthage Area Hospital to host career fair for licensed practical nurses
CARTHAGE, N.Y. — Carthage Area Hospital says it will host a career fair for licensed practical nurses (LPNs) in early March. The event is set
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.