Regional Visits

The New York Fed president 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 the New York Fed president 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
  • Community development

Explore past outreach trips below.

2024 Regional Visits
Destination
Date
Long Island
February 28
North Country
May 28-29
Southern Tier
October 10-11

Contacts
Shawn Phillips
Head of External Engagement
shawn.phillips@ny.frb.org

Andrea Grenadier
Associate Director of External Engagement
andrea.grenadier@ny.frb.org
Past Visits, 2010-2014
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 Williams Visits Long Island

On February 28, President John C. Williams traveled to Long Island to meet with leaders in government, business, education, and community development. This daylong regional visit included meetings with stakeholders in Farmingdale, Garden City, and Hempstead, as well as a site visit to D’Addario & Co., a maker of musical instrument accessories. President Williams also delivered remarks and participated in a moderated discussion covering the economic outlook and monetary policy at an event at the Cradle of Aviation Museum.

See the media advisory, agenda, and event photos for more details.

Agenda
Wednesday, February 28, 2024
9:45am–
10:10am
Discussion with Suffolk County Department of Economic Development and Planning
10:10am–
11:00am
Site Visit to D'Addario & Co.
11:35am–
12:30pm
Roundtable with Long Island Business Leaders
12:35pm–
1:30pm
Economic Outlook Speech and Moderated Discussion at Cradle of Aviation Museum
2:30pm–
3:30pm
Meeting with Hofstra University Leadership
4:00pm–
5:00pm
Discussion with Community Development Stakeholders
President Williams Visits the U.S. Virgin Islands

On May 15 and 16, President John C. Williams traveled to the U.S. Virgin Islands (USVI) to meet with leaders in government, business, education, and community development. This regional visit included meetings on the islands of St. Croix and St. Thomas, as well as a site visit to the Cruzan Rum Distillery. It concluded with an event at the University of the Virgin Islands, where President Williams participated in a moderated discussion on the economic outlook and monetary policy.

In this article, we share the key themes that emerged in these meetings and discussions.

See the media advisory, agenda, and our Twitter feed for more details.

Agenda
Monday, May 15, 2023
9:00am-
10:00am
St. Croix Business Leaders Roundtable
10:30am-
11:20am
Virtual Discussion with St. John Business and Community Leaders
11:50am-
1:20pm
Discussion with St. Croix Community Development Stakeholders
2:00pm-
2:30pm
Meeting with Senior Staff of Governor Albert Bryan, Jr.
3:00pm-
4:00pm
Site Visit to Cruzan Rum Distillery
Tuesday, May 16, 2023
10:35am-
11:25am
Discussion with St. Thomas Community Development Stakeholders
12:15pm-
1:00pm
Moderated Discussion at the University of the Virgin Islands
President Williams Meets with Stakeholders Across Fairfield County

On March 31, President John C. Williams traveled to Fairfield County, Connecticut, to meet with leaders in government, business, education, and community development. This daylong regional visit included meetings with stakeholders in Stamford, Norwalk, and Bridgeport, and concluded with an event with students from Housatonic Community College, where President Williams delivered remarks and participated in a moderated discussion on the economy and monetary policy.

In this article, we share the key themes that emerged in these meetings and discussions.

See the media advisory, agenda, and our Twitter feed for more details.

Agenda
Friday, March 31, 2023
9:00am-
9:45am
Meeting with Mayor of Danbury, Mayor of Stamford, and Western CT Council of Governments
10:15am-
11:20am
Roundtable with Fairfield County Business Leaders
11:45am-
1:15pm
Discussion on Challenges for Long-Term Unemployed
1:30pm-
2:30pm
Discussion on Climate Resiliency and Decarbonization Initiatives
3:00pm-
3:45pm
Economic Outlook Speech and Moderated Discussion at Housatonic Community College
President Williams Meets with Stakeholders Across Buffalo

On October 6-7, President John C. Williams traveled to Buffalo to meet with leaders in government, business, and community development. He participated in a moderated discussion and answered questions from students on the economic outlook for the U.S., the regional economy, and monetary policy as part of an event with SUNY Buffalo State.

In this article, we share the key themes that emerged in these meetings and discussions.

