As a business owner, it’s important to stay up to date on the growth and success of businesses in your community. A business that earns $100,000 per year should sell for $200,000-$300,000 overall, so if your business is growing towards that figure, it’s a good sign. If you’re based in Rochester, you may be wondering how your local businesses are faring. Is the city experiencing growth, or are businesses struggling to stay afloat?
Rochester’s Growth
In the Rochester and Finger Lakes region, job growth and expansion have continued across certain sectors. In 2020, Greater Rochester Enterprise (GRE) facilitated 34 projects, resulting in over $500 million of new capital, leading to over 2,000 new jobs, and the retention of over 1,500 jobs. These investments were made in industries such as energy, manufacturing, software development, and new packaging facilities. GRE recorded investments that were over double what they saw in 2019, and these investments came from both local companies and new players in the region. In 2021, GRE is working on over 70 expansion and attraction opportunities across a range of industries, including advanced manufacturing, food and beverage processing, software and information technology, business services, and energy innovation.
One company that has made significant investments in the area is Li-Cycle, a Canadian-based lithium-ion battery resource company. In 2020, Li-Cycle invested $175 million to support a recycling center at Eastman Business Park, making 100 new jobs. This was one of two investments made by the company in the region in 2020; earlier in the year, they invested $23 million and made 23 new jobs.
Another company that has contributed to job growth in the area is Greenlight Networks, which invested $46.8 million to create a state-of-the-art headquarters located in Rochester. This investment resulted in the creation of 93 new jobs and the retention of 78 jobs.
Gorbel, a manufacturing company, also made an investment of $3 million to increase its presence and capabilities in the region, resulting in the creation of 61 new jobs and the retention of 15 jobs.
Other Evidence of Growth
Other companies that made significant investments in the Rochester and Finger Lakes region in 2020 include GreenLight Biosciences, ProAmpac, Seneca Dairy Systems, and Calero-MDSL. These investments were made in industries such as RNA-based solutions for agriculture and healthcare, agricultural manufacturing, and technology expense and market data management solutions.
Overall, it seems that the Rochester and Finger Lakes region has experienced strong growth and expansion in certain sectors, thanks in part to the efforts of organizations like GRE and the investments of both local and new companies. It will be interesting to see how this trend continues in the coming years, and what new opportunities and challenges may arise for businesses in the region.
A Note on Business Growth in General
It’s worth noting that there are currently more than 157 million Americans who take part in the U.S. workforce. This is a large pool of talent and resources that businesses can tap into, and it’s likely that many Rochester businesses are taking advantage of this. It’s also possible that businesses in the area are benefiting from the overall strength of the U.S. economy, which has been relatively robust in recent years.
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What is Rochester’s Business Future?
The best news Rochester has to offer is that it’s a dynamic place to do business now. Overall, it’s difficult to make sweeping statements about the growth and success of all businesses in Rochester. There are likely some businesses that are thriving, while others may be struggling. It’s important for business owners to stay informed about local economic conditions and be proactive in addressing any challenges they may face. With the right strategies and support, it’s possible for businesses in Rochester to thrive and contribute to the overall growth and success of the community.
