For most of 2009, Rochester ranked in the Top 20 in the Brookings Institution’s regular reports on the impact of the recession. Indeed, for 2009, Rochester had the 15th best job report among the nation’s 100 largest metros. New York’s job creation record was the best of the 15 largest states.
By the end of last year, Rochester had slid to #41 and New York State to #11. What happened? Well, not much. In Rochester, at least. Our job performance over the last decade has been quite consistent from year to year: We lost jobs, but never more than 2% in a year. The Great Recession was triggered when the real estate bubble burst, the construction and real estate sectors suddenly cooled and millions found their jobs gone or at risk. Having missed the boom, Rochester also missed the bust and continued the trend of the early part of the century—slow shrinkage as the economy struggled to absorb cuts at Kodak and other large employers. Read more »