See the media advisory, agenda, and our Twitter feed for more details.

Agenda
Thursday, October 6, 2022
9:00am-
9:45am
Meeting with Mark C. Poloncarz, County Executive, Erie County
10:30am-
11:30am
Peace Bridge Site Visit and Discussion
11:50am-
1:10pm
Buffalo Tech Hub Lunch and Site Visit
1:10pm-
1:40pm
East Side of Buffalo Neighborhood Tour
1:40pm-
2:40pm
Affordable Housing and Capital Strategy Discussion
2:40pm-
3:00pm
Brief Tour of Northland Workforce Training Center
Friday, October 7, 2022
8:30am-
9:30am
Employ Buffalo Niagara / Greater Buffalo Racial Equity Roundtable Breakfast Discussion
10:00am-
10:45am
Fireside Chat followed by a Moderated Q&A, SUNY Buffalo State
President Williams Meets with Stakeholders Across Puerto Rico

On July 7-8, President John C. Williams traveled to Puerto Rico to meet with leaders in government, business, education, and community development. He delivered remarks and answered questions on the economic outlook for the U.S., the regional economy, and monetary policy as part of an event with University of Puerto Rico - Mayagüez.

In this two-part series, we share what we learned on the 2022 regional visit to Puerto Rico. Part one centers on takeaways from engagements in the San Juan metropolitan area, and part two focuses on the island’s west coast.

See the media advisory, agenda, and our Twitter feed for more details.

Agenda
Thursday, July 7, 2022
9:00am-
9:30am
Meeting with Governor Pedro R. Pierluisi and Department of Economic Development and Commerce Officials
9:50am-
10:40am
Small Business and Entrepreneurship Roundtable Discussion
11:10am-
12:00pm
Meeting with Puerto Rico Bankers Association Members and Natalia I. Zequeira Diaz, Commissioner, Office of the Commissioner of Financial Institutions
12:45pm-
2:00pm
Meeting with Cooperativa Leaders and the Public Corporation for the Supervision and Insurance of Cooperatives of Puerto Rico
2:45pm-
3:40pm
Site Visit: Community Development in Loíza, Puerto Rico
Friday, July 8, 2022
8:30am-
9:15am
Aeronautical & Aerospace Institute of Puerto Rico Roundtable Discussion
9:15am-
9:55am
Site Visit: Aerospace Industry Facilities
11:00am-
11:45am
Economic Outlook Speech followed by Moderated Discussion at University of Puerto Rico - Mayagüez
President Williams Makes Virtual Visit to Northern New Jersey

The first virtual regional visit of 2022 focused on the northern New Jersey region. Over two days, President Williams participated in virtual meetings with the governor and local leaders of businesses, nonprofits, and community groups. He also delivered remarks and took questions on the economic outlook and monetary policy as part of an event with New Jersey City University. See the media advisory and agenda for details.

Agenda
Thursday, February 17, 2022
9:00am-
9:55am
Newark Anchor Collaborative Roundtable Discussion
10:30am-
11:00am
Meeting with New Jersey Governor Phil Murphy
1:00pm-
1:50pm
Meeting with Community Development and Health Leaders
3:30pm-
4:25pm
Western New Jersey Business Roundtable Discussion
Friday, February 18
9:30am-
10:25am
Meeting with the Port Newark-Elizabeth Marine Terminal Officials
11:00am-
11:45am
Economic Outlook Speech followed by Q&A Session (hosted by New Jersey City University)
President Williams Makes Virtual Visit to North Country

The final regional visit of 2021 focused on New York’s North Country. Over two days, President Williams participated in virtual meetings with county legislators, area business leaders, and representatives of healthcare and higher education. He also offered remarks and took questions from attendees at an event hosted by St. Lawrence University. See the media advisory and agenda for details.

