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Economic Impact

Here Are Adjustments NYers Are Making In Response To Inflation, New Poll Reveals Here Are Adjustments NYers Are Making In Response To Inflation, New Poll Reveals
Here Are Adjustments NYers Are Making In Response To Inflation, New Poll Reveals Researchers have reported the findings of a new poll about the adjustments New Yorkers plan to make to their lifestyles in response to inflation. The Siena College Research Institute published the findings of an economic impact survey conducted in March. Researchers found that 26 percent of respondents said inflation is having a very negative effect on their personal finances, and 44 percent said it is having a somewhat negative effect. Eighty-seven percent of respondents reported that they are concerned about the cost of food in light of economic conditions and the war in Ukraine, and 80 …
COVID-19: Cats, Dogs, Caviar, Here Are Odd Shortages Caused By The Pandemic COVID-19: Cats, Dogs, Caviar, Here Are Odd Shortages Caused By The Pandemic
Covid-19: Cats, Dogs, Caviar, Here Are Odd Shortages Caused By The Pandemic The COVID-19 pandemic and subsequent economic turmoil are leading to supply shortages in places you might not have considered. Among purchasables in short-supply are cats and dogs up for adoption to baking yeast, jigsaw puzzles, and truffles among other things. When COVID-19 closed much of the economy in March 2020, items that include toilet paper, paper towels, cleaning supplies, coins, meat, and flour were among the first pandemic-related shortages Americans experienced. Most of those shortages have been addressed by manufacturers and supply chains. But as the U.S. comes up on one year…
COVID-19: Map Predicts Pandemic's Economic Impact On Every Street In US - Find Yours Here COVID-19: Map Predicts Pandemic's Economic Impact On Every Street In US - Find Yours Here
Covid-19: Map Predicts Pandemic's Economic Impact On Every Street In US - Find Yours Here A new interactive map is forecasting the economic impact of the COVID-19 pandemic not just on individual states, and towns, but neighborhoods, as well. Created by BestNeighborhood.org, a property data clearinghouse, the map draws on industry data and economic projections to predict where the economy will be hardest hit by the pandemic over the next 6-12 months. With just a bit of clicking and zooming, very precise predictions about where the economy is expected to suffer the greatest economic damage from COVID-19 can be searched down to street-level. The map is color-coded and, at the s…
COVID-19: College In Upstate NY Cutting 25 Academic Programs COVID-19: College In Upstate NY Cutting 25 Academic Programs
Covid-19: College In Upstate NY Cutting 25 Academic Programs Citing financial hardships brought on by the COVID-19 pandemic, an upstate New York college will be cutting some faculty and programs to help balance their budget. The Board of Trustees at the College of Saint Rose in Albany approved a plan to reduce academic expenses by $5.97 million, eliminating 16 unique bachelor’s degrees, six master’s degree programs, and three certificate programs. Students enrolled in those programs will be able to finish their degrees and will receive individualized plans to complete their program, though there will be no new students enrolled in that program. Acco…
COVID-19: Pet Valu Closing All US Stores COVID-19: Pet Valu Closing All US Stores
Covid-19: Pet Valu Closing All US Stores Pet Valu is closing all of its stores in the United States starting Thursday, Nov. 5. On Wednesday, Nov. 3, in a press release owners said the economic impact of COVID-19 has forced their decision to close 358 stores across the nation. There are dozens of Pet Valu retailers located in Connecticut. Pet Valu Canada will not be affected by the changes, owners said in a press release. The 600 Canda stores and online retail will continue on. Pet Valu said that all sales will be final starting on Nov. 5 - no refunds or exchanges. People are being encouraged to spend any accumulated loyalty pe…
COVID-19: Popular Texas Style BBQ In Irvington Closed Through Year's End COVID-19: Popular Texas Style BBQ In Irvington Closed Through Year's End
Covid-19: Popular Texas Style BBQ In Irvington Closed Through Year's End A Westchester barbecue restaurant with rave Yelp reviews will remain closed until the end of December due to the economic impact of COVID-19. "We are currently closed until we can reopen safely due to the impact of coronavirus," reads Revenge BBQ's website. According to Yelp, establishment on Main Street in Irvington will remain closed until Dec. 31. The establishment is known for its burgers, brisket, "dinosaur ribs" and pulled pork. The restaurant is so named because, according to owners Jacob and Catherine Styburski,  “happiness is the best revenge."
