In an article by “The Street”, author Jason Notte listed Rochester, NY in a grouping of the “10 Cities Poised for Greatness in 2012”. Since stepping into 2012, Rochester has been mentioned numerous times in publications forecasting a positive economy and growing housing market.
Rochester is ranked amongst other well known metropolitan areas such New Orleans, Chicago, Tampa, and Houston. Despite depressing occurrences in Rochester such as the decline of Kodak and recent Paetec project, Rochester’s housing and job markets have and will continue to remain stable.
Rochester’s unemployment rate has been hovering around 7% for the last two years and home prices are up 1.4% since 2010. A city with stability and improvement around the corner is more than one could ask for in today’s economy. More and more businesses are reentering Downtown Rochester and people are moving back into downtown dwellings from the suburbs.
Trulia’s Chief Economist Jed Kolko, who is originally from Rochester said in an article “That’s my hometown, and knowing what’s happened to Kodak and other pillars of the local economy, I was surprised when Rochester scored on the Top 5 list. I applied the same formula to all cities and did not have my thumb on the scale. Prices–which fell little during the boom–are stable, and the economy has weathered blow and blow and is expanding.”