Agenda
Tuesday, September 7, 2021
2:30pm-
3:30pm
North Country County Legislators Conversation
4:00pm-
5:00pm
North Country Business Roundtable Discussion
5:30pm-
6:00pm
North Country Broadband Discussion
Wednesday, September 8
1:15pm-
2:00pm
Economic Outlook Speech followed by Q & A Session (hosted by St. Lawrence University)
4:00pm-
5:00pm
Rural Community Development Engagement
President Williams Makes Virtual Visit to Staten Island

For his second regional visit of the year, President Williams took part in a series of virtual engagements focused on Staten Island. Over three days, he met with the borough president, small business owners, community leaders, and government officials overseeing storm resilience. He also participated in a Q&A session at the College of Staten Island. See the media advisory and agenda for details.

Agenda
Tuesday, June 22, 2021
2:30pm-
3:15pm
Meeting with James Oddo, Staten Island Borough President
3:30pm-
4:45pm
A Shifting Landscape for Economic Development in Staten Island
Wednesday, June 23
1:10pm-
2:10pm
Climate Resiliency and Adaptation
Thursday, June 24
9:30am-
10:30am
Community Development Roundtable Discussion
11:00am-
12:00pm
Fireside Chat hosted by the College of Staten Island
President Williams Makes Virtual Visit to Syracuse and Central New York

Virtual regional visits continued in 2021, and the year’s first was focused on Syracuse and Central New York. President Williams met with elected officials and leaders of local businesses, nonprofits, and community groups, and took part in a moderated discussion hosted by the area’s higher education institutions. See the media advisory and agenda for details.

Agenda
Tuesday, March 23, 2021
11:00am-
12:00pm
Meeting with Syracuse Mayor Ben Walsh and Onondaga County Executive Ryan McMahon
2:45pm-
4:00pm
Roundtable Discussion with Central New York Business Leaders
Wednesday, March 24
9:30am-
10:25am
Rural Development Roundtable Discussion
1:30pm-
2:30pm
Fireside Chat Hosted by Syracuse University and Onondaga Community College
Thursday, March 25
10:30am-
11:25am
Community Development Roundtable Discussion
President Williams Makes Virtual Visit to Rochester

President Williams’s third and final virtual regional visit of 2020 was to Rochester. In a series of meetings, he engaged with the mayor, local business leaders, representatives from the region’s healthcare sector, and heads of nonprofit and philanthropic organizations. See the media advisory and agenda for details.

Agenda
Wednesday, September 23, 2020
10:00am-
11:00am
Roundtable Discussion with Rochester Business Leaders
Thursday, September 24
2:30pm-
3:15pm
Meeting with Rochester Mayor Lovely Warren
4:30pm-
5:30pm
Impact of COVID-19 on the Region’s Health System
Friday, September 25
9:00am-
9:55am
Meeting with Community Development and Nonprofit Leaders
3:10pm-
3:55pm
Young Adult Perspectives on the COVID-19 Job Market
President Williams Makes Virtual Visit to Long Island

During the New York Fed’s second virtual regional visit, President Williams met with members of Long Island’s business community, the county executives for Nassau and Suffolk, and representatives from area nonprofits. He also shared insight on the pandemic’s effect on the local economy at a public event hosted by Stony Brook University. See the media advisory and agenda for details.

Agenda
Wednesday, May 27, 2020
11:00am-
12:00am
Long Island Business Roundtable Discussion
3:00pm-
3:45pm
Meeting with Nassau County Executive Laura Curran
Thursday, May 28
9:30am-
10:15am
Nonprofit Community Stakeholder Roundtable Discussion
11:00am-
11:45am
Fireside Chat Hosted by Stony Brook University
3:15pm-
4:00pm
Meeting with Suffolk County Executive Steve Bellone
President Williams Makes Virtual Visit to Queens

Queens was the first regional visit scheduled for 2020, and when in-person events were canceled due to the COVID-19 pandemic, the New York Fed initiated its first virtual visit. Over a round of videoconferences and conference calls, President Williams met with community leaders, small business owners, transportation sector officials, and representatives of a community development financial institution to hear how the pandemic was affecting residents and businesses in the borough. See the agenda for details.

