Research Paper Example: Economic Development in Rochester

2021-07-01 03:02:49
5 pages
1113 words
University/College: 
Boston College
Type of paper: 
Research paper
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The economic development in Rochester is one of the many progressive occurrences that have been experienced in the last decade. One major boost for Rochester is the placement of the photonics center at its core, something that is seen as a major boost towards the realization of the economic growth dream in Rochester.

Initially, Rochester was depending on one company that was Kodak. Most of the economic activities in the Monroe came from Xerox and B&L. with such minimal diversification in growth, it was apparent that Rochesters economic progress was to fall. Currently, there is diversification in the state of growth. The healthcare is growing, highlighting the significance of the job creation that is underway. Education is a key feature today in Rochester. There is also the delivery of service like Paychex, Sutherland Group, Constellation, among others. With the entry of the building of photonics cluster, the economic development of Rochester is seen to be gradually gaining strength.

Locating photonics institute in the area comes with an approximated cost of $110 million coming from the federal funding. There is also a $250 million in matching the money from the state, together with many other private funds that are set to kick-start the photonics project in Rochester. Over the years, one clear thing is that jobs will be created for the Rochester people. Thousands of job opportunities will be offered to the people, something that will boost the general economic growth of the area. With the photonics industry in the region, major things are going to happen. Research activities leading to the creation and the functioning of the photonics industry will influence Rochesters economic growth. Existing companies will have greater benefits from research that will come with this development. The institute is seen to have a major impact on companies that cannot afford to have certain equipment, as they will be provided by this institute. The lines of study at the universities will be strengthened while the excellent experts working in the photonic space will visit and work in Rochester. Regionally, greater developments will be spurred including individual businesses.

Having beaten Florida and California to the hostage of the photonics industry, Rochester stands a better chance to come at par with other cities and states that have developed industrially. Rochester Institute of Technology has been critical in the designing and production of photonic devices for over thirty years now. The first Bachelor of Science with a specialty in the fabrication of semiconductor devices and integrated circuits was at Rochester. There are also massive doctoral programs that have increased the capacity for Rochester to access economic development. With the coming of the photonics industry, all these agents of growth will be spurred. Generally, the photonics industry will lift the face of Rochester in terms of industrial production and stability.

There are massive plans to provide a foundation for future economic growth. In Rochester, the skill impartation, industrial revolution in terms of financial support and realization, together with growth in the creation of individualized and collective jobs for the people. Is simply part of the plans to future economic growth? With the way growth is happening in Rochester, it can be estimated that by 2030, many people of the area and the area as a whole will have realized massive economic growth. The establishment of the photonics industry in Rochester is one future foundation that seeks to bring about economic growth. Institutions are being created and those existing strengthened with enrolments and expansions in order to better the economy of the future. From depending on one company in Kodak, Rochester has seen economic growth that is highlighted by the decision of the federal government to move the photonics industry into the region.

In Pittsburg, there are plans towards the provision of the foundation for future growth and development. Education has been key in this region as most of the innovations are based on institutionalized developments. There is a stable supply of education, higher and lower. The tech sector has been booming. The healthcare industry has been stable for a number of years now. The private sector has been gradually developing, with most of its development focused on strengthening its partnership with the public sector. Plans are underway to establish a strong connection that will see both of these two sectors grow and become rooted in success. The economic development plans are daily being realized and supported. The federal government is working hand in hand with the city management and the state government to bring about the continued realization of the national agenda on development for the region. Thus, there are plans to bring about future growth and development.

Given the Pittsburg experience, Rochester needs to learn on the need to diversify otherwise economic decline is likely. Photonics industry will be a major boost towards the realization of the dreams for most people and the organization itself. Depending on one of a few chances for future growth will not be appropriate for Rochester. With Pittsburg experience, it is prudent for the leadership at Rochester to consider different avenues in institutions, diversification of production, human diversification in terms of training and skill impartation, among others. In such a way, the area will have different sources of internal and external economic growth.

Growth in Rochester is not something that will come with ease. Business leaders have to create avenues for economic growth in terms of policies and decisions that greatly affect the people of the area. Policies for growth include the establishment of support towards institutions and organizations that create jobs. Policies have to address issues like diversification and facilitation of the strategies to diversification. Rochester is yet to meet high standards of economic growth and development. It will be necessary for the city to have a cluster of ideas that will initiate further growth in terms of idea creation, support and implementation. Leadership needs to focus on establishing equitable paradigms that are in line with economic growth. For instance, the leadership needs to create policies and decisions that are universally supportive of individualized and collective economic development. Such policies need to strengthen the health sector, create good business avenues in terms of policies and decisions, foster holistic education and training, and offer financial assistance where necessary. Furthermore, Rochester is a city that is yet to establish safety measures that are protective of future economic growth. Leadership needs to focus on what is best for the safety of the city. It is important to have long-term and short-term plans. Such plans need to focus on the capabilities that Rochester can attain now and in the future. As seen with Pittsburg experience, it is important for Rochester to focus on diversification.

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