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63 posts on "Regional Analysis"

July 06, 2015

Will Silicon Alley Be the Next Silicon Valley?



Update: We broadened our definition of Silicon Valley and present more complete data on that region’s trends in the comments section of this post. In the body of the piece, we also corrected the NAICS code for Scientific R&D Services.

LSE_2015-silicon-alley_bram450

For at least the past few decades, New York City’s economy, both its booms and busts, have been driven primarily by the finance sector, or more specifically the securities industry (a.k.a. Wall Street). In contrast, the city’s current economic boom—one of the strongest on record—has seen virtually no job growth on Wall Street. Much of the job creation has been in lower-paying sectors like retail trade, restaurants and hotels, and health care and social assistance, with some of the fastest job growth going on in what would be considered “information technology” industries—jobs that pay quite well for the most part. But how big is the Big Apple’s “tech sector,” how fast has it been growing, and how does it stack up against other tech hubs across the United States? Before addressing these questions, we must first answer a more fundamental question: what exactly is the tech sector?

Continue reading "Will Silicon Alley Be the Next Silicon Valley?" »

Posted by Blog Author at 7:00 AM in Regional Analysis | Permalink | Comments (5)

April 17, 2015

At the New York Fed: Chapter 9 and Alternatives for Distressed Municipalities and States



LSE_2015_chapter-9_450

On Tuesday, April 14, the Federal Reserve Bank of New York hosted an all-day workshop entitled Chapter 9 and Alternatives for Distressed Municipalities and States. The workshop was jointly organized and sponsored by the Volcker Alliance and George Mason University’s State and Local Government Leadership Center. The event brought together key experts, practitioners, and researchers on the subject of fiscal distress at the state and local level. The aim of the session was to foster discussion on the role of Chapter 9 of the U.S. Bankruptcy Code, alternatives for distressed governments, and strategies to avoid stress and achieve good fiscal outcomes.

Continue reading "At the New York Fed: Chapter 9 and Alternatives for Distressed Municipalities and States" »

Posted by Blog Author at 7:00 AM in Fiscal Policy, Regional Analysis | Permalink | Comments (0)

April 15, 2015

Just Released: April Empire State Manufacturing Survey Indicates Sluggish Conditions



The April 2015 Empire State Manufacturing Survey, released today, points to continued weakness in New York’s manufacturing sector. The survey’s headline general business conditions index turned slightly negative for the first time since December, falling 8 points to -1.2 in a sign that the growth in manufacturing had paused. The new orders index—a bellwether of demand for manufactured goods—was also negative, pointing to a modest decline in orders for a second consecutive month. Employment growth slowed, too. The Empire Survey has been signaling sluggish growth since October of last year after fairly strong readings from May through September.

Continue reading "Just Released: April Empire State Manufacturing Survey Indicates Sluggish Conditions" »

Posted by Blog Author at 8:45 AM in Regional Analysis | Permalink | Comments (0)

March 20, 2015

Just Released: Benchmark Revisions Paint a Brighter Picture of (Most of) the Regional Economy



New York City

Every March, the Bureau of Labor Statistics releases benchmark revisions of state and local payroll employment for the preceding two years. While employment data are released monthly for all 50 states and many metropolitan areas, the monthly figures are estimated based on a sample of firms. The annual revisions are based on an almost complete count of workers (now available up through mid-2014) from the records of the unemployment insurance system and re-estimated data for the remainder of the year. In this post, we briefly summarize the mixed but mostly stronger performance in the region in 2014 indicated by these employment revisions. We highlight the most pronounced changes across our District—highlighted by New York City’s even stronger-looking boom—using the percentage change in total employment from the fourth quarter of 2013 to the fourth quarter of 2014 as the metric.

Continue reading "Just Released: Benchmark Revisions Paint a Brighter Picture of (Most of) the Regional Economy" »

Posted by Blog Author at 7:00 AM in Regional Analysis | Permalink | Comments (0)

March 06, 2015

Just Released: Is Your School Spending Less Than Your Neighbor’s?