Agenda
Friday, March 20, 2020
10:40am-
11:30am
Discussion with Greater Jamaica Development Corporation
12:10pm-
1:25pm
International Small Business Roundtable Discussion
3:30pm-
4:30pm
Long Island City Business Roundtable Discussion
Wednesday, April 15*
10:00am-
11:00am
Meeting with Port Authority Senior Management
*Rescheduled to April 15 due to the disruption of the COVID-19 pandemic in March.
President Williams Tours New Jersey
Hearing how the healthcare and housing sectors are collaborating to bridge the gap between health outcomes and housing policy from leaders at New Jersey Community Capital and RWJ Barnabas Health.

Learn where President John C. Williams went and who he met with while on his regional visit to New Jersey, in the Twitter feed below.

When I talk to government, nonprofits and other people in our conversations, we all need to be thinking about how do we create policies… that tries to support economic development not just in the big cities, but some of these smaller or medium cities. If we really want to keep those regions or cities to continue to be strong and vibrant
-President Williams
Asbury Park Press
Agenda
November 1, 2019
8:00am-
8:50am
Asbury Park Community and Economic Development Discussion
9:45am-
10:45am
Discussion with New Jersey’s Heads of Economic Development, Labor & Workforce Development and Higher Education
12:00pm-
1:00pm
Lunch Discussion with Newark Anchor Collaboratives
1:15pm-
2:00pm
Healthy Housing and Communities Initiative
2:15pm-
3:15pm
Rutgers-Newark School of Business Discussion
President Williams Visits the Hudson Valley and Albany
President John C. Williams tours SUNY Polytechnic Institute, College of Nanoscale Engineering and Technology Innovation, in Albany, New York, on July 11, 2019.

Learn where President John C. Williams went and who he met with while on his regional visit to the Hudson Valley and Albany, in the Twitter feed below.

People’s experiences are influenced by the macro level, but their local economy plays an equal, and often more important role in shaping their economic opportunity.
-President Williams
A Tale of Many Economies
Agenda
July 10, 2019
8:40am-
9:25am
Site Visit: Greyston Bakery
10:40am-
11:40am
Regional and Local Community Development Discussion at Hudson Valley Pattern for Progress
12:15pm-
1:15pm
Lunch Discussion with CEOs from Advanced Manufacturers
1:45pm-
2:15pm
Equitable Growth Discussion and Walking Tour of Kingston, New York
2:20pm-
3:05pm
Kingston and Hudson Valley Economic Development Discussion
3:50pm-
4:50pm
Agriculture Meeting and Site Visit: Farm to Table Movement
July 11, 2019
8:45am-
9:30am
Site Visit: Regeneron Pharmaceuticals, Inc.
9:45am-
10:45am
Meeting and Site Visit: SUNY Polytechnic Institute, College of Nanoscale Engineering and Technology Innovation
11:10am-
12:00pm
Stages of Small Business Development Interactive Discussion
12:15pm-
1:15pm
Roundtable Lunch Meeting with Representatives from the Capital Region’s Regional Economic Development Council
1:30pm-
2:10pm
Regional Economy Speech: A Tale of Many Economies
President Williams Meets With Local Leaders Across Manhattan
President Williams, center right, discusses the work of the Community League of the Heights with Executive Director Yvonne Stennett and staff.

Learn where President John C. Williams went and who he met with while on his regional visit to Manhattan, in the Twitter feed below. See our Medium summary for a more in-depth look at this visit.

Agenda
May 17, 2019
8:00am-
10:15am
Site Visit: Hudson Yards
10:25am-
11:15am
Team travels to Community League of the Heights
12:15pm-
1:15pm
Lunch and Site Visit: Advanced Science Research Center, The City College of New York
2:00pm-
2:45pm
Equitable Growth Meeting in Chinatown
3:00pm-
3:45pm
Meeting with Metropolitan Transportation Agency Leadership
President Williams Visits Puerto Rico and the U.S. Virgin Islands
President Williams, left, discusses the work of the Ricky Martin Foundation with executive director Bibiana Ferraiuoli.

Learn where President John C. Williams went and who he met with while on his regional visit to Puerto Rico and the U.S. Virgin Islands, in the Twitter feed below. See our Medium summary for a more in-depth look at this visit.

