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The Region

Learn more about the communities we serve within the Second District—including New York State, the 12 northern counties of New Jersey and Fairfield County in Connecticut.

Features

New York Fed's Upstate New York Regional Advisory Board Announces New Members June 9, 2010

Remarks by President Dudley at the Regional Employment Press Briefing April 14, 2010

New York Fed presents regional employment analysis April 14, 2010

Encouraging Small Business Success in New York City and Northern New Jersey: What Firms Value Most Presents the findings of a study sponsored by the Citizens Budget Commission and the Federal Reserve Bank of New York to identify the needs of small businesses.

District Profiles Provides brief social, economic, and demographic profiles of metropolitan areas within the Second District.

Second District Metro Areas Provides an overview of the Second Federal Reserve District, delineating metropolitan areas in New York State, northern New Jersey and Fairfield County, Connecticut.

Research Highlights

Long Island Mortgage Distress: Analysis at the Neighborhood Level Data analysis shows Long Island’s Nassau and Suffolk counties contain some of the highest ratios of distressed nonprime mortgages in the nation. Half of these distressed mortgages are on properties located in just 22 of the region’s roughly 200 Zip codes. Posing further risk for these neighborhoods are negative borrower equity loans —a condition that occurs when a house is worth less than what is owed on the loan. National studies suggest that borrowers with negative equity have a higher risk of defaulting on their mortgages. Long Island Mortgage Distress: Analysis at the Neighborhood Level May 6, 2010

Bypassing the Bust: The Stability of Upstate New York’s Housing Markets during the Recession Over the past decade, the United States has seen real estate activity swing from boom to bust. But upstate New York has been largely insulated from this volatility, with metropolitan areas such as Buffalo, Rochester and Syracuse even registering home price increases during the recession. March 30, 2010

Current Economic Indicators

Index of Coincident Economic Indicators July's CEI shows continued brisk growth in economic activity in New York State and New York City and a slight decline in activity in New Jersey. For July 2010, released August 2010

Empire State Manufacturing Survey The survey indicates that conditions improved modestly in August for New York manufacturers. The general business conditions index rose 2 points from its July level, to 7.1. August 16, 2010

Beige Book The Second District's economy has shown further signs of strengthening, on balance, since the last report. Input price pressures have receded a bit, while consumer prices appear to be steady. July 28, 2010

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