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WHY U.S. REAL ESTATE VS.
CANADIAN REAL ESTATE
ABOUT ROCHESTERRochester, also known as both "The Flower City” and “The Flour City”, is a city in Monroe County, New York. Rochester has a population of approximately 215,000, making this the third largest city in New York State. Rochester is also the county seat for Monroe County. The city of Rochester is at the center of a larger Metropolitan area which encompasses and extends past Monroe County. This area has a population of approximately 1,037,831 residents. Rochester, New York was founded by Colonel Nathaniel Rochester, who together with his partners Charles Carrol and William Fitzhugh purchased a 100-acre tract of land in 1803. Colonel Rochester surveyed the land and sold lots in 1812. By 1817 Rochester became a village known as "Rochesterville." Colonel Rochester lobbied and was successful in having the Erie Canal routed through the middle of downtown Rochester, making Rochester America's first "boomtown." The 100-acre tract was bounded by the Genesee River on the east, and went west along Buffalo Street (now called Main St.) to where Clarissa St. (now Ford St.) intersects Main St. Approximately half of the 100 acres was north of Main and half south of Main. The intersection of Buffalo St., Carrol St. (now State St.) and Exchange Street formed the main intersection and business district nicknamed the "Four Corners," where village life began and was centered. It was here at the northwest corner of the Four Corners that the first permanent settler, Hamlet Scranton arrived in 1812, purchased a lot, and built a log cabin on the site of today's Power's building. The second permanent resident arrived later that same year and his name was Abelard Reynolds, a saddler by trade. He eventually became the first postmaster of Rochester, and in 1828 built the famous Reynolds' Arcade. The Arcade was the home to many early Rochester businesses such as Western Union, & Bausch & Lomb. The Greater Rochester area consistently ranks among the upper echelon of large metro areas across the nation. From the wine country of the Finger Lakes to the shores of Lake Ontario, Greater Rochester has a rich and vibrant character borne of innovation, creativity and history. Startup enterprises flourish alongside well-established companies founded here and known throughout the world. Greater Rochester is better poised than most to take advantage of today’s economy. There are great things going for area featuring strong collaboration between business and government and increased involvement by higher education and the private sector to promote economic development. Also, there is a continued surge in the small business and high tech sectors; an assortment of economic incentives designed to retain and attract new businesses. Major Corporations in Rochester Rochester is synonymous with legendary corporations. The area’s business acumen is unquestioned and is highlighted by the presence of several giants of industry: Xerox Kodak Bausch & Lomb IBM PayChex
International Trade Last year, companies in the nine-county Greater Rochester area exported more than $14 billion in products and services to 165 countries. This actually exceeds the exports of 40 other states in the country! This, coupled with the growing number of exporters, makes this area a regional hub for world trade. While our large companies, like Kodak, Xerox and Bausch & Lomb, continue to expand exports overseas, smaller companies are making a significant contribution, sending a variety of products abroad, heating products, power supplies and high tech security systems among them. Additionally, the Monroe County Foreign Trade Zone (FTZ) is a tremendous benefit to business in the Monroe County community. Use of the Zone (FTZ) offers numerous advantages in a very competitive arena of global trade, removing duties and excise taxes as well as a lot of red tape involved in international commerce. High Tech The Greater Rochester area currently ranks 20th out of 319 U.S. metro areas, and second in the state behind New York City, in terms of high-tech output. Rochester’s $13.4 billion high-tech output is even more impressive when you compare it to the total size of the local economy. High-tech output accounts for 32% of the region’s total gross metro product, ranking it 12th in the nation ahead of Seattle, Boston and Dallas. The strong technology foundation created by Kodak, Xerox, Bausch & Lomb and Delphi Automotive Systems is further enhanced by the addition of small-to-mid sized companies like Veeco/CVC Process Engineering and Harris FR Communications. The decade of down sizing at the big three have given rise to new enterprises that use fiber optics and organic molecules to create the digital and biotechnology products of the future. In addition, the RBA’s High Technology of Rochester, through its business incubator, Lennox Tech Enterprise Center, is providing the resources necessary to help high tech companies grow. Also, the High Tech Business Council is targeting recruitment, venture capital and legislative issues as top priorities, meeting the needs of the more than 1,000 technology-based businesses in the area. Meanwhile biotechnology and medical industries remain a confident source of jobs in the Greater Rochester area, led by the University of Rochester, which has already committed millions for the construction of new biotechnology research facilities. A BioScience Cluster also has been formed to help foster the technical expertise, financial and distribution expertise, cooperation and political leverage. Telecommunication One of the most celebrated segments of Rochester’s economy is the so-called Telecom Valley. There are over 85 burgeoning telecommunications companies operating in the region right now, bolstered by Frontier, A Citizens’ Communications Company and PaeTec Communications. Rochester’s planned Center of Excellence in Photonics and Optoelectronics received another boost when the National Aeronautic and Space Administration (NASA) announced its intention to contribute $8 million to supplement the $150 million in already-committed money being put forth by local industry and New York State. Manufacturing, High Tech and more While manufacturing continues to play a major role, broader and more diverse sectors also drive Greater Rochester’s economy today. Even through the trend for large corporations is towards a leaner workforce, small to mid-sized companies are growing, led by tooling and machining, printing, publishing and engineered products companies. Importantly, service companies and the burgeoning high tech sectors are primary areas of job growth, led by bioscience, IT / information technology, photonics, optics and imaging, and the telecommunication sectors. These companies have diversified to help attract new customers and they’re continuing to hire qualified workers. Industrial and Office Parks When it comes to Industrial Parks, the Greater Rochester Area is a veritable bee hive of activity. No fewer than 15 major business parks are currently in operation, led by commercial hot spots Rochester Technology park and the Route 531 industrial corridor in western Monroe County; Tobey Village Office Park and the Route 96 Corridor in eastern Monroe County; and the St. Paul, Cascade and Broadway Districts in the City of Rochester. Expansion of the states Empire Zone Status has helped spur development in both the city and county, because tenants who move there receive substantial tax breaks over a 10-year period. Pockets of activity have emerged in the city as well. The now venerable High Falls district is experiencing a commercial rebirth, and the Upper Falls district where new construction is taking place just beyond the Inner Loop. These "microeconomic" efforts are critical, nonetheless, because they represent signs of vitality and help strengthen the city's economic backbone.
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