TD Bank offers economic outlook
ALBANY, N.Y. >> Steve Webb, TD Bank’s recently appointed Regional President for Southern New England, has made the following statement offering his economic outlook for the regions under his supervision for 2020.
Booming industries such as health-related sectors, technology and manufacturing will continue to aid economic growth in the region and encourage both bigname tech giants and smaller specialty shops to bolster their presence in the region, creating thousands of jobs and strong growth opportunities.
Upstate New York
Upstate New York has played a more central role in-state job creation than NYC recently, as NYC’s population continues to shrink due to a litany of challenges and investment increases upstate. Several important expansions are planned in Upstate New York. New York Cree Inc. is investing $1B in an advanced manufacturing plant near Utica (600 jobs). Microsoft is gearing up to open a new tech hub in Syracuse. JMA Wireless invested $25M to manufacture 5G electronic components in the region (100 jobs). Despite demographic pressures, support from high-value industries will allow New York to grow at 1.2% in 2020-2021.
CT’s economy is expected to grow by 1.3% in 2020 and just over 1% in 2021 as weak population growth constrains the state’s potential. The state’s factory sec
tory sector is proving resilient, thanks in part to its defense tilt – submarines, helicopters, and jet engines tend to require advance planning. Protectionist trade measures pose a risk to this sector. Tech will be a key local industry in 2020 – venture capital funding in the state was up 60% YOY to $330M in the first three quarters in 2019. Rhode Island: A softer demographic backdrop will keep growth closer to the 1% mark in RI.
MA is expected to outperform the region in economic growth thanks to high-value industries such as tech, biopharma, and robotics. Wage growth has accelerated in recent months, above the national average. High domestic out-migration, an aging population and competition for workers who choose nearby states with cheaper housing have hindered employment growth – it is expected to ease from 1% to 0.7% by 2021.