ROCHESTER, N.Y. (WROC) – For over 20 years, the experts at Greater Rochester Enterprise (GRE) have been working to connect local businesses with the right resources to help them grow.
In 2022, the business development company had a record-breaking year with 40 companies announcing $1.2 billion of new capital investment, hiring 3,800 people throughout the greater Rochester region, and keeping just over 1,400 jobs.
GRE President and CEO Matt Hurlbutt said this success is just the tip of the iceberg and credits and historic results to being in a place where smart people live, and smart businesses grow.
“We’ve seen an expansion of those essential companies, a lot of our optics, photonics and imaging companies are expanding. Edwards Vacuum is in that supply chain for semiconductors, Baldwin Richardson foods who’s expanding. In that food and beverage processing arena, we’ve seen packaging firms expand, as well as some of our software cybersecurity companies expanding, doing research, development, and fuel cell technology at Plug Power and Ionomr. So, it really goes back to that basic scientific knowledge, that smart people are here,” Hurlbutt said.
Hurlbutt explains success can vary business to business but what remains consistent is where that business takes place, and that’s here, in Rochester.
“We have a great growing climate here with outstanding production and our local agricultural sector, very efficient farming. And then in the medical device, our college university system, great health care system. So, we’ve got the ability to have practical application and knowledge transfer. And then those core industries going back to Codecs expertise in material science capabilities, Xerox technology, Bausch and Lomb, who are both expanding and also hiring in the region. So, all of that helps create a great place to do business. Something we talk about is that connectivity. Were one of the larger metropolitan areas in the in the in the United States, but also have that ability to connect, to go from prototyping, to commercialization to scale, and be very profitable, especially compared to our higher cost metropolitan markets in New York and Boston and San Francisco. You can earn profits of a million dollars a year more here in Rochester than you can for a similar enterprise in those communities. So all told that that helps us tell our story. And we’re one of the reasons why we’re here telling that story,” Hurlbutt said.
With the success Greater Rochester Enterprise experienced in 2022, Hurlbutt expects even more in 2023.
For more information on the Greater Rochester Enterprise, click here.