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Regional Economic News

Local Foreign Trade Zone reorganized

August 10, 2010
Foreign Trade Zone 54 has been reorganized, allowing its expansion. The Development Corp., which administers the zone for Clinton County, announced that its application to reorganize under the alternative-site framework has been approved. The Foreign Trade Zone program is a federal program that runs within the U.S. Department of Commerce. It provides benefits to companies that can reduce customs duties and improve cash flow.

[Full Story]

New York, northern New England get federal help

August 4, 2010
A new federal program designed to encourage development in areas along the U.S.-Canadian border in New York, Vermont, New Hampshire and Maine is accepting applications for the first round of grants. The Northern Border Regional Commission is designed to spur development in 36 economically challenged counties along the northern borders of the four states.

[Full Story]

New company to start production at Imperial Park

July 27, 2010
Another Nova Bus supplier is set to start production in renovated space at Imperial Industrial Park in the City of Plattsburgh. SOLVE Composites has signed a five-year lease for 39,028 square feet of space. Erin Hynes of The Development Corp. said SOLVE will create 44 jobs within the first two years of production. BFG is a global company that specializes in production of integrated systems for railcars, railcar panels and front ends and many other components for rail, air and automotive customers.

[Full Story]

Laurentian, state still committed to local project

July 26, 2010
Empire State Development continues to be committed to the Laurentian Aerospace Corp. proposal. In 2006, the company announced plans to build a two-bay 273,000-square foot maintenance, repair and overhaul hangar for large bodied aircraft at Plattsburgh International Airport. The company expected to create about 200 jobs initially, with up to 900 after future expansion. During a meeting with the Press-Republican Editorial Board recently, Empire State Development Chairman and CEO Dennis Mullen said he continues to believe in Laurentian's proposal, due to the strength of the idea.

[Full Story]

 




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Quarterly Statistical Snapshot
Clinton County, New York

Characteristic Statistic Date Last Reading
County Population 81,618 Jan., 2009 81,947
Civilian Labor Force 39,793 June, 2010 39,169
Unemployment Rate Clinton Co./Most Recent U.S. 9.8%/9.7% June 2010 9.6%/9.5%
Per Capita Personal Income $32,111 2008 $31,034
County Personal Income Earned $2,620,835,598 2008 $2,540,598,410
Exchange Rate $U.S. per $1.00 Canadian .9616 Aug. 19, 2010 .9500
30 Year Fixed Mortgage Rate 4.51% Aug. 19, 2010 4.63%
Plattsburgh Cost of Living as % of U.S. Average 103.60% June, 2010 100.10%
Average Price of Regular Gasoline and Diesel Fuel $2.80/$3.20 Aug. 19, 2010 $2.77/$3.15
Median Home Price Plattsburgh $172,500 Aug. 19, 2010 $126,700
Median Family Income $60,600 2010 estimate $60,900
Share of median family inc. to finance median home 17.5% 2010 estimate 15.6%
Single Family Housing Permits 4 to Q1, 2010 19
Multi Family Housing Permits 0 to Q1, 2010 6
Total Housing Units 34,340 2005-07 est. 34,340
Owner Occupied Units 71.40% 2005-07 est. 71.40%
Families Below Poverty Line 9.80% 2005-07 est. 9.80%
High School Graduates 83.50% 2005-07 est. 83.50%
College Graduates 22.10% 2005-07 est. 22.10%
City property crime rate per thousand population 27.151   27.151
City violent crime rate per thousand population 0.730   0.730

 

Putting Clinton County on the Map

by Colin Read, August 18, 2010

Last week, the Clinton County region hosted two inaugural events that are likely to bring it more visibility, and, ultimately, more jobs in the tourism sector. And, next week, we will enjoy the return of another major group that has made Plattsburgh a regular stop on a regional sporting tour.

[FULL STORY]

What Will Renew Consumer Confidence?

by Paul Grasso, August 19, 2010

There is no denying it; these are challenging times.  This recession has been so deep and long-lasting that it has now affected a great many people who have been employed for decades. Some of these individuals may never before have known unemployment.  It has affected many who believed that it would never happen to them.

[FULL STORY]

Planning for Our Economic Future

by Colin Read, July 21, 2010

Clinton County has experienced an illustrious economic past, and is currently enjoying a vibrant industrial present. However, while our economic past has followed a serendipitous path, and the present has benefited from the efforts and planning of The Development Corporation (TDC) and others, our future will require a much more concerted and coordinated effort.

[FULL STORY]

Are We Turning the Corner - Again?

by Paul Grasso, July 31, 2010

Earlier this month, the Bureau of Labor Statistics (BLS) reported in its Employment Situation Summary that the national unemployment rate dropped by 200 basis points to 9.5% in June. The national unemployment rate is now at its lowest level since July 2009 and has declined 0.7% from its highest level of the current recession in October 2009.

[FULL STORY]


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