The national economy has been impacted by
the “boom and bust” of the residential housing
market. Most of the Northeast, and particularly
upstate New York where USNY Bank is located,
was not impacted by these historic moves in
housing prices.
Over the last few decades, the Region has
been transforming to a service, education
and technology-based economy while
manufacturing has continued to decline. This
ongoing transformation has its downside, but
generally has provided the regional economy
with some consistency.
The regions served by USNY Bank in upstate
New York are primarily based on tourism and
agriculture, which have thus far been growing
sectors of the economy.