M&T Bank regional economist Gary Keith said the recovery will quicken in 2014.
Syracuse, N.Y. — Better times, but not "full-blown, great times," are ahead for the Central New York economy this year, M&T Bank regional economist Gary Keith told a gathering of business representatives Thursday.
"We've been through some tough times, we know that," Keith told more than 500 people at CenterState Corporation for Economic Opportunity's 2014 Economic Forecast Breakfast at the Oncenter. "It's been four-plus years of recovery from the Great Recession. As we look ahead to year five, I think we do have some better news for you."
Keith said he expects the pace of the recovery to pick up this year, but he said not to expect a roaring economy.
"Is it going to be full-blown, great times are here again?" he said. "No. There are challenges, but I think what we can start to look forward to is perhaps some of the head winds that have been buffeting us for the last several years starting to abate. We'll see that nationally, we'll see that globally and we'll see that right here in the CenterState region."
Keith said the nation's recovery from the deep recession that began in 2008 has been slow because consumer and industrial demand is still lagging. In Central New York, the situation has been made worse by the decline of the manufacturing sector, on which the area has historically relied, he said.
He said an expected increase in global industrial activity should help the local manufacturing sector this year, however.
"We're hopeful that a turnaround in industrial activity at the global level will have an impact right here, particularly on our small and mid-sized companies," he said.
He said the economy should also be helped by the continued recovery of the housing industry nationally.
"When homeowners and others feel better about their personal situation, they're going to be in a better position to spend," he said.
Destiny USA executive David Aitken presented a report on the regional shopping mall's growth as a tourism destination in 2013. Aitken said shopper visits to the mall increased more than 10 percent to 25 million, with about half of the visitors coming from outside of Onondaga County.
The mall added 42 more entertainment, fashion and dining tenants in 2013, he said. A Cheescake Factory restaurant is scheduled to open in the mall Feb. 11.
Formerly named the Carousel Center, the mall on the south shore of Onondaga Lake has been busy filling a recently completed addition.
CenterState CEO 2014 Economic Forecast Report
Contact Rick Moriarty at rmoriarty@syracuse.com or (315) 470-3148. Follow him on Twitter @RickMoriartyCNY and on Facebook at rick.moriarty.92.