Nyc-school-spending-450

This morning, the Federal Reserve Bank of New York released a set of interactive visuals that present school spending and its various components—such as instructional spending, instructional support, leadership support, and building services spending—across all thirty-two Community School Districts (CSD) in New York City and map their progression over time. The interactive features allow the user to easily view the data and observe spending trends. Our purpose is to make data on education finance more accessible to a broader audience.

Continue reading "Just Released: Is Your School Spending Less Than Your Neighbor’s?" »

Posted by Blog Author at 11:15 AM in Education, Regional Analysis | Permalink | Comments (0)

January 16, 2015

Just Released: January Business Leaders Survey Indicates Regional Business Conditions Are Finally Back to Normal



The New York Fed’s January Business Leaders Survey indicates that the regional economy kicked off the New Year on a positive note. This monthly survey—which covers firms in the service sector in New York State, northern New Jersey, and southwestern Connecticut—dates back to 2004, and this month marks the one-year anniversary of its public release. In addition to showing a solid increase in regional economic activity, employment, and wages, January’s survey signals that the regional economy has reached an important milestone: firms are saying that business conditions are finally back to normal for the first time since before the Great Recession.

Continue reading "Just Released: January Business Leaders Survey Indicates Regional Business Conditions Are Finally Back to Normal" »

Posted by Blog Author at 8:45 AM in Regional Analysis | Permalink | Comments (0)

November 12, 2014

Did Local Funding Responses to Post-Recession State Aid Cuts Vary by Property Wealth?




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In the first of this two post series, we investigated the relationship between state aid and local funding before and after the Great Recession. We presented robust evidence that sharp changes in state aid brought about by the prolonged downturn influenced local budget decision-making. More specifically, we found that relative to the pre-recession relationship, a dollar decline in state aid resulted in a $0.19 increase in local revenue and a $0.14 increase in property tax revenue in New York school districts. In this post, we dive deeper to consider whether there were variations in this compensatory response across school districts, using an approach described in our recent study. For example, one might expect that there would be differences in willingness and ability to offset cuts in state aid across districts with varying levels of property wealth, which in turn might lead to differences in responses. Was this really the case?

Continue reading "Did Local Funding Responses to Post-Recession State Aid Cuts Vary by Property Wealth?" »

Posted by Blog Author at 7:00 AM in Education, Regional Analysis | Permalink | Comments (0)

November 10, 2014

Did School Districts Offset State Education Funding Cuts?




Istock-school-funding-450


Correction: Earlier, we inadvertently posted the content of the second post in this two-part series under today’s headline. We have updated the blog with the correct content and will post part two on November 12. We apologize for the error.

It’s well known that the Great Recession led to a massive reduction in state government revenues, in spite of the federal government’s attempt to ease budget tightening through American Recovery and Reinvestment Act aid to states. School districts rely heavily on aid from higher levels of government for their funding, and, even with the federal stimulus, total aid to school districts declined sharply in the post-recession years. But the local school budget process gives local residents and school districts a powerful tool to influence school spending. In this post, we summarize our recent study in which we investigate how New York school districts reacted when state aid declined sharply following the recession.

Continue reading "Did School Districts Offset State Education Funding Cuts?" »

Posted by Blog Author at 7:00 AM in Education, Regional Analysis | Permalink | Comments (2)

October 17, 2014

New York City’s Not-So-Outer Boroughs



OutboroughsSmall.fw


Ever since the first census of the U.S. population was taken, back in 1790, New York City has been the nation’s largest city, and for most of this time by a factor of more than two. But how has the city—in particular, the city’s boundaries—evolved over time?

Continue reading "New York City’s Not-So-Outer Boroughs" »

Posted by Blog Author at 7:00 AM in Regional Analysis | Permalink | Comments (0)

August 18, 2014

Just Released: Firms Weigh in on Affordable Care Act in August Business Surveys

Jason Bram and Michael Kubiske

The Federal Reserve Bank of New York’s monthly surveys of manufacturers and service-sector firms include special supplementary questions on topics of interest. The August survey questions focused on the effects of the Affordable Care Act (ACA) on businesses in the District, and how, if at all, firms are making changes in response to it.

Continue reading "Just Released: Firms Weigh in on Affordable Care Act in August Business Surveys" »

Posted by Blog Author at 8:45 AM in Regional Analysis | Permalink | Comments (0)
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