Regional Visits

President William Dudley routinely meets with local community and business leaders to gain a deeper understanding of regional economic conditions and inform the policy making process. Engaging directly with various stakeholders also allows President Dudley to better identify ways for the New York Fed to support the Second District.

Insights gathered from these trips have led the New York Fed to conduct research and launch initiatives on the following areas:

  • Regional credit conditions
  • Access to capital
  • Workforce development

Explore President Dudley's past outreach trips below.

2017 Regional Visits
Destination
Date
Queens, New York
March 24, 2017
North Country, New York
June 19-20, 2017
Syracuse and Rochester, New York
September 25-26, 2017
Northern New Jersey
November 29, 2017

Contacts
Tony Davis
Director of Community Engagement
212 720-6369
tony.davis@ny.frb.org
Past Visits
New York Capital Region, October 6-7, 2014

Puerto Rico, June 24, 2014

Brooklyn, New York, March 7, 2014
Remarks at Brooklyn College, Brooklyn, New York

Queens, New York, November 18, 2013
Remarks at Queens College, Flushing, New York

Upstate New York, New York, September 26-27, 2013

Connecticut, July 1-2, 2013

Staten Island, New York, April 16, 2013

New Jersey, September 18, 2012

Puerto Rico, June 29, 2012

Upstate New York, April 12-13, 2012

Long Island, New York, March 19, 2012

Albany, New York, November 18, 2011

West Point, New York, November 17, 2011

Bronx, New York, October 24, 2011

New Jersey, August 18-19, 2011

Brooklyn, New York, June 10, 2011
Remarks at the Brooklyn Chamber of Commerce, Brooklyn Borough Hall, Brooklyn, New York

Hudson Valley, New York, May 19-20, 2011

Puerto Rico, April 1, 2011

Queens, New York, March 11, 2011

Upstate New York, New York, October 25-27, 2010

Puerto Rico, February 19, 2010
President Dudley Visits West Point and New York’s Capital Region
President Dudley, right, holds a fireside chat with the Business Council of New York State. (Photo courtesy of Zack Hutchins/Business Council of New York State)

Over two days in October, President Dudley traveled to West Point and Albany, New York, where he engaged with leaders in business, education and government as part of the New York Fed’s ongoing efforts to assess economic conditions in New York State and the broader Second District.

At West Point, President Dudley met with the leadership of the U.S. Military Academy, discussed with cadets the role of the New York Fed and the importance of integrity as part of an economics class, took part in a faculty roundtable, and joined cadets for lunch in the mess hall.

The following day, President Dudley began his tour of the Capital Region in Albany with a fireside chat with members of the Business Council of New York State and other community leaders. He then met with the leadership of the Empire State Development Corporation to learn about the state government’s efforts to address the economic challenges facing the region. The last stop in Albany was the State University of New York, where President Dudley met with leadership to discuss the role of higher education in economic and workforce development throughout New York State.

Albany’s economy has been performing well, having grown steadily through the recovery and continuing in the current expansion. It has benefited from the stability provided by Albany’s role as a center of state government and the numerous higher education institutions in the region. In addition, New York State’s significant investments in nanotechnology since the early 2000s have provided a boost to the region’s manufacturing sector.

To that end, the trip concluded with a site visit to semiconductor manufacturer GlobalFoundries, in Malta, New York, where President Dudley sat down with executives to learn about the company’s recent innovations and what its growth means for the regional economy.

Agenda
October 11, 2016
11:30am-
12:00pm
Meet with Lieutenant General Robert Caslen, Superintendent of West Point
Taylor Hall, United States Military Academy, West Point, NY
12:00pm-
12:35pm
Lunch with Cadets
Mess Hall, United States Military Academy, West Point, NY
12:50pm-
1:45pm
SS201 Principles of Economics
Thayer Hall, United States Military Academy, West Point, NY
1:55pm-
2:25pm
Faculty Roundtable
Department of Social Sciences, United States Military Academy, West Point, NY
October 12, 2016
8:00am-
9:15am
Breakfast & Fireside Chat with the Business Council of New York State Inc.
Fort Orange Club, Albany, NY
9:45am-10:40am Meeting with the Leadership from Empire State Development
Empire State Development Office, Albany, NY
10:45am-11:30am Meeting with Nancy L. Zimpher, Chancellor of the State University of New York
SUNY Plaza, Albany, NY
12:15pm-2:00pm Meeting with Senior Management of GlobalFoundries, Site Visit and Lunch
GlobalFoundries, Malta, NY
The educational community can partner well with the business community. That can generate a lot of gains in terms of employment opportunities.
-President Dudley
Fireside chat in Albany, NY