COVID-19: Hudson Valley Location Of Popular Pizza Chain Closes COVID-19: Hudson Valley Location Of Popular Pizza Chain Closes
Covid-19: Hudson Valley Location Of Popular Pizza Chain Closes Citing the economic impact of COVID-19, a Westchester County location of a popular pizza chain announced its closure this September.  "Due to the ongoing COVID-19 pandemic and related lease challenges with our landlords, we regret to inform you that we have closed this CPK restaurant," the Scarsdale California Pizza Kitchen announced on their website. The nearest still-open California Pizza Kitchen restaurant is at 7103 80th St. in the Glendale section of Queens.
Moody's Increases Rockland's Bond Rating To A1 Moody's Increases Rockland's Bond Rating To A1
Moody's Increases Rockland's Bond Rating To A1 Despite being in the midst of a global pandemic, Moody’s Investigators Service has increased Rockland County’s bond rating. This week, Moody’s announced that Rockland’s rating has been upped from A2 to A1. According to Moody’s, the upgrade of the rating to A1 reflects the county's recently improved financial position which is being challenged with sales tax and state aid losses as a result of the COVID-19 pandemic. “We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety,” Moody’s evaluators stated. “The …
COVID-19: Men's Wearhouse, Jos. A. Bank To Close Up To 500 Stores COVID-19: Men's Wearhouse, Jos. A. Bank To Close Up To 500 Stores
Covid-19: Men's Wearhouse, Jos. A. Bank To Close Up To 500 Stores Men’s Wearhouse and Jos. A. Bank will close up to 500 stores and lay off 20 percent of its corporate workforce, the California-based company has announced.  The company has not announced a timeline for closure. The continuing negative economic impact of COVID-19 was largely blamed for the decision, according to corporate parent company Tailored Brands President Dinseh Lathi. Following these changes, the company expects to pay about $6 million in severance pay and other termination costs. Tailored Brands has an estimated 1,500 stores across all of its brands.
COVID-19: Macy's Cuts 3.9K Corporate, Management Jobs; CEO Says 'We Will Be A Smaller Company' COVID-19: Macy's Cuts 3.9K Corporate, Management Jobs; CEO Says 'We Will Be A Smaller Company'
Covid-19: Macy's Cuts 3.9K Corporate, Management Jobs; CEO Says 'We Will Be A Smaller Company' Macy's is eliminating 3,900 corporate and management positions, about three percent of its total workforce, in a move to cut costs amid a steep decline in revenue during the novel coronavirus (COVID-19) pandemic. It's also reducing staffing across its stores, supply chain and customer support network, the company announced Thursday, June 25. Macy's says it will adjust staffing as sales rebound. “COVID-19 has significantly impacted our business. While the re-opening of our stores is going well, we do anticipate a gradual recovery of business, and we are taking action to align our cos…
COVID-19: Here's How Much Online Grocery Sales Are Increasing Amid Pandemic COVID-19: Here's How Much Online Grocery Sales Are Increasing Amid Pandemic
Covid-19: Here's How Much Online Grocery Sales Are Increasing Amid Pandemic The demand for home delivery and online store pickup grocery sales have skyrocketed during the novel coronavirus (COVID-19) pandemic, according to a new report. Home delivery and store pickup online grocery sales reached a new 30-day record for April, hitting $5.3 billion and marking a 37-percent increase from $4 billion in March, according to the latest Brick Meets Click and Symphony RetailAI Online Grocery Survey. The report found the month-to-month sales growth represents a 33 percent increase in the monthly number of online orders, from 46.9 million to 62.5 million. There was also a 3 p…
COVID-19: Half Of Americans Have Lost Job, Or Work Hours, Due To Pandemic, New Poll Says COVID-19: Half Of Americans Have Lost Job, Or Work Hours, Due To Pandemic, New Poll Says
Covid-19: Half Of Americans Have Lost Job, Or Work Hours, Due To Pandemic, New Poll Says Half the country has taken a financial hit due to the novel coronavirus (COVID-19) pandemic, and most don’t believe they’ll be heading back to work soon, according to a newly released Marist College poll. According to the poll, 50 percent of Americans said they or someone in their household has lost their jobs or hours due to the virus, up from 18 percent from a previous poll just a month ago. "There are few households in the country that haven't been affected by this crisis, through health, through school, through jobs, from all walks of life, from all backgrounds," Barbara Carvalho, direc…
COVID-19: Here's One Bright Spot In Record March Retail Sales Decline COVID-19: Here's One Bright Spot In Record March Retail Sales Decline
