Voice of Business Blog

I had the pleasure of attending and representing Greater Rochester Chamber at the New York State Economic Development Council’s annual meeting last week. It was a packed few days with incredibly informative presentations and relationship building for our region. Below are some of the notes I took over the few days:

• Industrial Park Success Stories: John Piseck of the Herkimer County IDA and Chris Suozzi of the Genesee County EDC showcased how deliberate, incremental development strategies—“hitting singles and doubles”—have led to thriving industrial parks. Herkimer's Schuyler Business Park, for instance, has attracted businesses offering salaries ranging from $55,000 to $70,000, bolstering the local economy. Meanwhile, Genesee County secured a $56 million FAST NY grant in 2023 to enhance infrastructure for the Edwards Vacuum project, aiming to supply up to 1.5 million gallons of water daily from Niagara County. These case studies provide valuable blueprints for our region to optimize underutilized parcels and attract sustainable investments.
• Brownfield Collaboration in the Mohawk Valley: A coalition of stakeholders from the Mohawk Valley, including the Mohawk Valley Economic Development District and local leaders, emphasized the transformative impact of brownfield remediation. In 2024, 61 brownfields were certified as cleaned-up sites by New York State's Brownfield Cleanup Program, paving the way for thousands of affordable housing units across the state. Additionally, studies have shown that residential properties near remediated brownfields can see value increases of 5% to 15%, while local governments may gain $29 million to $97 million in additional tax revenue within a year post-cleanup. These insights highlight the potential for similar initiatives to stimulate economic growth and community revitalization in our area.
• AI and the Human Frontier: Futurist Erica Orange delivered a compelling keynote on the transformative potential of artificial intelligence (AI) in economic development. AI is projected to contribute an additional $19.9 trillion to the global economy by 2030, with North America expected to see a 14.5% boost in GDP. Moreover, open-source AI technologies are enhancing productivity and innovation, particularly benefiting small and medium-sized enterprises. Understanding these trends is crucial for our region to harness AI's capabilities, foster innovation, and ensure inclusive growth.
• Energy Policy & Affordability: A panel discussion on New York's energy policy underscored the challenges of balancing renewable energy investments with reliability and affordability. The state aims to generate 70% of its electricity from renewable sources by 2030, yet projections indicate a potential shortfall, with only 73,292 GWh expected from renewables against the 115,437 GWh needed. This gap highlights the need for strategic planning and stakeholder engagement to ensure energy policies support both environmental goals and economic stability in our region.
• The Future of Nuclear Energy: With nuclear energy accounting for 19% of U.S. electricity generation in 2023 and providing 47% of the nation's zero-emissions power, the conference session on nuclear energy delved into its potential role in meeting future energy demands. The U.S. Department of Energy has set targets to triple nuclear capacity by 2050, adding 35 GW by 2035 and achieving a sustained pace of 15 GW per year by 2040. Understanding the complexities of nuclear energy deployment, including licensing, siting, and supply chain considerations, positions our region to evaluate and potentially capitalize on emerging clean energy opportunities.