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.