Project
Northeast
Regional
Strategic Planning

Central New York Regional Economic Development Strategy

June 28, 2024

The Challenge

New York’s Regional Economic Development Councils (REDCs) are part of the state’s approach to accelerating economic growth by leveraging the unique factors within each of the regions.

Central New York found itself at the forefront of transformational economic potential when Micron announced in 2022 that it would build the “largest semiconductor fabrication in the history of United States” in Onondaga County. This investment will total up to $100 billion and create about 9,000 jobs within Micron and another 40,000 jobs in the community at large. And while the region stands on the verge of transformation, there is the daunting task of strategically preparing for the coming influx of industry and jobs.

The Solution

With an opportunity to undertake a strategic plan for the first time in nearly a decade, the Central New York REDC (CNYREDC) tapped Camoin Associates to facilitate the process and explore labor market data to highlight pieces of the region’s story.

The CNYREDC hosted digital focus groups with target industries to learn from business leaders about the latest opportunities and challenges facing their businesses and get their perspectives on Micron’s investment. Additional engagement occurred with Micron’s Community Engagement Committee, local philanthropic leaders, business leaders, and economic development representatives from each of the five counties in Central New York.

Camoin Associates used labor market data to demonstrate in-demand occupations, skills, and anticipated growth across the region’s established targets. In addition to telling the story about existing industries, the analysis also determined what emerging industries could be a good fit for the region in the future and what investments could be made to prepare for those subsectors.

The Impact

Many years of productive work within the CNYREDC had already laid the groundwork for large-scale collaboration to implement initiatives in the strategic plan.

The CNYREDC anticipates establishing work groups to tackle priority topics like housing, workforce, and business retention and expansion. There is also a commitment to work with other REDCs, especially as large-scale federal grants connect hubs like Syracuse, Buffalo, and Rochester.

Camoin Associates developed metrics that CNYREDC can track to monitor progress within its strategy areas.