Key Data Points
15.1%
Mid-Hudson Valley
19.6%
United States
18.4%
Mid-Hudson Valley
16.7%
United States
13.4%
Albany-Schenectady-Troy
19.6%
United States
$221,000
Albany-Schenectady-Troy
$187,900
United States
President Dudley Makes First Visit to the Southern Tier
President Dudley, center, speaks with Binghamton University President Harvey G. Stenger. (Photo courtesy of Jonathan Cohen/University of Binghamton)

President Dudley visited the Southern Tier region of New York State in early July. The Southern Tier, which includes the city of Binghamton, New York, and borders Pennsylvania, has struggled economically as a result of manufacturing losses and a population decline.

During his visit, President Dudley met with community and business leaders, Binghamton University staff and the Broome County Executive. Through these meetings, he learned about key challenges facing the area. These ranged from economic to social welfare issues, including difficulty in attracting skilled talent, the increase in heroin use and drug-related crime and the lack of transportation and child care options. In addition, a recent win for the area—$500 million won through the Governor’s Upstate Revitalization Initiative—has led to concerns and stalled projects as the region is still waiting for the funding.

While the Southern Tier is facing its share of challenges, there are bright spots. Business leaders pointed to an increase in commercial construction and development in recent years. President Harvey Stenger of Binghamton University, the largest employer in the area, told President Dudley that the university is committed to filling its role as a catalyst for economic development. These efforts include a University Downtown Center for the College of Community and Public Affairs to enhance its collaboration with local agencies as well as several new incubators to encourage entrepreneurism and innovation and the Innovative Technologies Complex. Leaders of the Southern Tier Regional Economic Development Council also detailed their “Southern Tier Soaring” initiative, a plan that focuses on redeveloping the region’s identity. Since the initiative began in 2011, the council has taken on 334 projects, resulting in the creation of 4,050 new jobs, retention of 12,441 jobs and $892.5 million in leveraged investments.

President Dudley ended his trip with a lunch meeting to discuss hydraulic fracturing, an energy extraction technique widely known as fracking. While Dr. Alex Nikulin of Binghamton University explained the latest research, Bruce McClellan, a practitioner and expert in the field, detailed improved safety measures and potential economic benefits.

Agenda
July 5, 2016
2:30pm-
3:40pm
Business Roundtable with the Greater Binghamton Chamber of Commerce
The Center, Binghamton, NY
4:00pm-
4:45pm
Meeting with Harvey Stenger, President of Binghamton University
Binghamton University—Couper Administration Building, Binghamton, NY
July 6, 2016
8:00am-
8:45am
Breakfast Meeting with Binghamton University's Research Division and Member of the Southern Tier Economic Development Council
Binghamton University's Innovative Technologies Complex, Vestal, NY
8:45am-9:30am Tour of Binghamton University's Innovative Technologies Complex
Binghamton University's Innovative Technologies Complex
9:45am-10:30am Meeting with Debra A. Preston, Broome County Executive, and Senior Staffers
Broome County Executive Office Building, Binghamton, NY
10:45am-11:30am Meeting with Southern Tier Foundation Leaders: Community Foundation for South Central New York and the Klee Foundation
Community Foundation for South Central New York, Johnson City, NY
11:45am-12:30pm Lunch Meeting with Alex Nikulin, Fracking Researcher, and Bruce McClellan, Practitioner
Remlik's, Binghamton, NY
We need to do a better job in retooling and reskilling workers.
-President Dudley
Business Roundtable in Binghamton, NY

Key Data Points
15.6%
Binghamton
20.0%
United States
$87,700
Binghamton
$185,700
United States
17.8%
Binghamton
16.4%
United States
2.4%
Binghamton
2.6%
United States
Confronting Economic Challenges in Connecticut
President Dudley speaks to students, faculty and the business community at the University of Bridgeport. (Photo courtesy of Kazuhiro Shoji, University Photographer, University of Bridgeport)

President Dudley kicked off his 2016 Regional Visits with a trip to Bridgeport, Connecticut, to learn about the economic gains and persistent wealth gaps across Fairfield County—where Bridgeport is located—as well as the challenges the city itself is facing.

While Fairfield is one of the nation’s most affluent counties, it is also one of the most divergent in income. Median household income in Stamford is 65 percent higher than the national average, but in Bridgeport the median income is 22 percent lower. There are some encouraging signs in Bridgeport, however, including new development along the waterfront at Steelpointe Harbor and Main Street, an upturn in population since 2000 and an above average labor force participation rate.

