February 2005
Feature Story: Westchester's Economy Enters New Year in High Gear
Education and Training: New Center for Immigrants to Deliver the American Dream
Free Service: Website for Minority- and Women-Owned Businesses Launched
Free Publications: Free Economic Development and Tourism Publications
Spotlight Story: New Rochelle's Revitalization is a Sound and Shore Reality
 

 
 

Feature Story:
Westchester's Economy Enters New Year in High Gear
Westchester's economy enters 2005 with many strong results and some historic highs from 2004. Unemployment in Westchester fell to 3.5% - a two-year low. Westchester's office market vacancy rate of 13% is the lowest in six years. The downtown White Plains vacancy rate of 14% is the lowest in six years. Headline deals included relocations for Nokia, Dannon USA, Lillian Vernon and Triarc Companies, Inc. Notable expansions were completed by Starwood Hotels and Resorts, Argent Mortgage and Taro Pharmaceuticals. New downtown urban construction of record levels will continue into 2005 in Westchester's major cities. (See story on New Rochelle below). The Tarrytown - Sleepy Hollow Hudson River waterfront has three major development projects in the planning process. Real estate experts have now classified White Plains as a "destination city" - a high compliment. Also making history is the reversal of office vacancy rates between Westchester and Fairfield counties. For years Fairfield had the stronger numbers but now the roles have evened out or reversed. Manufacturing jobs here declined by 2% but financial jobs gained by 1.4%. Business services went up by 1.6% and finance by 1.6%. New York City's unemployment rate was 5.4%.

 

Education and Training:
New Center for Immigrants to Deliver the American Dream
Westchester Community College has begun a capital campaign to build the Gateway Center, a $40 million project designed to provide a number of essential services to new immigrants to Westchester. Westchester County has committed $14 million to the project and New York State has pledged $12 million. Gateway Center will provide English language classes, job and career guidance, translation assistance with trained "conversation partners," and fellowship and cultural exchanges. Gateway Center has strong support from Westchester's business community which relies on a skilled workforce in a tight labor market. A web site is planned for this spring. Construction on the center will be completed in 2008.

 

 
 

Free Service:
Website for Minority- and Women-Owned Businesses Launched
Westchester County has launched a new website to assist minority- and women-owned businesses. The site is at economic.westchestergov.com/mbe. The site provides many types of assistance for businesses ranging from organizational assistance to networking to information on how and where to bid on public sector contracts.

 

 
 

Free Publications:
Free Economic Development and Tourism Publications
The Westchester County Offices of Economic Development and Tourism publish three informational and promotional magazines about Westchester County. These publications are free of charge and can be obtained by contacting tmm5@westchestergov.com or phoning (914)995-2988. One can order The Westchester Economic Development Guide, a bi-annual publication covering all aspects of life in Westchester; The Westchester Way Travel Guide, which details all the fun and entertaining things to enjoy in Westchester; and Advance to Westchester, a semi-annual magazine that covers the latest economic and business news in the county.
 

 
Spotlight Story:
New Rochelle's Revitalization is a Sound and Shore Reality
As Yonkers and White Plains cement their downtowns with new attractions, the Queen City of the Sound - New Rochelle - is a fellow city on the move. Since 1999, New Rochelle has experienced over $700 million in investments with $600 million more planned through 2007. The list of completed and planned investments covers all categories from transportation infrastructure to entertainment/retail to residential to waterfront development. New Rochelle's downtown has established a Business Improvement District. The number of vacant stores has declined from 47 in 1992 to 10 in 2004. New Rochelle's office vacancy rate is below 5%. A new $20 million transportation center opened last June with a 920-space parking garage linked to New Rochelle's train and bus depot which handles over 300 buses per day. Cappelli Enterprises, which built New Roc City, will be building a $72 million 140,000-square-foot retail facility with a 26-floor condo tower. Avalon Bay Properties will be starting construction of a second 600-unit rental apartment tower. Also in downtown, the former Bloomingdale's store has been converted into 70 condos and 13 penthouses with terraces. For more information on New Rochelle link to www.newrochelleny.com.
   

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