Agenda
March 28, 2019
10:10am-
11:00am
Site Visit: Community Development in Loíza, Puerto Rico
11:45am-
12:45pm
Lunch Meeting with Puerto Rico Bankers Association Members and George Joyner, Commissioner, Office of the Commissioner of Financial Institutions
1:05pm–
2:10pm
Moderated Discussion with Puerto Rico Chamber of Commerce Members
2:30pm-
3:25pm
Roundtable Discussion Small Business and Entrepreneurs
March 29, 2019
8:30am–
9:15am
Meeting with US Virgin Island Governor Albert J. Bryan, Jr.
9:25am–
10:05am
Site Visit: My Brother’s Workshop
10:30am–
11:25am
Roundtable Discussion: Disaster Recovery and Response Update
11:40am–
12:50pm
Lunch Meeting with USVI Business Community Members
President Williams Goes Uptown to the Bronx
President John C. Williams tours Baldor Specialty Foods in Bronx, New York, with Michael Muzyk, president of the company, on November 19, 2018.

Learn where President John C. Williams went and who he met with while on his regional visit to Bronx, New York, in the Twitter feed below.

What I’m hearing is excitement about the future. Excitement about what are the opportunities to make our communities stronger and healthier—to help small businesses grow, to get people the jobs and education and training they need...
-President Williams
in Bronx, New York
Agenda
Nov. 19, 2018
8:30am-
9:20am
Meeting and Site Visit with Baldor Specialty Foods and NYC Economic Development Corporation Leadership
9:40am-
10:25am
Meeting and Site Visit with Per Scholas Leadership
10:45am-
12:05pm
Moderated Discussion at the Bronx Museum of the Arts
12:15pm-
1:15pm
Lunch meeting with Ruben Diaz, Jr., Bronx Borough President and Marlene Cintron, Director, Bronx Overall Development Corporation
2:00pm-
2:45pm
Meeting with Steven M. Safyer, MD, President & CEO, Montefiore Medicine
3:15pm-
4:00pm
Meeting with HERE to HERE Leadership and Young Adults
President Williams Takes a Closer Look at Western New York
President John C. Williams, center, tours Northland Workforce Training Center in Buffalo, N.Y., on Sept. 6, 2018.

Learn where President John C. Williams went and who he met with while on his regional visit to Buffalo and Niagara Falls, New York, in the Twitter feed below.

What’s interesting here [in Western New York] are the challenges because of the region’s strong manufacturing past—and thinking how do you leverage that, and what are going to be the long-term growth drivers?
-President Williams
in Buffalo, New York
Agenda
Sept. 5, 2018
12:30pm-
1:30pm
City of Buffalo Tour
2:00pm-
3:00pm
Meeting with Leaders from Niagara Falls and Niagara County
3:05pm-
3:50pm
Tour and Overview of Niagara Falls State Park Infrastructure Investment
4:00pm-
4:45pm
Meeting with Todd Gates, President, Seneca Nation of Indians
5:30pm-
5:50pm
Site Visit: HarborCenter in Buffalo
6:00pm-
7:15pm
Dinner Meeting with Executive Leadership of Buffalo Niagara Partnership
Sept. 6, 2018
8:00am-
9:05am
Breakfast Meeting with Employ Buffalo Niagara & Racial Equity Roundtable
9:15am-
10:00am
Site Visit: Northland Workforce Training Center with Mayor Byron Brown, City of Buffalo
10:10am-
11:35am
Fireside Chat at the Buffalo Niagara Medical Campus
12:00pm-
1:10pm
Lunch Meeting with Buffalo Niagara Community Reinvestment Coalition
President Williams Tours Brooklyn on His First Regional Visit
President John C. Williams, second from left, tours Industry City, a waterfront warehouse complex that has been redeveloped for light manufacturing, retail, and office space in Brooklyn, New York, on July 11, 2018.

Learn where President John C. Williams went and who he met with while on his first regional visit to Brooklyn, New York, in the Twitter feed below.

