How New York State's agriculture industry is staying competitive
We examine some of the challenges facing New York's agriculture industry and outline some innovative responses. We distinguish between two types of agriculture: commodities and value-added consumer foods. We show that commodities are a small fraction of the agriculture industry in New York State and are not a growing market segment, while value-added goods are the primary products of New York farms and represent a market segment that is growing significantly. We then briefly discuss important strategies that agricultural producers are using to remain competitive, including the adoption of ...
Population Lost: Puerto Rico's Troubling Out-Migration
For the first time in modern history, Puerto Rico is seeing its population decline. This troubling loss can be traced to an exodus of Puerto Rican citizens to the U.S. mainland, a current that has picked up considerably in recent years as Puerto Rico's economy has deteriorated. Today, fully a third of those born in Puerto Rico now reside on the U.S. mainland. In this post, we examine the recent surge in out-migration that is driving Puerto Rico's population decline (which we delve into in more detail in a recent article in the New York Fed's Current Issues in Economics and Finance series), ...
Vitality in upstate medical manufacturing
We describe the medical manufacturing industry generally and examine the industry's presence in upstate New York and its metropolitan areas. We show that upstate has a considerable employment concentration in the manufacture of both medical devices and pharmaceuticals. This activity is distributed widely among the region's metropolitan areas, with Buffalo, Glens Falls, Rochester, Syracuse, and Utica specializing in the industry overall and Albany showing strength in two subindustries.
Have amenities become relatively more important than firm productivity advantages in metropolitan areas?
We analyze patterns of compensating differentials to determine whether a region's bundle of site characteristics has a greater net effect on household location decisions relative to firm location decisions in U.S. metropolitan areas over time. We estimate skill-adjusted wages and attribute-adjusted rents using hedonic regressions for 238 metropolitan areas in 1990 and 2000. Within the framework of the standard Roback model, we classify each metropolitan area based on whether amenities or firm productivity advantages dominate and analyze the extent to which these classifications change between ...
Do colleges and universities increase their region's human capital?
We investigate whether the degree production and research and development (R&D) activities of colleges and universities are related to the amount and types of human capital present in the metropolitan areas where the institutions are located. We find that degree production has only a small positive relationship with local stocks of human capital, suggesting that migration plays an important role in the geographic distribution of human capital. Moreover, we show that spillovers from academic R&D activities tilt the structure of local labor markets toward occupations requiring innovation and ...
Are recent college graduates finding good jobs?
According to numerous accounts, the Great Recession has left many recent college graduates struggling to find jobs that utilize their education. However, a look at the data on the employment outcomes for recent graduates over the past two decades suggests that such difficulties are not a new phenomenon: individuals just beginning their careers often need time to transition into the labor market. Still, the percentage who are unemployed or ?underemployed??working in a job that typically does not require a bachelor?s degree?has risen, particularly since the 2001 recession. Moreover, the quality ...
The Class of 2015 Might Have a Little Better Luck Finding a Good Job
With the college graduation season well under way, a new crop of freshly minted graduates is entering the job market and many bright young minds are hoping to land a good first job. It?'s no wonder if they are approaching the job hunt with some trepidation. For a number of years now, recent college graduates have been struggling to find good jobs. However, the labor market for college graduates is improving. After declining for nearly two years, openings for jobs requiring a college degree have picked up since last summer. Not only has this increase in the demand for educated workers ...
Population out-migration from Upstate New York
We identify the nature and extent of the out-migration from the upper New York State region and examine its economic impact. Our analysis begins with an explanation for the outflow. Next, we describe population growth trends and estimate the extent of the out-migration. We conclude by showing how out-migration is reshaping upstate New York's economy and demographics, and is resulting in limited growth and a population that is aging faster than most U.S. populations.
When Women Out-Earn Men
We often hear that women earn “77 cents on the dollar” compared with men. However, the gender pay gap among recent college graduates is actually much smaller than this figure suggests. We estimate that among recent college graduates, women earn roughly 97 cents on the dollar compared with men who have the same college major and perform the same jobs. Moreover, what may be surprising is that at the start of their careers, women actually out-earn men by a substantial margin for a number of college majors. However, our analysis shows that as workers approach mid-career, the wage premium that ...
Is upstate New York showing signs of a turnaround?
Upstate New York may have shown signs of a turnaround in 1997 and 1998, but its economic performance is still well below that of the nation and New York State as a whole.