President Dudley began the day with a speech on the national and regional economy at the University of Bridgeport. In his remarks, he noted that while Fairfield County lags the nation in job growth, the economy has recovered at a steady pace since 2010. He highlighted the potential upside for local residents of a thriving New York City economy and emphasized the importance of sustained efforts to get the long-term unemployed back to work, stating that “more needs to be done to improve the labor market.”

Following the speech, President Dudley visited the WorkPlace—a workforce development organization—to learn about the Platform to Employment (P2E) program, a five-week preparatory program aimed at helping the long-term unemployed get back to work. He engaged in a discussion with several current and past members of the P2E program to hear about their challenges securing employment and how the program was helping them build skills and confidence. Finally, President Dudley toured a mobile classroom at the American Job Center, a joint effort among state, regional and local organizations to ensure a seamless delivery of workforce programs and services.

Next, during a lunch conversation with business leaders, President Dudley learned about business challenges facing the region, as well as the impact from declining employment in manufacturing and finance. To wrap up the day’s events, he met with leaders from three organizations for a conversation about the state of affordable housing in Bridgeport and state-wide. The leaders spoke about the challenges facing low- to moderate-income residents, including the availability of affordable housing stock as well as income inequality and gentrification.

Agenda
8:00am-
8:30am
Networking Breakfast
University of Bridgeport, Bridgeport, CT
8:30am-
9:15am
Speech: Outlook on the National and Local Economy
Mandeville Hall, University of Bridgeport
10:15am-11:15am Meeting with The WorkPlace
The WorkPlace, Bridgeport, CT
11:15am-11:45am Tour the American Job Center
The WorkPlace
12:00pm-1:15pm Roundtable Lunch Meeting with Members of the Bridgeport Regional Business Council
University of Bridgeport, Bridgeport, CT
1:45pm-2:45pm The State of Affordable Housing Meeting with Leadership of NeighborWorks America, NeighborWorks New Horizons and Housing Development Fund
Housing Development Fund, Bridgeport, CT
Fairfield County can leverage its proximity to the New York City job market. While most residents of Fairfield County rely on job opportunities locally, many residents commute to jobs in Manhattan. So the strength in New York City’s economy should be of significant help to Fairfield County.

Key Data Points
$365,900
Bridgeport-Stamford-Norwalk
$185,700
United States
26.8%
Bridgeport-Stamford-Norwalk
29.5%
United States
3.5%
Bridgeport-Stamford-Norwalk
2.6%
United States
13.2%
Bridgeport-Stamford-Norwalk
20.0%
United States
Dudley Revisits a Changing Long Island
President Dudley, right, tours the headquarters of Canon USA, a large employer on Long Island, during the last visit of his 2015 regional tour.

While overall economic conditions in Long Island have improved since President Dudley’s last trip in 2012, this year’s visit was a reminder that not everyone is benefiting from these gains. “Averages can be deceiving,” President Dudley noted, recognizing the challenges facing many people and communities in Long Island.

President Dudley began his day with a breakfast meeting at the Long Island Community Foundation, which brought together leadership from area foundations. Key issues identified by the foundations included a lack of opportunities for minority and immigrant communities, a lack of affordable housing and outdated infrastructure and transportation systems. Afterwards, President Dudley spoke with a group of lenders to hear their perspectives on local conditions and trends in small business lending. The group agreed that Long Island is a difficult place for small businesses to make inroads.

Next on the agenda was a visit to Hofstra University to speak with students. Joined by Herman A. Berliner, Dean of the Frank G. Zarb School of Business, President Dudley addressed the national and regional economy, as well as the importance of these outreach trips. “The economy is not just about statistics and numbers; it’s about people trying to advance their lives and achieve their goals. Coming out to the community to understand those challenges and opportunities is important to informing what we think about the economy and how we think about what is appropriate for monetary policy,” he explained to the Hofstra crowd.

President Dudley then engaged in a roundtable discussion with the Nassau and Suffolk County Executives and members of the Long Island Regional Economic Development Council. The group highlighted several challenges facing the region, including high housing costs, the need to invest in STEM fields and an aging population and loss of young talent. On a positive note, the group also agreed that the council has been a catalyst for good in Long Island by making it easier to identify key issues affecting economic growth and to discover investment opportunities.

The trip concluded with a visit to Canon USA, a large employer on the Island. President Dudley toured their showroom and new facilities, and sat down with senior management to discuss Canon’s vision for the future.

