As the nation is trying to make sense of the economic slump, analysis has uncovered surprising discoveries. At times, economists may disagree about the implications of such discoveries, but while there may be uncertainty, I am unwilling to let them go without review and contemplation as to how New York can apply those to our own efforts toward economic and job recovery.
Unemployment figures this year have hovered around 9 percent, and currently stand at 8.6 percent. Yet, over an 18-month stretch, the number of vacant positions has grown by 35 percent, with over half-a-million unfilled positions in manufacturing. Some attribute this to employers’ unwillingness to hire in a “sluggish” economy, but is this the whole picture?
Some job-growth proponents argue that the worry over an uncertain economy is not revealing the entire story. The Kauffman Foundation, a non-profit organization focused on advancing entrepreneurial growth, conducted a survey of the fastest-growing, privately-held companies in the nation, and they highlighted a bigger concern.
Of these expanding companies, many of which are manufacturers, 40 percent said it is not their unwillingness to hire, but rather their difficulty finding talented and well-qualified workers that has led to such high job-vacancy numbers. Some businesses reported that this deficiency in the workforce is hindering their ability to grow and increase revenue, with one company saying it is costing them millions in potential revenue.
If this is part of the national unemployment picture, what does it mean for New York? Our Empire State has undoubtedly suffered large blows to its manufacturing industry, but steps are being taken to remedy this through New York’s “Open for Business” statewide investment initiative. New York is intensely refocusing its economy on producing more wealth-generating exports, putting the spotlight back on manufacturing and tech-manufacturing.
New York’s pool of skilled workers is unrivaled in education and training. Our state must continually bridge the training and education gap that exists between employers and workers. Almost $1 million in state funds are being invested in worker training programs at SUNY IT, Herkimer County Community College and others to advance the Mohawk Valley region’s economic climate. It’s an opportune time to capitalize on New York’s talent in order to court and attract businesses upstate.
Where other states lack, New York excels – specifically in regard to our outstanding workforce. We must be willing to put our best assets forward and do more to lift growth-inhibiting red tape and regulation to draw new jobs and capitalize on this opportunity to boost our upstate economy.
As ranking minority member of the Assembly’s Economic Development, Job Creation, Commerce and Industry Committee, I’d like to further explore this concept. I invite our local small businesses and manufacturers to contact me. Let me know what stands in your way to success and being a job creator in New York State.
Feel free to e-mail your ideas to butlerm@assembly.state.ny.us or call my Herkimer office at (315) 866-1632 or my Johnstown office at (518) 762-6486.