Syracuse Metro Economic Indicators

Located in Central New York, the Syracuse metropolitan area is home to more than 650,000 people. Growth in the area has been sluggish for a number of decades, with little increase in population or employment. Like OSWEGO Syracuse other parts of upstate New York, the Syracuse economy was historically Metro Area centered on manufacturing, with companies such as Carrier, General Electric, and Lockheed Martin serving as major employers. Though manufacturing remains important to the area, the service sector has Syracuse  emerged as the region’s main source of job creation. In particular, growth MADISON in the education and health sector has been a stabilizing force, with the ONONDAGA Upstate Medical University and Syracuse University now the area’s largest employers.

SYRACUSE ROCHESTER* UTICA* NEW YORK STATE USA

Population 2019 649,000 1,070,000 290,000 19,454,000 328,240,000

Population growth 2019, 10-year change -1.9% -0.8% -3.0% 0.8% 7.0%

GDP 2019, billions $43 $65 $14 $1,772 $21,433

Job growth 2019, 5-year change 2.8% 3.2% 2.4% 7.4% 8.6%

Median household income 2019 $60,000 $60,700 $57,100 $71,600 $65,000

Median home price 2019 $140,000 $145,000 $130,000 $320,000 $230,000

Population share age 25+ with BA+ 2019 32.5% 37.1% 27.0% 37.8% 33.1%

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; IPUMS USA-University of Minnesota. Data retrieved through data.census.gov, Moody's Economy.com, or directly from source. *Note: These are neighboring metro areas.

Annual Employment Change by Metro Area Percent 12

r August 2021 h m v c i c a 9 t s D s n

s t s y o W t P u r e - i n - e t t d P d C s o n r - e a l n

6 l s n t t l s e s k k a n w M u t a l r S s

m c d d

o o s F o s l e o k c a y l I R t H t d r e a e r a - h Y - h s a s i a n e a

3 a r c h e g f c f i g n t r g n a g c t r i a f c t w w n i i n g e b n y n a m n h l l u t o i r u e r e i l o a t 0 U W I G A S B U R B E L O F D K N B N n c O -

-3 h t

-2.1 n M

-6 - x s l d

-9 M

-12

-15 Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Note: Data are early benchmarked by New York Fed staff. Note: Employment change calculated as last 12 months over previous 12 months.

Unemployment Rate by Metro Area Percent 15 July 2021

9 r

6 5.8 h m v c i n c a t c D s s n

t s O s y o W - t u P r e - i n - t h e t d P d t C s o e r - n a n l

l s n t t n l e s s k k a w M 3 n t u a r l S s c d m d M

o o s l o F s k o e - c a t l y R t H I d r e a e

r a x Y - h - h i a s s n a e a r a h c e g f s f c i g n t g r n a g l t r c i f c a t w w n i i n g e n b y n a m d n u t l i o l h e r u r e i l a o t 0 U W B U E G B S R A I N F O K L D B N M Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.

Population Employment Thousands Thousands 667 330

662 310 299 657 Aug

290

652

270 647 646 2020

642 | | | | | | | | | | | | 250 | | | | | | | | | | | | 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Sources: U.S. Census Bureau; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com; New York Fed calculations.

Labor Force Unemployment Rate Thousands Percent 340 18

15 330 12

320 9

5.8 6 Jul 310 304 3 Jul

300 | | | | | | | | | | | | 0 | | | | | | | | | | | | 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.

Education & Health Employment Retail Trade Employment Thousands Thousands 70 39

37 64 61 2020 35

52 31 31 2020

46 | | | | | | | | | | | | 29 | | | | | | | | | | | | 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.

Manufacturing Employment Professional & Business Services Employment Thousands Thousands 46 37

40 35 34 2020

34 33

28 31 24 2020 22 | | | | | | | | | | | | 29 | | | | | | | | | | | | 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.