Agenda
8:15am-
9:15am
Breakfast Meeting with Long Island’s Foundation Leaders
Long Island Community Foundation, Melville, NY
9:30am-
10:30am
Lenders Roundtable Meeting
Teachers Federal Credit Union, Hauppauge, NY
11:15am-12:05pm Fireside Chart at Hofstra University to Business and Economics Students
Hofstra University, Hempstead, NY
12:35pm-1:45pm Lunch Meeting with Members of the Long Island Regional Economic Development Council and the Nassau and Suffolk COunty Executives
Hofstra University Club, Hempstead, NY
2:15pm-2:30pm Meeting with Yoroku “Joe” Adachi, Canon Chairman and CEO and Seymour Liebman, Executive Vice President, Chief Administrative Officer, and General Counsel
Canon USA, Melville, NY
2:30pm-3:00pm Tour of Canon USA, Inc.
Canon USA, Melville, NY
The economy is not just about statistics and numbers; it’s about people trying to advance their lives and achieve their goals. Coming out to the community to understand those challenges and opportunities is important to informing what we think about the economy and how we think about what is appropriate for monetary policy.
-President Dudley
Fireside Chat at Hofstra University

Key Data Points
$264,500
Long Island
$185,700
United States
31.6%
Long Island
29.5%
United States
5.4%
Long Island
2.6%
United States
12.0%
Long Island
20.0%
United States
Dudley Sees Signs of Change in Western New York
President Dudley, left, tours Canalside, a waterfront development project in Buffalo's Inner Harbor with Aaron Bartley, executive director of PUSH Buffalo.

Local leaders in Buffalo and Rochester, New York state’s second and third largest cities, showcased recent economic development projects during President Dudley’s visit in August. Since his last trip to the area in 2013, community stakeholders have worked to solve some of the region’s economic challenges through data-driven tools and key investments of private and public dollars. Those investments have resulted in several projects, showing that Buffalo, Rochester and Niagara Falls are on their way toward reinvention and revitalization.

The day-long visit began with President Dudley delivering remarks on the regional economy and the importance of workforce development. Speaking before the Rochester Business Alliance, President Dudley noted that Rochester has been going through a prolonged period of economic transformation, which has resulted in a more diverse and stable economy. Furthermore, he underscored the importance of workforce development. “A skilled workforce that is matched to the needs of employers is also necessary for the economy to grow and prosper,” he said.

Later, President Dudley engaged in a roundtable discussion with small business owners in various industries in Western New York. Among many of them, a primary concern was the inability to access capital to expand and promote their businesses. Afterwards, the team spoke with the leadership of Monroe Community College and discussed their data-driven approach to developing tools and programs that address the most pressing workforce development needs in the Greater Rochester area.

After a 75-mile drive west the team arrived in Buffalo for the second half of the trip. Buffalo has experienced significant economic growth in recent years, highlighted by the redevelopment of the inner harbor area and several construction projects, including the new SolarCity plant—a $750 million project that is expected to create 3,000 jobs. As a result, the city’s unemployment rate has fallen and the population decline has slowed. However, the city is still grappling with a 31 percent poverty rate, a challenge the team observed while touring the city with Aaron Barley, executive director of PUSH Buffalo.

Agenda
8:00am-
8:30am
Networking Breakfast
Hyatt Regency, Rochester, NY
8:30am-
9:15am
President's Speech on Workforce Development and the Regional Economy
Hyatt Regency, Rochester, NY
10:00am-10:30am Meeting with Lovely Warren, Mayor of Rochester
City Hall, Rochester, NY
10:45am-11:30am Rural Small Business Roundtable
PathStone Enterprise Center, Rochester, NY
11:45am-12:30pm Meeting with Dr. Anne Kress, President of Monroe Community College, and Todd Oldham, Vice President of Workforce & Economic Development, Monroe Community College
Rochester, NY
2:00pm-2:45pm Meeting with Christopher J. Schoepflin, Regional Director, Empire State Development Western New York & U.S.A. Niagara Development Corp., and Paul Dyster, Niagara Falls Mayor
Empire State Development, Western New York Regional Office, Buffalo, NY
3:00pm-4:00pm Open Buffalo City Tour & Discussion
Inner Harbor, Buffalo, NY
We need to help workers build the skills necessary to adapt to change. This makes workforce development a top priority for everyone involved: workers, their employers, their communities and the public sector, as well as education and job training institutions. We all need to share in the responsibility of helping people increase and maintain their skills.

Key Data Points
$103,200
Rochester
$185,500
United States
21.1%
Rochester
16.8%
United States
33.4%
Buffalo-Cheektowaga-Niagara Falls
28.7%
United States
17.3%
Buffalo-Cheektowaga-Niagara Falls
19.9%
United States
Dudley Kicks Off 2015 Tour in Northern New Jersey
President Dudley, right, with Newark Mayor Ras Baraka at Teachers Village. Photo courtesy of Tehsuan Glover, The Newark Times.