Covid-19: Here's One Bright Spot In Record March Retail Sales Decline Though the novel coronavirus (COVID-19) pandemic has wreaked havoc on retail stores in the entire nation, grocery and beverage store sales skyrocketed to new heights, according to newly released data. While retailers have seen businesses plummet, grocery stores and beverage depots have seen sales increase by more than 25 percent since the outbreak began in early March, according to a new report from the National Retail Federation. According to the U.S. Census Bureau, the overall retail business was down 8.7 percent from February to March, and down 6.2 percent at the same point last year. Th…
COVID19: NYS Labor Department Website Crashes As Unemployment Claims Spike COVID19: NYS Labor Department Website Crashes As Unemployment Claims Spike
COVID19: NYS Labor Department Website Crashes As Unemployment Claims Spike As layoffs, particularly among small businesses, have started amid the novel coronavirus (COVID-19) outbreak, the economic impact is being felt in states around the region and across the nation. After New York state’s unemployment benefits website repeatedly crashed over the last several days, a system of filing alphabetically by the first letter of last names launched. It was outlined on the Department of Labor's Facebook page, where there have been numerous complaints posted by those having trouble accessing the main website. "The system is overwhelmed and keeps crashing," one comment pos…
COVID-19: Westchester, Rockland Declare States Of Emergency COVID-19: Westchester, Rockland Declare States Of Emergency
Covid-19: Westchester, Rockland Declare States Of Emergency Hours after Gov. Andrew Cuomo ordered stricter guidelines in the midst of the growing novel coronavirus, Westchester and Rockland counties have both declared states of emergencies. Rockland and Westchester counties both issued the declarations on Monday afternoon, March 16, which will run for at least 30 days. Previously, states of emergency were declared in Putnam, Dutchess, Ulster, and Orange counties. Westchester County Executive George Latimer instituted the order as the number of cases jumped to 220 and the worry of the health care system's ability to handle a large influx of people n…
COVID-19: Pearl River St. Patrick's Day Parade, One Of State's Largest, Canceled COVID-19: Pearl River St. Patrick's Day Parade, One Of State's Largest, Canceled
Covid-19: Pearl River St. Patrick's Day Parade, One Of State's Largest, Canceled The much-anticipated Pearl River St. Patrick's Day Parade, the second largest in the state that draws thousands of visitors, has been canceled due to the outbreak of the novel strain of the coronavirus. Hosted for the past 58 years in Pearl River by the Rockland County Ancient Order of the Hibernians, the decision to cancel the parade, scheduled for Sunday, March 22, was not made lightly, the AOH, said in a statement. "This has not been an easy decision, but the health and safety of the community must always be the overriding priority," the AOH said. "However, the impact of canceling the pa…
200 Spring Hudson Valley Restaurant Week Participants Announced 200 Spring Hudson Valley Restaurant Week Participants Announced
200 Spring Hudson Valley Restaurant Week Participants Announced Time to make some reservations. More than a dozen new restaurants have joined the lineup for the Spring 2020 Hudson Valley Restaurant Week, bringing the total to nearly 200 in its 14th year. This year, the Hudson Valley Restaurant Week will run from Monday, March 16 through Sunday, March 29, bringing special deals and meals to area diners. During Restaurant Week, restaurants will offer three-course prix-fixe lunches at $22.95 and dinners at $32.95. Complete list of restaurants "Hudson Valley Restaurant Week is a hugely popular event," organizers said. "Past participating restaurants serve…
New York Population Losses Now Spreading To NYC, Westchester, Nassau Counties New York Population Losses Now Spreading To NYC, Westchester, Nassau Counties
New York Population Losses Now Spreading To NYC, Westchester, Nassau Counties The mass exodus of residents leaving New York State is not exclusive to upstate, and has spread to the New York City, Westchester and Long Island. The U.S. Census Bureau’s 2018 population estimates are out, and the numbers show that nearly 50,000 New Yorkers left the Empire State, with a notable increase in Nassau and Westchester counties. In total, statewide, 48,500 people left New York, which was one of just nine states to lose population over the previous year - a 0.25 percent decline that leaves the state’s population at approximately 19.5 million people. It is the third straight year …
