SYRACUSE RESEARCH EXPANSION
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Syracuse Research Finds Answer to Growth: New Building

The question for Syracuse Research Corporation was “How do we keep step with our company's recent growth?” The answer is a new two-story, 120,000-square-foot building in Syracuse, which will provide additional space for approximately 350 employees when completed.

Construction is already underway on the new building. The first phase of construction should be finished by January 2007, with final completion targeted for March 2008.

Bob Roberts, Syracuse Research Corporation president & CEO says, “Central New York has a corridor of radar excellence and technological innovation. Many great companies call Syracuse home, and the products and services they produce are nationally significant. I've also seen a work ethic here that is unmatched anywhere in the country. Syracuse Research Corporation is pleased to be bringing economic development to the area and is looking forward to another 50 years of success.”

Syracuse Research Corporation is a not-for-profit, independent, research and development organization providing technology for defense, intelligence and civil clients, including the Environmental Protection Agency, Army, the U.S. Air Force, the Center for Disease Control, and the Department of Homeland Security. Over the last decade, the corporation's employment has risen from 190 to over 750 people in 11 offices across the United States. At this time, approximately 450 employees are based in Central New York, with more than 200 positions available nationwide.

Raymour and Flanigan Furniture Gets Really Comfortable, Plans Huge Expansion

The retailer's growth in metro New York, New Jersey and New England means growth locally, too. Raymour and Flanigan Furniture will pump $24.3 million-and create 120 jobs-to expand its distribution center in Liverpool, just outside Syracuse in Onondaga County. The center, its corporate offices, three stores and customer service center already employ 213 local associates, giving the company a total force of 366 in the Greater Syracuse area-or, 486 post expansion.

“Raymour and Flanigan is one of the fastest growing furniture retailers in the U.S. [the ninth largest conventional furniture and bedding retailer in the U.S. by revenue], and their decision to expand in Liverpool is great news for Onondaga County and New York State,” said Governor George Pataki, announcing the company's plans. “My thanks to the company for their commitment to keeping and creating jobs in New York State, a truly great place to do business.”

Pataki and Empire State Development (ESD) showed their thanks in another important way: In consideration of Raymour and Flanigan Furniture's commitment to New York State, the company will be designated as part of an Empire Development Zone, making it eligible for some of the state's economic development programs. In fact, Raymour and Flanigan is now eligible to apply to ESD for a $600,000 capital grant, which it will use to purchase new machinery and equipment for the expanded facility.

And what an expanded facility it will be! The distribution center will grow by a whopping 380,600 square feet, brining the total to 583,600 square feet-and that excludes the other buildings on the campus. The new space will be used for furniture distribution functions, as well as to house the company's new e-commerce division and to triple the size of its corporate-wide plastic and cardboard recycling center. The entire Liverpool project is tentatively scheduled for completion by the end of 2006.

Raymour and Flanigan currently employs over 3,200 associates at 57 retail stores, plus four Clearance Centers, 14 Customer Service Centers and two Distribution Centers in six states across the Northeast.

Get More News Faster: Expanded Newsletter Available by E-mail

To stay current on economic news in Syracuse that could help your company, get SuccesSyracuse by e-mail. Contact Greg Hitchin at GregoryHitchin@ongov.net. You can also read the expanded version by simply going to SyracuseCentral.com, clicking on “News & Events,” and downloading the current newsletter.

The Economic Forecast for Syracuse: Sunny

We could have said “hot,” but that might result in Analogy Overload (see “Syracuse Shows What Happens to Hot Things” article).

The trend is definitely looking up, however, for businesses in Syracuse. And while predicting the future is an imperfect science, over 100 members of the Syracuse business and professional community recently gave it a shot. They met with the Syracuse Chamber of Commerce to reflect upon business in the year 2005, discuss current trends within their sectors, and predict what twists and turns they think the economy will take during 2006.

Perhaps most notable is news from the construction and real estate arena. Out-of-town buyers continue to find both commercial and residential property in Syracuse attractive, with large investments coming from a number of sources. Housing prices are expected to level off, and a buyer's market is emerging. In education, the increase in local technical and technology jobs has been a boon for the several nearby colleges and universities that act as a feeder for high-tech companies. Experts see more collaboration and participation between institutions and employers on the horizon. In finance and insurance, business investment has been strong the past two years. Not surprisingly, insurance and banking have shown good profitability. Both sectors remain optimistic, with banks projecting 5% growth in commercial loans, homebuilding construction expected to continue at a moderately strong pace, and employment in both sectors expected to be stable. From local government's perspective, strong residential construction has helped build city and suburban tax bases, with numerous large projects, both pending and underway-such as the Syracuse Center of Excellence for Environmental and Energy Systems-causing much anticipation and excitement. The healthcare industry is beginning to see some greatly improved efficiencies and cost savings due to technology enhancements across the board, with stable job growth predicted. In addition, the manufacturing, sales/service and tourism/recreation industries all have positive outlooks…

…which is why we think you should be looking at Syracuse.

Syracuse Shows What Happens to Hot Things (They E x p a n d)

It might still be spring, but Syracuse is definitely hot! (And, we promise, that's the last “hot” analogy for this newsletter.) For the second straight year, Expansion Management magazine has ranked us as one of the top 50 hottest cities for expansion in the country.

The magazine surveyed more than 80 site-location consultants to determine which cities their clients find most attractive when it comes to selecting an expansion or relocation site out of the nation's more than 360 metropolitan statistical areas. The consultants, whose identities remain confidential, were asked to take into consideration factors such as business climate, work force quality, operating costs, incentive programs and the ease of working with the local political and economic development establishment.
The survey goes on to list 10 important qualities that a good expansion city must have-which makes sense to us, since Syracuse scores a perfect 10:

• Geography

• Transportation infrastructure.

• Work force quantity

• Work force quality

• Good business climate

• Business-friendly environment

• Regulations and bureaucracy

• Labor environment

• Reasonable living costs

• Incentives
  

At the end of the article, the authors state that “if you can answer 'yes,' or even 'sort of,' to each of these questions, then you've found yourself a good potential location.”
In other words, look no further! Your company's perfect expansion partner is right here: Syracuse. Got expansion questions? We say, Yes!

Following Up: Syracuse University Makes it Downtown

In our last newsletter, we mentioned that Syracuse University was in the process of establishing a presence in downtown Syracuse. The university had purchased a former downtown Syracuse warehouse, intending to transform it into a multi-use space, including a temporary home for the School of Architecture (while its permanent home, Slocum Hall on the main campus, is being renovated) and studio space for S.U.'s College of Visual and Performing Arts' communications design and advertising design departments.

We're happy to report that over 600 students, faculty and staff now infuse the area, daily, with their energy and enthusiasm. We're even happier to report that there's more exciting campus/community news coming-think “Connective Corridor”-but we'll save that for the next issue!

A Starbucks Card for Your Thoughts

Just tell us what you think about our newsletter and you will receive a complementary Starbucks Card loaded with $5.00. Simply be one of the first 100 people to visit SyracuseCentral.com/survey by June 16 and answer a few quick questions. Complete details at www.SyracuseCentral.com/survey.

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