Upstate New York has been in tough economic times. China City of America is a project with the potential to bring many jobs to the region reducing unemployment.
Online PR News – 16-August-2014 – Monticello, NY – According to a recent study done by the U.S. Conference of Mayors, the economic growth among upstate cities is projected to lag behind most of the country through 2020. The rate of economic development in upstate cities has fallen far behind that of most districts in the U.S., continuing to perform below the national level. This study, by IHS Global Insight, ranked Albany 338th out of 363 metropolitan areas, Rochester ranked 343rd, Syracuse 348th, Ithaca 352nd, Glens Falls 353rd, Buffalo 354th, Elmira, 355th, Kingston 356th, Utica 362nd and Binghamton 363rd, or last. A Brooking Institute study has showed that the percentage share of total private employment and jobs from foreign-owned enterprises in those cities have remained below the median.
These lackluster numbers in private employment with foreign owned businesses can grow given an opportunity to increase foreign investment in the region. The government has launched initiatives in an effort to attract more foreign investment upstate and to encourage foreign-owned businesses that are already established to expand and increase exports from local small and medium-sized companies. The new development strategy “go global” is open to foreign investors who are willing to invest in the state.
According to the Bureau of Labor Statistics, Sullivan County currently has an unemployment rate of 6.6% which is above the national average of 6.2%. Based upon this rate, Sullivan County is ranked 47th of 62 Counties in New York State. Furthermore, the labor force has dropped from 35,474 in August of 2013 down to 31,703 in April of 2014, which is a decrease of 10.6%. Unemployment is calculated by finding the percentage of people unemployed out of the labor force, so this drop in people looking for work could affect the calculation.
All of the towns located within Sullivan County have populations below 20,000 and are considered Targeted Employment Areas (TEA) by the U.S. Citizenship and Immigration Services (USCIS). The Immigration Act and Nationality Act of the U.S. have ruled that all EB-5 investors must invest over $500,000 into a new commercial enterprise in TEAs in the U.S. that creates ten full time jobs for U.S. Citizens and residents. This EB-5 investment immigration program will create many job opportunities for American citizens that are currently enduring tough economic conditions. While the EB-5 program allows foreign investors a chance to receive permanent resident cards, they will not be issued until ten jobs are proven to be created through their investment.
According to Sherry Li, the China City of America project is located in Sullivan County, a county in upstate NY. The initial development of the Education Center would work with accredited colleges to develop a new high-end and modern comprehensive university community in Sullivan County, which includes a Business School, a College of Film & Arts as well as related ancillary facilities.
The initial phases of the project will include classroom buildings, student dormitory apartments/townhouses. The later phases of the project will include student dormitory apartments and townhouses, faculty houses, college benefactor houses, a college Inn, a college library, museums, an art center, a student conference center, indoor/outdoor recreational facilities including play grounds and a Stadium.