President William Dudley kicked off his outreach visits for 2015 in Northern New Jersey, where he met with business leaders, public officials, representatives from local community and economic development organizations and the academic community. This is the third time that President Dudley has visited Northern New Jersey since his regional outreach visits were launched in 2010.

His visit started with a stop at the New Jersey Performing Arts Center, where he gave a speech on the national and regional economy. He also toured Teachers Village, a public-private partnership with the goal of revitalizing downtown Newark, and Stevens Institute of Technology in Hoboken, where students now have the opportunity to earn a minor in Media Engineering and fill a current skills gap in the region. In addition, President Dudley met with Jersey City Mayor Steven M. Fulop, small business owners and nonprofit small business lenders.

Agenda
8:00am-
8:30am
Networking Breakfast
New Jersey Performing Arts Center
8:30am-
9:30am
President's Speech on the Regional and National Economy to the Business Community
New Jersey Performing Arts Center
10:00am-10:30am Meeting with RBH Group, the Newark Mayor's Office and New Jersey Economic Development Authority
Newark, NJ
10:30am-11:00am Tour of Teacher's Village
230 Halsey Street and 24 Maiden Lane, Newark, NJ
12:00pm-1:00pm Small Business Roundtable Luncheon with the Statewide Hispanic Chamber of Commerce of NJ
1:30pm-2:15pm Meeting with Steven M. Fulop, Mayor of Jersey City
City Hall, Jersey City, NJ
2:45pm-3:45pm Meeting with Nonprofit Small Business Lenders
Rising Tide Capital, Jersey City, NJ
4:00pm-4:45pm Meeting at Stevens Institute of Technology
Hoboken, NJ
With both commercial and residential rents, not to mention sales prices, high and rising in Manhattan, northern New Jersey has an opportunity to capitalize on its widening cost advantage by attracting companies and residents that value an urban location.

Key Data Points
22.2%
Northeastern NJ
26.3%
United States
14.9%
Northeastern NJ
19.9%
United States
Dudley Notes 'Optimism' on Second Visit to the Bronx
President Dudley with Dr. Gautam Sen, Dean of Lehman College's School of Natural and Social Sciences.

President Dudley traveled to the Bronx to meet with business owners, public officials, representatives from community and economic development groups and the academic community. This trip marks the second time President Dudley visited the borough as part of the New York Fed's outreach efforts in the Second District.

The last time President Dudley visited the Bronx was in October 2011. In contrast with that visit, President Dudley said that this time there is a much "greater sense of optimism" in the borough despite relatively high unemployment and low wages. He also noted that an important takeaway from this trip was the need to re-examine the application of the Community Reinvestment Act (CRA), which encourages banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods.

His visit included stops at OnForce Solar, a solar energy company, Montefiore Medical Center and WHEDco, a community development organization dedicated to restoring the South Bronx. Dudley also met with Bronx Borough President Ruben Diaz Jr. and the New York City Hispanic Chamber of Commerce. He ended the day with a "fireside chat" at Lehman College, where he answered questions from business and economics majors and faculty.

Agenda
8:00am-
9:00am
Roundtable Breakfast with members of the New York City Hispanic Chamber of Commerce
9:30am-
9:55am
Meeting with Charles Feit, President and Founder, OnForce Solar
9:55am-10:15am Tour of OnForce Solar facilities
10:30am-11:00am Meeting with Roberto S. Garcia, Senior Director of Community Relations and CEO/Executive Director, Mosholu Preservation Corporation
11:00am-11:30am Meeting with Dr. Steven Rafyer, President, Montefiore Medical Center
12:00pm-1:00pm Lunch Meeting with Bronx Borough President Ruben Diaz Jr. and Marlene Cintron, President, Bronx Overall Economic Development Corporation
1:30pm-2:00pm Meeting with Nancy Biberman, President, WHEDco
2:00pm-2:30pm Tour of WHEDco's Child Care and Kitchen Microenterprises
3:00pm-4:00pm President's Fireside Chat at Lehman College to business and economics students and faculty
4:00pm-4:30pm Reception at Lehman College
The glass is half full...and I haven't said that in quite some time.
-President Dudley
Fireside Chat at Lehman College

Key Data Points
8.7%
Bronx
26.3%
United States
9.2%
Bronx
2.9%
United States
$34,245
Bronx
$50,221
United States
22.6%
Bronx
19.9%
United States