What should economists be spending their time on? Mostly risk scenarios. This is critical to policy making. Learn the lessons from the past and apply them to the future.
-President Williams
in Brooklyn, New York
Agenda
9:30am-
10:45am
Roundtable Discussion with Business Leaders at Brooklyn Chamber of Commerce
11:00am-
11:30am
Meeting with Eric Adams, Brooklyn Borough President
12:00pm-
1:00pm
Industry City Site Visit and Lunch Meeting
1:45pm-
2:30pm
P-TECH IBM Partnership Site Visit and Meeting
2:45pm-
3:45pm
Meeting with Community Development Stakeholders at Bedford-Stuyvesant Restoration Corporation
4:30pm-
5:30pm
Town Hall at Brooklyn Law School
President Dudley Visits Hurricane-Ravaged Puerto Rico and the U.S. Virgin Islands
President Dudley tours Puerto Rico’s Caño Martin Peña neighborhood with Lyvia N. Rodriguez-Del Valle, Executive Director of Corporación ENLACE del Caño Martin Peña, to learn about recovery efforts.

In the first regional visit of 2018, President Dudley and New York Fed staff traveled to Puerto Rico and the U.S. Virgin Islands (USVI) to meet with local nonprofit, government, and business leaders to understand economic conditions and recovery efforts in the aftermath of Hurricanes Irma and Maria. The devastation of these storms resulted in significant setbacks to areas facing fiscal and economic challenges.

The two-day visit began in St. Thomas with a dialogue with community leaders about ongoing efforts to assist the elderly, families, and children impacted by the hurricanes, followed by a visit to a housing development completely destroyed by Hurricane Maria. President Dudley then met with U.S. Virgin Island’s Governor Kenneth Mapp to learn about the territory’s recovery efforts. The visit was capped off with a meeting of local business leaders who highlighted their efforts to restart their businesses and return to normalcy.

Later that afternoon President Dudley continued his visit to the region by traveling to San Juan, Puerto Rico to meet with Governor Ricardo Rosselló to learn about the Commonwealth’s recovery from Maria. President Dudley then held a dinner with nonprofits and technical assistance providers dedicated to assisting small business owners and entrepreneurs.

The next day, President Dudley kicked off the morning by meeting with Puerto Rico’s labor leaders, followed by a visit to Caño Martin Peña to learn how the community is combining various strategies to improve the living conditions and recover from Maria. President Dudley then spoke with members of the Puerto Rico Chamber of Commerce about the economic impact of the hurricane. In the discussion, he noted that despite the severe impact of the hurricane, economic activity has begun to recover.

Following the event, President Dudley met with housing foreclosure prevention experts to learn about the island's housing issues and afterward met with local banking leaders.

Read our two-part Medium series for a more in-depth look at the visit: Part I | Part II

Agenda
March 6, 2018, St. Thomas, U.S. Virgin Islands
8:30am-
9:30am
Breakfast Roundtable Discussion with USVI Nonprofit Leaders
9:45am-
10:45am
Tutu Neighborhood Recovery Tour
11:00am-
11:30am
Meeting with Governor Kenneth E. Mapp
11:45am-
1:00pm
Lunch Meeting with the Business Community
San Juan, Puerto Rico
5:00pm-
5:30pm
Meeting with Governor Ricardo “Ricky” Rosselló
5:45pm-7:00pm Roundtable Dinner Discussion with Small Business Service Providers
March 7, 2018, San Juan, Puerto Rico
7:20am-8:15am Meeting with Labor Leaders
8:30am-9:10am Caño Martin Peña Neighborhood Recovery Tour
9:20am-10:20am Presentation and Discussion on Puerto Rico with President Dudley and Economists
10:30am-11:30am Meeting with Foreclosure Prevention and Legal Service Providers
11:45am-1:00pm Lunch Meeting with the Puerto Rico Bankers Association
It’s really important not to be seduced by that strong recovery in the immediate aftermath of the disaster... We would expect there to be a bounce in 2018 as the construction activity gets underway in earnest... It’s important not to misinterpret what it means, because a lot still needs to be done on the fiscal side and the long-term economic development side.
-President Dudley
in San Juan, Puerto Rico

Key Data Points
37,000
Puerto Rico
4,300
U.S. Virgin Islands
76%
Puerto Rico
56%
U.S. Virgin Islands
-197,061
Puerto Rico
-15,369
U.S. Virgin Islands
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
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