Cuomo Blames Trump For $2.3B State Budget Shortfall, Eyes Infrastructure, Education For Cuts Cuomo Blames Trump For $2.3B State Budget Shortfall, Eyes Infrastructure, Education For Cuts
Cuomo Blames Trump For $2.3B State Budget Shortfall, Eyes Infrastructure, Education For Cuts Largely blaming the new federal tax code signed into law by President Trump, New York Gov. Andrew Cuomo announced that the state is facing a shortfall of more than $2 billion in revenue after December and January saw a drop in income tax. Since announcing his $176 billion budget plan last month, Cuomo said that the state income tax revenues have dropped by $2.3 billion in December and January, which may force the state to limit spending. The governor attributed the decline to “the federal tax legislation's elimination of full state and local tax deductibility, which disproportionately impact…
Big Retail, Food Chains Closing Shop In New York City In Record Numbers Big Retail, Food Chains Closing Shop In New York City In Record Numbers
Big Retail, Food Chains Closing Shop In New York City In Record Numbers Big business may be becoming a smaller thing in New York City as several large retailers and food chains continue a mass exodus. For the first time in more than a decade, nationally known chains are moving out of New York City, according to a brand-new report that was recently released. According to the study, nationally known retailers are moving out of the area in greater numbers than their coming in, marking the first time in 11 years. The Center for Urban Future determined that a record 124 retailers have reduced their store footprint over the past year, nearly double the 65 retailers t…
MTA Plans New Rate Hike, Citing 'Very Difficult Economic Times' MTA Plans New Rate Hike, Citing 'Very Difficult Economic Times'
MTA Plans New Rate Hike, Citing 'Very Difficult Economic Times' Travelers can expect a hike in prices as the Metropolitan Transportation Authority proposes a rise in fares and tolls for the coming year to cover rising expenses. Citing projected declines in revenues and increases in cost for providing services, the MTA announced that it will require “fare and toll adjustment and new sustainable revenue sources in order to avert significant service cuts and layoffs.” “In the face of very difficult economic times, we’re aggressively pursuing cost savings and identifying efficiencies while we work hard to create the renewed and modernized public transportat…
New Movie Filmed In Hudson Valley Contributed Over $21M To State Economy New Movie Filmed In Hudson Valley Contributed Over $21M To State Economy
New Movie Filmed In Hudson Valley Contributed Over $21M To State Economy Production of Paramount Pictures’ Hudson Valley-based supernatural thriller "A Quiet Place," was a booming success for New York’s economy,  according to the studio.  The film, starring husband-and-wife John Krasinski and Emily Blunt, follows a family trying to silently escape mysterious creatures that hunt by sound, generated more than $21 million in local economic activity and contributed over $12.5 million in wages to more than 600 local workers, according to the Motion Picture Association of America. "A Quiet Place" will be available in theatres starting Friday, April…
It's Official: Stewart Airport Now Has A New Name It's Official: Stewart Airport Now Has A New Name
It's Official: Stewart Airport Now Has A New Name This story has been updated. Stewart International Airport in Orange County will be renamed New York Stewart International Airport as part of a $37 million effort to modernize facilities and bring new attention to the travel hub. The tremendous success of international air service by Norwegian Airlines at Stewart International Airport in Orange County has prompted the Port Authority to expand services including a permanent U.S. Customs inspection area at the airport based in New Windsor.  According to realestateindepth.com, passenger volumes at the Hudson Valley airport rose 62 percent las…
J.C. Penney To Close More Stores, Lay Off Hundreds Of Employees J.C. Penney To Close More Stores, Lay Off Hundreds Of Employees
J.C. Penney To Close More Stores, Lay Off Hundreds Of Employees J.C. Penney says it will close eight stores in 2018, resulting in 480 job cuts. This comes after the department store chain shuttered 140 stores in 2017. The eight stores scheduled for closure this year are: Hampton Village Plaza in St. Louis, Missouri Garden State Plaza in Paramus, New Jersey Sandburg Mall in Galesburg, Illinois Viking Plaza in Alexandria, Minnesota Washington Park Mall in Bartlesville, Oklahoma Cascade Mall in Burlington, Washington Calexico Store in Calexico, California Knox Village Square in Mt. Vernon, Ohio J.C. Penney had announced earlier this week, 600 jobs would …