GER Special Report: Impact of the Subprime Mortage Crisis on Central New York’s Economy
Summary: This report analyzes how the Central New York economy weathers the current recession. Overall the Syracuse metro area appreaed to be quite resilient to the economic storm that has swept other parts of the nation. Unemployment rate is up but less than the national average. The construction, leisure & hospitality, and education & health services sectors continued to create jobs in Syracuse metro area during the recession, although the manufacturing sector declined substantially. Single-family home prices in Central New York rose during the recession while most other Upstate New York metro areas experienced declines.
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