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Syracuse, New York bouncing back

By
John Aidan Byrne
Published May 17, 2015, 1:56 a.m. ET

Upstate Syracuse is emerging as the new Bangalore for corporate America looking to bring operations back home.

Home to an industrial wasteland and low-wage economy, Syracuse’s plight may be the catalyst for its economic future, analysts say.

New research from the Hackett Group has catapulted Syracuse — population 145,000, approximately, nearly 2 percent lower than in 2000 — to No. 1 among midsize US cities that are becoming alluring alternatives to India and other offshore destinations.

Syracuse was trailed by No. 2, Jacksonville, Fla., and No. 3, Tampa, Fla., among more than 30 US city areas cited by Hackett as attractive locations for companies thinking of concentrating their finance, IT and other operations — and that might otherwise look to low-cost Bangalore, India, and other offshore centers.

US companies have maxed out on these finance and other jobs they can practically ship abroad, according to the Hackett research. And declining labor costs and access to huge consumer markets — on top of new tax incentives and other lures — are helping buck the offshore trend in America.

But it won’t mean much unless planners make the right moves, says William Raynor, an expert on globalization and labor outsourcing who teaches at Southern Wesleyan University in South Carolina.

“Syracuse is competing with other areas like South Carolina — and India, China and other areas want to keep companies there, so they are starting to address the issue too,” he told The Post.

Raynor, who grew up in upstate New York, says Syracuse would make an “excellent reshoring destination” despite challenging tax rates there (even as the Empire State touts incentives), utility costs, and other factors. “Syracuse has some great advantages,” he added, noting, for example, an educated workforce, “but policymakers must be in the game for them to capitalize on it.”

Jim O’Connor of the Hackett Group says the “backlash” against offshoring by US corporations is also driving decisions by firms to keep jobs “at home.”

Analysts say Syracuse needs a lift.

General Electric, Chrysler and Rockwell Tools are among the big employers, paying middle-class wages, that shed jobs there in recent times. And though Syracuse’s 5.7 percent unemployment rate is a tad below the statewide 5.8 percent rate, much of the job growth in Syracuse is in the low-wage service and retail sectors, economists say.