TD Bank of­fers eco­nomic out­look

The Saratogian (Saratoga, NY) - - LOCAL NEWS - Staff re­port

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.

Con­necti­cut

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.

Mas­sachusetts

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.

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