PROFOUND CHANGES EXPECTED IN CNY’S ECONOMY
Banker: Region to see growth in population, construction, housing sales By Aaron Gifford
D
espite talk of a looming recession at the national level, local banking executives predict Central New York could witness profound changes in the months and years ahead. Steve Gorczynski, Central New York Regional President of M&T Bank, predicts the Syracuse metropolitan area and outlying counties can expect significant gains in population, wages, housing sales and construction, manufacturing growth and various other positive economic indicators, much in part due to the Micron chip factory that is slated to break ground this spring.
The company will employ about 9,000 workers and the project could create upward of 50,000 jobs to include construction, supply chain and various ancillary positions. “Central New York was always largely behind national trends,” he said. “Not anymore. There are dynamic changes in the future.” Gorczynski was interviewed after the annual CenterState CEO Economic Forecast Breakfast event in Syracuse. He was in attendance with the keynote speaker, Luke Tilley, chief economist for Wilmington Trust Investment Ad-
visors Inc. Tilley’s presentation focused largely on the national economic picture, while Gorczynski’s expertise is more centered around the local economy. At the macro level, inflation and rising interest rates were the story of 2022. Typically, when the federal interest rate increases so rapidly, a recession is typical, Gorczynski explained. But, in this instance, that’s still difficult to determine. A mild recession with a “soft landing” is the latest prediction. Other economic factors affecting the national picture include fluctuating
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